Word: retailing
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Dates: during 1960-1969
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...TAXES: Johnson wants to cut by about $1.5 billion federal excise taxes on retail items, perhaps including luggage, jewelry, cosmetics. Congress is eager indeed to slash excise taxes-so much so that there is considerable agitation to repeal nearly all of them. Frugal Lyndon wants to stop far short of that and may run into rugged opposition to holding the cuts down to his figure. But Albert is slightly optimistic, says: "I do think something can be worked out." The President also wants Congress to ensure quickie tax-cut procedures that would allow fast-but temporary-action should a recession...
...Tomorrow. More than anything else, Macy's is a marketplace that represents all the problems and potential of the nation's 2,000,000 retailers-and thus is both the prototype and the archetype of the U.S. retail store. In its aisles, and the aisles of all the other stores across the nation, the greatest shopping spree in history took place last year. The U.S. economy had its most prosperous twelve months ever, and the U.S. consumer, who continued spending as if there were no tomorrow, helped considerably to bring about the country's fourth straight year...
...production record of 117 million tons and are well on their way to a 125 million-ton year; the automakers last week set an alltime weekly production peak of 223,500 cars. Personal income is rising by an average of almost $2 billion a month, and retail sales, running 4% ahead of last year, are headed for an alltime high at Christmas...
...conciliatory tack, said that he hoped "that this would not degenerate into a battle of personalities." He smiled widely as he spoke on the healthy state of the economy, while aides bustled on and off the porch bearing charts like Wagnerian spear carriers. The President predicted a record retail business for the Christmas holidays, declared that "I hope and expect" steel prices will remain stable next year...
...strike. The 306,000 G.M. workers lost more than $170 million, and payment of modest strike benefits depleted the U.A.W.'s $67 million strike fund by more than $40 million. The loss in buying power also depressed business in communities with heavy concentrations of G.M. plants, where retail sales slumped and loan applications rose. In Pontiac, Mich., where hundreds of auto trailers stood empty and desolate, a butcher in a U.A.W. neighborhood noted that no one was buying his T-bone steak, sadly ground it into hamburger...