Word: pasting
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Dates: during 1970-1979
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Much hotter disagreement came over both the form and extent of tax cuts for companies and investors. In itself that marks a profound shift in tax philosophy. Past cuts have been aimed pri marily at giving consumers more after-tax dollars to spend, in the hope that their buying would lift the economy; business spending to build new plants, modernize machinery and introduce new products was expected to follow automatically. But investment now is very low, and the absorbing question of tax policy has become how to design cuts to spur the largest rise in investment...
...patents last year, down from 70,000 in 1967. Worse, 25,500 of the 1977 patents went to foreigners, vs. 14,700 ten years earlier; in the key field of business and accounting machines, the number of U.S. patents issued to foreigners has increased 75% in the past decade. Another Peterson observation: "Possibly the single most important [new] product around is video recorders. I do not know of a single American manufacturer making consumer video recorders...
...fiscal policy," and in deed reinstated balancing the federal budget by fiscal 1981 as an Administration goal. That did not satisfy Alan Greenspan, former chairman of President Ford's Council of Economic Advisers. He lamented that basic functions of government at all levels have been broadened over the past several decades "with no internal rational limiting process," generating irresistible pressures to spend. The only solution he could see is a constitutional amendment enforcing budget limits...
...addition, some banks are mailing "preapproved" card applications to potential customers who are rated good risks. They do not have to provide lengthy statements citing credit references and salary, but merely mail back a short, signed form. Over the past 18 months, Chicago's Continental Illinois bank has acquired enough new preapproved Master Charge customers to make it one of the top ten U.S. card issuers...
Most of the new action by card firms is in a long-somnolent field: traveler's checks. American Express has about 65% of the world market, despite recently heating competition. But the check business, argues Visa International President Lee W. Hock, "has changed very little in the past 50 years. It is ripe for innovation...