Word: grossed
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Dates: during 1980-1989
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Spending. Reaganauts are agreed on their goal: to reduce the deficit from the current 5% of gross national product to what is regarded as a manageable 2% of G.N.P. in 1988. With tax increases ruled out by the White House and the economy now in a slowdown, precluding a rapid expansion of revenues at present tax rates, there is only one means to dry up red ink: spending cuts even more drastic than the Administration won in 1981. Stockman's recommendation, faced with these all but absurd options, was to slash estimated outlays by $45 billion the next fiscal...
Category Current Tax Law Treasury Plan Kemp-Kasten Bradley-Gephardt Individual Single 15 brackets from 0% up to $2,800 of 0% up to $2,700 0% up to $3,000 Rates 11% to 50% AGI (adjusted 25% flat rate, with 14% up to $25,000 gross income) 20% exclusion for 26%up to $37,500 15% up to $19,300 earned income 30% over $37,500 25% up to $38,100 35% over...
During the campaign, Reagan repeatedly predicted that growth in production and incomes would raise federal revenues enough to shrink deficits painlessly. Figures released last week, however, made it clear that right now the exact opposite is happening. The Government recalculated the third-quarter increase in the gross national product, or total output of goods and services, at a mere 1.9%, vs. 7.1 % in the previous three months. It reported a 7.3% drop in after-tax corporate profits during the third quarter. Moreover, October reports disclosed a slight but unexpected decline in consumer spending, and much bigger falloffs in housing starts...
...what was clearly a private missive, chose to make it public? Do we want to encourage eavesdropping in an effort to cleanse the College of salaciousness? I find the former almost always offensive, while I often enjoy the latter (though not in the case of the Pi Eta's gross letter.) E. L. Pattullo
...first draft of a pastoral letter, the committee praised the "impressive strides" of the U.S. economy in providing goods and services, but condemned what it called the "massive and ugly" failures of the system. Among shortcomings that the bishops cited were a "morally unjustified" current rate of unemployment and "gross inequalities" of wealth and income. Wrote the bishops: "The fact that more than 15% of our nation's population live below the official poverty level is a social and moral scandal that must not be ignored." The letter notes that in 1982 the richest 20% of Americans earned nearly...