Word: lag
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...spite of all his business activities-his oil wells, his real estate sales (Los Angeles' famed Miracle Mile was once his), his 4,000-acre farm, and the tiny Santa Maria Valley Railroad that he bought-the captain never let one of his hobbies lag. "Keep moving," he would say. "A man who gets caught behind a desk is apt to stay there." Out of his tar pits came every sort of ice-age animal to fill up Los Angeles museums, from imperial elephants and mastodons to giant sloths. Somewhere along the line, the captain also began collecting Audubons...
Ways & Means. In financing the guns & butter gamble, the U.S. made out better than anybody expected, but only because the spending on guns fell behind. Instead of the deficit everybody predicted, the Treasury actually ended fiscal 1951 in June with a $3.5 billion surplus. If arms spending continues to lag, the cash budget will probably still be in balance through fiscal 1952. But in the fiscal year starting next June, all Government spending will rise to an estimated $80 to $85 billion (nearly $65 billion of it for arms). With only $70 billion in estimated revenues under present tax laws...
...Minister of Defense, the old warrior, whose name and appearance Britons instinctively associate with bulldog-ging it through, faced a painfully ironic task. He announced that Britain's $13.1 billion rearmament program, which the Labor government inaugurated, will have to be cut back sharply. "There will be a lag," said Churchill glumly. "We shall not succeed in spending the ?1,250 million [budgeted for] this year. Some of the program must necessarily roll forward into a future year...
Even if war does not come in this period, the professors add, the defense effort must still face some "very stubborn facts": the strain of rearmament on the economy of European nations, a shortage of critical materials in the U.S., and an "increasingly serious lag" in the production of defense weapons...
However, the group did warn the public that there were certain "stubborn facts' that they would have to face in 1952 These facts included Communist movements in Europe, shortage of raw materials in the U.S., a lag in defense production here, and the indifference of the American-people towards mobilization...