Word: ink
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...margin for miscalculation is perilously thin. A study by predominantly Democratic economists at the Brookings Institution concluded that by fiscal 1975, President Nixon's existing and proposed programs would produce a deficit of $17 billion, even if the economy was operating at full employment. So much red ink in a fully employed economy could be grossly inflationary. A rise in living costs could quickly make necessary an income of more than $4,000 to pull an urban family of four out of poverty...
...nothing to make up for the loss in local revenues. As a result, Detroit schools began running a deficit in 1966. The city's voters grudgingly agreed to raise school taxes by $25 million in 1969, but that was not enough to wipe out the red ink entirely, even though the city's property taxes rose higher than those of most of its suburbs. School officials asked for another tax increase last May 16, but Detroiters voted solidly against it. They are likely to do so again when the proposed tax boost appears on the ballot a second...
...reading: "Develop a thirst for printer's ink and quench it by reading, for from books flows the fountain of youth found...
...billion by fiscal 1975. That will occur even if the economy is by then operating at full employment, which is usually defined as a jobless rate no higher than 4%. Large deficits can be tolerated when there is substantial slack in the economy, but so huge a red-ink figure at full employment would be grossly inflationary. Not until fiscal 1977, the Brookings scholars believe, will economic growth bring in enough tax revenue to yield a budget surplus of a relatively small $5 billion. Even that calculation assumes that the Government will start not a single new major spending program...
Prosperity is a relatively new fact of life at the Trib. For much of its history, it was a red-ink case, belying the efficacy of the owls with which Founder Bennett decorated the paper's original Paris office as a good-luck fetish. But the Trib has been solidly profitable since 1968, and an enormous owl still holds the place of honor in its offices. Appropriately, the metal bird is gilded...