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...real master plan for rescuing the economy, as far as it has any, seems to be simply to hang on until 1980 or so, when oil wells now being drilled under the North Sea will provide Britain with a rich new source of tax revenue and cut import bills. It just might work, and the nation might muddle through one more time: Britain is in the position of the debtor whose creditors can ill afford to force him under because they would lose too much in the process. For example, if oil-rich Arabs started withdrawing their huge deposits from...
...Chairman Al Ullman, has agreed to an initial increase in federal taxes on gasoline by 3? to 7?; as much as 20? more could be added in April 1977 if gas consumption climbs 3% or more above the 1973 level. The committee is still struggling to find agreement on import-quota levels, a windfall-profits tax for the oil industry and a levy on industrial petroleum use. Last week, to Ullman's discomfort, the committee voted down several proposals to place stiff taxes on the sale of gas-guzzling cars. The House commerce subcommittee has been even more bogged...
...acres of the nation's rich farm land below the dam is now insufficient Much of that land has become increasingly saline, reducing agricultural productivity by as much as 50%. For all that, the dam has some staunch defenders. They claim that Egypt eventually will not have to import any fertilizer; plants powered by electricity generated at Aswan* will turn out enough to make the country self-sufficient. The loss of the sardine industry, they say, is more than counterbalanced by the new fishing industry on Lake Nasser, which covers 2,000 square miles behind the dam. Fishermen...
...unsettling realization that the nation no longer enjoys a wide range of economic options. The quintupled price of petroleum forced upon the industrialized world by the Arab producers imposes tight new limitations on U.S. action. As economic activity picks up in the U.S., it will be compelled to import more oil. That could drive upward the U.S. deficit in its balance of payments, which, in turn, might force the Government to lessen the pace of the recovery. Unless the U.S. summons up a high degree of self-discipline and coherent economic policy, the nation could blunder into the frustrating pattern...
...followers of Public Television's most popular import know, the relationship between Richard Bellamy and his servants in the Edwardian saga Upstairs, Downstairs is complex, profound -and totally unilateral...