Word: rising
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Dates: during 1960-1969
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...Trade's minister of state for exports. Even after Wilson belatedly imposed austerity measures-heavy new taxes, tight wage controls and a skimpy national budget-the buying binge continued. Instead of falling by about 1½% this year as the government intended, consumer spending seems likely to rise by 2%. Three weeks ago, that prospect prompted the Board of Trade to toughen the country's already stiff controls over installment buying of autos, TV sets, furniture and other durable goods...
...this year's budget doesn't end with a gigantic $2.4 million deficit that Ford predicted last month, it seems sure that the 1968-69 budget will have one of the biggest deficits in history. The basic reasons are simple enough: income is down and expenses are up. The rise in expenses surprised nobody, but the extent of their increase and the simultaneous drop in income make this year's trend unusual and disturbing...
...year--more than twice the 1958-59 expense and an increase of 8 per cent over last year. However, since several expense items--most notably the athletic budget and the administrative costs for travel and office expenses--are staying constant or falling, there are a few areas that will rise much more sharply than the over-all 8 per cent. Ford's budget points out a few of the swelling costs: *Salaries for corporation appointees--professors and teaching fellows--will rise 10 per cent, to $13.9 million...
...Wages and pension costs for employees will rise 9 per cent, to $3.6 million...
...BIGGEST jump, of course, is in salaries for corporation appointees. Part of the projected increase is illusory; Dean Ford always budgets salaries for every conceivable faculty post, but several departments never fill all their positions. Still, a good part of the $1.2 million rise--from $12.7 million last year to $13.9 million this year--is real, and seems to foreshadow an even larger growth next year...