Word: slashed
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Dates: during 1980-1989
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...battle against drugs, Illinois hopes to make crime pay. Last week the state legislature imposed a sales tax on marijuana, cocaine and other illegal drugs. The law will require dealers to purchase tax stamps that display either a marijuana leaf with a slash through it or a skull and crossbones, and affix them to packages of drugs. The price: $5 per gram of marijuana; $250 per gram of cocaine and other drugs; and $2,000 per 50 pills...
...those inventories can be reduced. Moreover, this year's farm- income figures were inflated by $22.4 billion in Government subsidies, including $12 billion paid to farmers to leave idle 68.5 million acres of cropland (an area bigger than Colorado). Now those payouts are threatened by Washington's efforts to slash the federal deficit. "This has been a good year, but everyone's looking over his shoulder," warns Iowa State University Economist Neil Harl. "There are still some dark clouds...
...first glance, AT&T appeared to be offering consumers a big break. The telephone giant proposed to slash its long-distance rates by an average of 3.6%. As good as it sounds, though, the move will not ultimately make much of a dent in home phone bills. AT&T said it would carry out the rate cut only if it receives reductions in the "access charges" it pays regional phone companies. These fees give AT&T the right to connect its long-distance lines to local phone systems...
...anti-action case: the aftershock of the stock-market quake might tip the U.S. into a recession next year. And that is the wrong time to slash away at the deficit; tax boosts and cuts in Government spending would deepen any slump, because they would reduce the amount of money in consumers' hands. Some worriers go so far as to raise the ghost of Herbert Hoover, who slashed federal spending and persuaded Congress to raise income tax rates sharply in the wake of the 1929 Crash. Says University of Tennessee Economist Paul Davidson: "Cutting the deficit at this particular time...
Foreign leaders, however, attach one enormous condition, and it brings economic arguments full circle. They will not risk overstimulating their economies and inducing a new round of inflation for the sake of enabling America to continue living beyond its means. They will insist on a meaningful slash in the American budget deficit. The fear of inflation is particularly strong in West Germany, which was still raising interest rates shortly before Black Monday, to the intense displeasure of the U.S. German Finance Minister Gerhard Stoltenberg last week hinted at what would be required to get Bonn to change course. Said...