Word: pumps
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...Roosevelt's real purposes, despite the good intentions toward economy he expressed. Cornerstone of New Deal fiscal policy has been the doctrine of spending expounded to the President in 1934 by British Economist John Maynard Keynes: When times are hard the Government should cushion depression and prime the pump of recovery by spending more than it collects in taxes; when times are good it should put a brake on inflation by collecting more than it spends. Now inflation is under way and the President, though talking economy, is still waiting for revenue to catch up to spending...
...Knight or future Knight can readily see that the serious and comic slants of our business are tied together so closely that we cannot tell at times which is serious and which is fun." Grand Knight Ellis gave all credit for the founding of his organization to Chief Pump Knight E. Chat Shanks, NAPR's executive secretary who makes his headquarters in Milwaukee's Republican Hotel, and to Brass Nozzle Knight Wilmer...
Nebulous though their plans are at present, the Knights of the Hose will probably manage entertainment at the monster NAPR annual conventions. "Oil Conventions are pretty rough as a rule but our boys are different." said Chief Pump Knight Shanks last week. "The boys have to relax sometimes." Plans for fun at the convention in Rochester, N. Y. next autumn will be shaped by the Grand Knights of the Hose's governing body, the Free Privy Council...
...President's statement that there has been an undue rise of metal prices and more rapid recovery in heavy industry than in other industry, was questioned by economists (see p. 77). Regardless of its accuracy, however, the President's dissertation marked a milestone in New Deal policy: pump-priming is at an end. So far as Franklin Roosevelt is concerned, the business of getting out of the last Depression is now subordinate to the business of avoiding the next...
...Ayres noted: "The recovery in durable goods is always faster than in nondurable goods. ... It is true that improvement in durable goods is greater than in nondurable, but it is also true that most of the men still unemployed need to be employed in durable goods industries."* Since the pump of heavy industry had been fully primed, no one seriously objected to a cessation of Government spending for that purpose. But to shift the spending into consumer channels only delayed the effect, since increased consumption would soon lead to expansion and modernization of nondurable goods industries, thus in turn stimulating...