Word: investments
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Dates: during 1970-1979
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America's vocabularies, both public and private, are being corrupted in part by a curious style of bombast intended to invest even the most banal ideas with importance. Discussing his institution's money troubles, a university president promises: "We will divert the force of this fiscal stress into leverage energy and pry important budgetary considerations and control out of our fiscal and administrative procedures." This is a W.C. Fields newspeak, the earnestly pseudoprecise diction beloved of bureaucrats, who imagine that its blind impregnability will give their ideas some authoritative heft. In fact, it only confirms the Confucian maxim...
...ever-shifting, molecular, always replacing itself like plants growing and dying a billion times a second in a rich, dank forest--you can hear the process. There's something in the language that achieves this: short sentences appearing and vanishing like postcards and daguerrotypes. Doctorow doesn't invest his people with modern concerns like Gore Vidal does, in his historical fiction, adding sex and neurosis and perversity of motive. The grainy literariness of the ragtime people is inviolable--ladies constantly fleeing to the garden, derbies dotting riverside parks on a Sunday...
...encourage Americans to save and invest more of their incomes, Treasury Secretary William Simon last week proposed a sweeping change in the U.S. tax system: meshing reductions in corporate and personal income taxes to eliminate all "double taxation" of dividends. (At present, a company pays tax on its profits, then sends some of the remaining money as dividends to stockholders, who pay tax on it as part of their personal incomes.) Testifying before the House Ways and Means Committee, Simon said that his plan would eventually give corporations and individual investors tax cuts totaling $14 billion, starting with...
...paid. The net effect of this dazzlingly complex change would be to wipe out all taxes on dividends for a stockholder whose personal income tax bracket is 50% or less. The resulting savings, Simon argues, would be a powerful incentive for individuals in all brackets to spend less and invest more of their incomes, thus supplying the economy with badly needed new capital...
...experts doubt that the U.S. needs to invest more of the national income. Its rate of investment, currently about 15% of gross national product, is one of the lowest in the industrialized world (TIME, July 28). But many liberals doubt that Simon's plan is the right way to go about it. Joseph Pechman, a member of TIME'S Board of Economists, says that the Treasury Secretary's proposal "by and of itself will have very little impact on total savings." Pechman contends that Simon's plan should be considered only as a part...