Word: fiscality
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Dates: during 1940-1949
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Later in the week Budget Director Frank Pace Jr. flew in with his troubles. The budget for fiscal 1951, he told newsmen, would be "under $45 billion." He added: "In my judgment the budget cannot be balanced without additional taxes." It was also obvious, though he did not say so, that Congress was unlikely to be in a tax-increasing mood. The U.S., already $256 billion in debt and likely to add $5.5 billion to its burden this year, found little warmth in the news that it might go into the red another $7 billion next year...
...government: "The American economy is not ... strong enough at present to carry the . . . mounting tax load . . . The continuance of fiscal uncertainty and instability will . . . undermine the system of free enterprise, by killing the incentives to take the risks essential to a dynamic, expanding economy...
...high-ceilinged Senate caucus room, a Senate-House subcommittee headed by Illinois' Democrat Paul Douglas last week tackled three enormous questions: What is the fiscal policy of the U.S.? How can the U.S. manage its money better? And why will there be an estimated $5.5 billion deficit this year during the biggest boom in history? As a start toward getting the answers, the subcommittee got the views, in comprehensive questionnaires, of upwards of 450 U.S. economists, bankers and federal officials...
...biggest news, quite naturally, was made by the man who is supposed to guide the U.S. fiscal policy, Secretary of the Treasury John Wesley Snyder. Said he: "The general economic welfare of the country should be the guiding principle in determining . . . whether the federal budget should be balanced." What he meant was that the U.S. should run a deficit in depression times and pay it off in good times-in other words, balance the budget over a period of years. But if this was the policy, why was the U.S. running a deficit now? John Snyder's answer...
...news was worse than expected. Last week Britain's Cinemagnate J. Arthur Rank reported that his Odeon Theatres, Ltd. and subsidiaries had lost $9,380,000 on moviemaking in fiscal 1949. Things were so bad, said the man who has been making 50% of Britain's motion pictures, that he might be forced to stop all production after June...