Word: ink
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...vote, few legislators would cry yes. Democrats are howling that further reductions in proposed social spending will strike savagely at the poor. Republicans are so horrified by giant deficits that some staunch conservatives are grumbling that planned defense spending ought to be reduced to stem the river of red ink. As Reagan himself noted in the budget message: "The voices of doubt, retreat and rejection are beginning to rise...
Another flood of red ink dismays economists, bankers and consumers alike...
...year-old afternoon daily, once the nation's largest, had been living with the bleak diagnosis for more than a year. In December, its owners, the Charter Company of Jacksonville, finally put it up for sale. Last week, with no takers to be found, and awash in red ink, the Bulletin became another logo in the graveyard of big-city newspapers. Said Charter Communications President J.P. Smith Jr.: "In the final analysis, the paper was unable to generate the circulation and additional advertising revenues ... it needed to survive...
Hoover was rather dour by nature-Secretary of State Henry Stimson described a White House meeting as "like sitting in a bath of ink"-and he insisted that reduced spending and a balanced budget would end the slump. "Nobody is actually starving," Hoover said. "The hobos, for example, are better fed than they have ever been." Other U.S. officials were equally astute. Said Treasury Secretary Andrew Mellon in 1930: "I see nothing in the present situation that is either menacing or warrants pessimism." (Joke of the day: Hoover asks Mellon, "Can you lend me a nickel to call a friend...
...dwindling deficits and a believable strategy for bringing them down. For months, the President's economic advisers have been locked in a dispute over those subjects that was a mixture of charade and reality. It did no harm to publicize predictions of a raging tide of red ink if nothing were done about spending and taxes. "We're dealing with perceptions here," explained one White House aide, "and the perception is that Reagan is bringing the deficit down after it was in danger of being wildly out of control." Nor did it hurt to have leak after leak...