Word: sluggishness
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Dates: during 1960-1969
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President Kennedy decided weeks ago that a quick tax cut was needed to pep up the sluggish U.S. economy. Most of his economists, including Walter Heller, chairman of the Council of Economic Advisers, urged him to call for a cut. Yet last week, when he appeared on national television to explain his policy, Kennedy came out not with a tax-cut proposal, but rather with a statement that emergency tax legislation "could not now be either justified or enacted...
...balance of payments goes. Treasury Secretary Douglas Dillon is sticking to his prediction that the adverse balance-of-payments situation will end by late 1963. If that hopeful prediction does nothing else, it should at least enable economists to concentrate more attention on solving the problems of a sluggish U.S. economy...
Stripped to the Bone. The Weatherly that Mosbacher piloted last week was not the same sluggish boat that wound up ahead of only hapless Easterner in 1958. Her stern overhang had been lopped off; she had a new, flatter keel that was designed to point her mast higher (to take advantage of steadier breezes that blow well above the water), make her faster beating to windward. Racing boats are like racing cars-the lighter they are, the faster they are-and Weatherly was stripped to the bone. Halyard and lift winches were removed from the mast and fastened...
...increased interest they must pay on it. Banks are pushing personal loans with vigor-as one New Yorker learned when she went to withdraw vacation money from her savings account and was talked into taking a loan instead. Above all, with demand for business loans soft because of sluggish capital spending, bankers are concentrating on the mortgage market-and cutting their long-term rates to attract mortgage business...
Size alone is no safeguard against the profit squeeze of the sluggish 1960s. This is the key message of FORTUNE'S eighth annual directory of the nation's 500 biggest industrial corporations. Though overall the companies on FORTUNE'S 1961 list boosted their sales 2.2% to a record $209 billion, their average after-tax profits on invested capital slid from 9.1% in 1960 to 8.3% last year...