Word: fiscality
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Dates: during 1950-1959
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...federal red-ink splash "of the order of $10 billion." said President Eisenhower at his press conference last week, lies ahead in the newborn fiscal year of 1959. It was a rueful admission for a President who had pledged himself to balanced budgets as an essential goal, and who half a year ago submitted an optimistic 1959 budget showing a $500 million surplus...
...reason for the dizzying switch from surplus to massive deficit had nothing to do with either cold war or recession ; it was the further bloating of already swollen farm programs. As of January, the Agriculture Department was planning to spend a whacking $5 billion for the fiscal year, largely in efforts to cope with surpluses that are encouraged by high price supports (TIME, Aug. 19). But abundant spring rainfall brought lush crop prospects, notably in the long-parched Great Plains, and the department's outgo estimate mushroomed to $6 billion-more than twice the combined outlays of the State...
...there any prospect of a balanced budget in fiscal 1960, beginning a year from now? In reply to this press-conference question, the President said that he expected the deficit to "diminish" in 1960, but that it would take an "awful shrinkage" to bring $10 billion down to zero. In short...
President Juscelino Kubitschek, who assumed sole responsibility for the project many Brazilians still consider fiscal folly, did the honors with a series of firsts. He attended the first service and the first wedding in Architect Oscar Niemeyer's swooping, triangular Chapel of Our Lady of Fatima. With his family and chef he moved into Niemeyer's long, low Palace of the Dawn, acted as host at the first dinner dance, spent his first night in the sumptuous presidential bedroom, took the first bath in the sunken marble presidential bathtub...
...More important, he announced that American Motors operations for the third quarter will be "even more profitable than previously expected," i.e., nine months' earnings of about $12,300,000 v. last year's nine-month deficit of $6,467,926. At that projected rate, total earnings in fiscal 1958 could well hit between $2.50 and $2.75 per share...