Word: fiscality
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Dates: during 1950-1959
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There was no magic revenue or cost breakthrough in the Eisenhower Administration's prospective balanced budget as Ike outlined it last week to Republican congressional leaders. It had come not by wave of the hand but by sweat of the brow. "There can be no real fiscal security in this country." said the President, "unless our fiscal policy is sound. Remember that." Items in the new budget...
Defense. The Defense Department, by methods such as turning a harder eye to duplicating missile programs and wringing out other items of military waste, has squeezed itself into a budget estimate of $40.8 billion, about the same as for the current fiscal year, despite fantastically rising costs of new technology and force requests that originally totaled a staggering $58 billion...
...next fiscal year (June 30, 1960), the U.S. budget is in fact in balance, it will be a political miracle. Vice President Richard Nixon is among Republicans who fear that stout dedication to a balanced budget may type Republicans as rearguardists just when liberals are winning elections...
Even arms spending is bringing great benefits to consumers. In 1958 the commercial jet age was born out of the Air Force bombers. In fiscal 1959 the U.S. will spend an increasing amount, as much as $5 billion, on electronic controls and gadgets of all kinds for the new family of missiles and space probes. Out of this vast spending already have come miniature electronic brains and controls for machines, and a whole new family of electric civilian devices. Transistors and other semiconductors are as useful in pocket radios and TV sets as in missiles...
...current Government fiscal year, the red ink will be about $12 billion; though President Eisenhower plans to present a balanced budget to Congress for the year beginning July 1, the outlook still is for a deficit of upwards of $3 billion. This may well be trimmed as Government income rises with business. Few economists believe that inflation can be ended, barring a depression, since a rising price level has been with mankind since the dawn of time, and is almost inevitable in a dynamic economy. The problem is to keep it within bounds-under a 1½% price rise...