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...what might become the biggest four-year run-up in the public debt since World War II. Instead of the predicted $43.1 billion deficit in spending for the fiscal 1982 year that began last month, the Administration now is girding for perhaps as much as $59.1 billion in red ink in the year ahead...
...control. Senate Budget Committee Chairman Pete Domenici estimated last week that the deficit in fiscal 1982 could total $60 billion, vs. an Administration forecast of $43 billion, and could be $70 billion in fiscal 1984, the year in which Reagan has pledged to balance the budget. Red ink on anything like that scale could both delay recovery from recession, because Government borrowing to cover the deficits would keep interest rates high, and contribute to still more inflation...
...best solution seems to be to phase out the bureau's old and cumbersome presses, which can print 8,000 32-bill sheets per hr. but on only one side of a sheet at a time. After the ink dries, the sheets have to be flipped over and run through the presses all over again. Instead, the bureau would prefer a press that can print on both sides at once, thereby effectively doubling output...
Paper currency the world over is printed by a process known as intaglio, which forces the ink directly into the paper under heavy pressure and thereby makes counterfeiting difficult. This gives the currency a texture and feel that ordinary presses cannot easily duplicate. Unfortunately, no printing-press manufacturer in the U.S. makes an intaglio press of the sort the bureau wants, so it has turned to Britain, a nation with enormous experience in printing inflated currency, to custom-design a press...
Often unnoticed are the ripple effects that come when businesses go under: the failure of the small sawmill that shakes the economy of a rural community; the entrepreneur who amasses only red ink in return for risking his capital and decides to play it smart next time and stick his cash in a high-yielding money-market fund; the worthy new enterprise that cannot afford to borrow and expand and therefore loses market share and stagnates, perhaps eventually being driven out of business altogether by some tough and well-heeled foreign competitor from, say, Japan. Says Purdue University Economist William...