Word: overspends
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Dates: during 1970-1979
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States and communities are in effect trying to cope on their own. Well before really cold weather had set in, the Hartford city council declared a "finding of public emergency" and authorized city managers to overspend by $500,000 for energy emergencies. Connecticut Governor Ella Grasso called the legislature into special session to ask for $5 million in appropriations and $11 million in borrowed funds to support loan programs to small oil dealers, homeowners and municipalities. She estimates that 40,000 families in the state will need help, mostly to pay oil bills...
...they constitute no more than 5% of all credit buyers, but their numbers seem to be growing. Only a handful are true "crediholics"-people who get some kind of excitement about always being in debt and in a bind about paying bills. Most simply yield to the temptation to overspend...
...director of the National Garden Bureau, estimates that on an investment of $5 in seeds and another $25 in fertilizer, plants and tools, a 15- by 25-foot backyard plot can return a yield of vegetables worth $280 to $300 at present prices. But, he warns, "too many people overspend the first time"; fancy tools and equipment (such as a $200 compost maker) of course reduce the savings. And Fell's calculations do not include whatever value the home gardener might care to put on his or her unpaid labor...
...about its deficits because it has discovered that it can get away with a kind of "monetary imperialism." The position of the dollar as the standard of value against which all other currencies are measured enables the U.S. to escape the consequences that other countries suffer if they consistently overspend abroad. In any other country, a parade of deficits comparable to those the U.S. has run would force devaluation of the currency. Devaluation of the dollar, the currency that more than any other has been considered as good as gold, would bring such chaos that it has been considered unthinkable...