Word: gap
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Dates: during 1960-1969
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...crisis atmosphere prevails. Accepting the skeptics' point that there is presently a disproportionate amount of wealth in metropolitan areas, one cannot overlook the dynamics of annually balancing the local budget. Things do tend to get worse over time. This is explained by the relatively simple concept of a "fiscal gap" or a "fiscal imbalance...
...fiscal gap" is said to occur when, as metropolitan income rises, revenue from a given local tax structure (at fixed rates) grows more slowly than expenditures required for a given program structure (at fixed quality). In "economies," the elasticity of taxes with respect to income is less than the elasticity of expenditures...
This fiscal gap substantially accounts for the "political theatre" of the "battle of the bulging budget." The tendency for costs to exceed taxes requires periodic adjustments to annually balance the local budget (as required by law), either by downgrading program quality, raising tax rates, or increasing dependence on outside aid. Usually some combination of all three types of adjustment is used, leading to cries of distress from three overlapping groups: public service recipients, City taxpayers, and State (and to a much lesser extent, Federal) taxpayers...
Then Brown fouled out. The varsity went ahead by seven on a couple of driving lay-ups by Dover, but the freshmen narrowed the gap to two points again. With Bozek's final scoring splurge, the varsity put the game out of reach...
...Hayes continues his strong showing as ballots are redistributed under the City's complex electoral system, the Cambridge native who is trying to bridge the gap between University and City stands an excellent chance of election to the School Committee...