Word: leveler
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Dates: during 1950-1959
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Urge v. Surge. Income and outgo, the President announced, will run "in the general area" of $77 billion (TIME, Dec. 29) -an outgo some $2 billion below this year's spending level of $79.2 billion. The Defense Department will actually get an unspecified bit more than the $40.8 billion it is spending this year. "Reductions in total spending," said the President hopefully, "will be achieved in part by reason of the ending of temporary programs in agriculture, unemployment insurance and housing...
Even in a game's quiet moments the din at the Forum is incessant. But the normal noise level increases to a rafter-raising roar when an aging, sharp-featured wingman with deep-set flashing jet-black eyes and a mop of black hair cuddles the puck to his stick, nurses it past enemy defenders, skillfully fakes the goalie out of position and flicks the rubber disk into the cage. Shouts of "Rocket, Rocket" fill the air in delirious tribute to Joseph Henri Maurice Richard, the greatest player in modern hockey history...
...since record 1955. What gives automen heart is the low level of consumer debt and the prospect of a big increase next year. One of the axioms of the new economics-and the exact opposite of the copybook maxims-is that rising consumer debt is a sign of prosperity, expanding in times of optimism, contracting in times of doubt. With recession in 1958, consumers paid off $1 billion in auto debts, the highest repayment since World War II. Now, with recovery, they should be in the mood to borrow for cars again. While predictions...
...balanced budget to Congress for the year beginning July 1, the outlook still is for a deficit of upwards of $3 billion. This may well be trimmed as Government income rises with business. Few economists believe that inflation can be ended, barring a depression, since a rising price level has been with mankind since the dawn of time, and is almost inevitable in a dynamic economy. The problem is to keep it within bounds-under a 1½% price rise per year. In 1958 prices did not rise even that much. The forecast is that they will remain stable...
...Starr Co. despaired of getting the oil out of the petroleum-bearing strata. Disgusted, Starr sold the well, equipment and 80 acres of surrounding lease to Turner for $2,500. Undiscouraged, Turner decided to try his own method. He thought an extremely powerful pump might draw down the water level so fast that the oil locked up in the rock would flow into the bore, where it could be pumped up. Using a tractor for power, Turner soon had the well producing as much oil in a day as the Starr Co. pump had produced in a month...