Word: roosa
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Dates: during 1960-1969
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...effort and expanded the Great Society programs without making a corresponding effort to raise funds. The war was supposed to cost $10 billion a year. Instead, the price tag jumped to $20 billion, then to its current $30 billion. "Our country is overcommitted at home and abroad," warned Robert Roosa in 1966, not long after he resigned as Treasury Under Secretary for Monetary Affairs. Even that year, Johnson might well have persuaded Congress to enact more taxes. Instead, the Administration devised packages of restrictions limiting the uses to which American citizens could put their dollars abroad. First came a tightening...
Congress also heard from a blue-ribbon Treasury advisory panel headed by former Secretary Douglas Dillon and including Bankers David Rockefeller and Robert Roosa and Economists Walter Heller and Kermit Gordon. "In the interests of our nation's economic strength and stability," they warned, "enactment of the surcharge must be delayed no longer...
...since that was one of the conditions made by France and the Common Market Commission. But Charles de Gaulle, far from trying to create a prosperous Europe that would include Britain, seemed more bent on mischief. De Gaulle's machinations, charged no less an authority than Robert V. Roosa, former U.S. Treasury Under Secretary, began a month ago when the French President caught the scent of approaching trouble for the pound. Hoping to demonstrate that Britain is unfit for Common Market membership, the French began a clandestine campaign to create a sterling crisis by spreading damaging rumors and innuendo...
...President to seek the surtax. Listing rises in retail sales, personal incomes, housing construction and industrial production, an increase in inventories and order backlogs and a drop in unemployment, Martin found "clear and compelling evidence" of inflation. "An environment of rampant inflation," warned former Treasury Under Secretary Robert V. Roosa, "will afford little opportunity for the considered development of any national policy, domestic or foreign." Roosa forecast economic dislocation "bordering on chaos" unless action was taken soon...
...Overcommitted." How to plug that drain, which is caused by the U.S. balance of payments deficit-has fired increasing debate. Former Treasury Under Secretary Robert Roosa contends that the U.S. is "overcommitted at home and abroad," warns that "rapidly mounting deficits in our foreign accounts could make 1967 a crucial year for the dollar, and even for U.S. leadership in world affairs." Most bankers agree with Roosa that domestic interest rates must be lowered only gradually to protect the U.S. against a perilous outflow of dollars and gold to high-rate Europe...