Word: slowdowns
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...NETHERLANDS. Because of sharp inflation and a mounting balance-of-payments deficit, the central bank has introduced hardfisted monetary policies. The result: the economy is cooling off considerably. Responding to the slowdown, local governments have started putting unemployed Dutchmen to work on public projects...
...report forecasts a slowdown in the growth of the gross national product to about $47 billion, or 4% in stable dollars, compared with the too-swift expansion of $58 billion (51%) last year. Anything more than 4%, the council says, would surpass the nation's capacity in both plant and manpower. The trick, of course, is to keep the slowdown from going too far and prices from rising too fast. Last week banks began lowering the prime rate of interest, giving important evidence that the Administration's prediction of easier credit had foundation (see U.S. BUSINESS). Housing...
With anxious attention now focusing on 1967, early-reporting U.S. corporations are supplying emphatic reminders that 1966, despite a selective year-end slowdown, was the most prosperous year in U.S. history. Items: Bethlehem Steel, in an industry that often seems to roll its profit margins thinner year by year, far outstripped its 3.5% sales increase with a 14% rise in earnings to $171 million. To fatten sales as well, Bethlehem is pushing an invasion of the Midwest with a $500 million expansion of its Burns Harbor plant near Chicago, long a virtual fiefdom of Inland Steel...
...stark, unyielding figures. In the budget for fiscal 1968 that Lyndon Johnson is sending to Congress this week, bound in a subdued, rust-colored cover, the priorities are baldly stated. The President calls for a sizable increase in defense spending to sustain the Viet Nam war, with a complementary slowdown-though not an actual decrease-in Great Society spending...
...economic experts on whether he should raise taxes: he insisted on signed memos of opinion from every person he consulted, both inside and outside the Administration. All agreed that a tax boost was in order. Some non-Administration economists argued that the crimp on income could brake the business slowdown to the danger point. But Johnson also asked for an average 20% rise in Social Security benefits. It was an unexpectedly large increase that will pump some $4.1 billion into the economy and may in fact bring enough new money into the market place to offset the drain...