Word: fiscality
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Dates: during 1950-1959
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...joint session of the 86th Congress went the President of the U.S. to make his annual report on the State of the Union. His message was closely reasoned, bluntly presented with occasional flashes of eloquence, and positive in its nature. Dwight Eisenhower urged and set forth a program for fiscal responsibility, not of the sort that stifles growth but of the kind that can stand as a springboard for national progress...
Sputnik-dominated 1958, Majority Leader Lyndon Johnson made his own speech two days before the President's, at the Senate Democratic caucus. Like President Eisenhower, he spoke of fiscal responsibility-but unlike the President, he could afford the luxury of advocating economy in principle and spending in practice. "Fiscal solvency concerns us all," said Lyndon Johnson. "It is a first concern, for no course is honest without the courage of financial prudence. But we cannot afford to bankrupt the national conscience to serve the ends of political bookkeeping." He assured the U.S. that he and his party stood ready...
...powerful deterrent to general or limited war. has linked up with nearly 50 nations in collective security agreements. The problem: U.S. spending on national defense, atomic energy, foreign military aid will, by the President's budget (to be presented to Congress next week), total $47 billion in fiscal 1960, or more than 60% of the federal budget. The U.S. is already investing $7 billion a year in missiles, developing fighter planes that cost 50 times as much as World War II models, buying bombers that cost more than their weight in gold...
...next 2½ hours the President made more changes, deletions, marginal notes, here and there ordered re-emphasis. The tenor of the message: hold-the-line fiscal management. On defense, the President wanted to stress the need to cut down on costly weapons duplication. On agriculture, the President hoped and expected that Congress would reduce the drain of crop-support programs. On foreign aid, the President wanted an increase in funds that was modest in terms of the need, e.g., a jump from $400 million to $700 million for the Development Loan Fund. Already the President had ordered a whole...
Instead, the President declares there will be no general income tax relief and in the same breath proposes such regressive measures as the postal increase and the gasoline tax raise. Such fiscal irresponsibility on the President's part, and his unbridled indifference for the lingering distressed areas of the economy, has to be explained in other than economic terms...