Word: risings
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Dates: during 1960-1969
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...will find it doubly difficult to end the surtax and thus erase the deflationary surplus Johnson hopes to create. Johnson asked an overall 13% increase in social security benefits; in the campaign, Nixon proposed to tie social security payments to a cost-of-living index so that benefits would rise and fall with consumer costs. Given his further campaign commitments to urban aid and new weapons systems, Nixon probably cannot reduce notably the total amount of spending that Johnson recommended...
...that federal expenditures for higher education (now $3.5 billion a year out of $17.2 billion from all sources) must increase $10 billion a year by 1976. This may be far too high, but the current federal education investment at all levels ($9.2 billion a year) will probably have to rise considerably...
...take place this year; the beginning of procurement for components of the Sentinel and the anti-ballistic missile system, ultimately estimated at $5.5 billion; the development of the new Minuteman III to carry the MIRV (Multiple Independently-targeted Re-entry Vehicles), $4.5 billion. Schultze estimates that military expenditures will rise from the present $79 billion to something like $100 billion...
...even after this immense military mortgage is taken into account, the financial bind should begin to ease in 1971. If Nixon chooses to keep taxes at present levels-without the surtax-he will enjoy the benefit of "a fiscal dividend." This dividend is created by the automatic rise in federal revenues that accompanies the economy's growth; automatic, that is, so long as the economy does grow, for recessions have not yet become unconstitutional. If the gross national product continues to advance at a rate of an average 6-7% annually, tax revenues will increase faster than federal expenses...
...Valachi Papers does not always rise above its detail. But for those who still dismiss the Cosa Nostra as the fanciful creation of ambitious D.A.s and over-imaginative hoodlums, the detail serves a purpose. Out of all the dates and curiously businesslike statistics, there finally emerges the dark outline of a state within a state-"a second government," as Valachi calls it. In the words of a member of the Justice Department: "He showed us the face of the enemy...