Word: social
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Dates: during 1970-1979
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...federal programs extremely sharply to hold down the budget deficit and take some heat away from rising prices. Still, Carter's aides are probably underestimating the size of the deficit. A recession would pull down tax receipts and increase federal spending on unemployment compensation, food stamps and other social programs. While the White House officially maintains that the 1980 deficit will be about $30 billion, some of TIME'S economists expect it to approach $50 billion. The problem will continue into fiscal 1981, which begins next October. Says Joseph Pechman of the Brookings Institution: "It is a very...
...deficit may well be swelled by a tax cut, if not in 1980 then in 1981. Congress has many ideas for reducing Social Security taxes; on Jan. 1, they will rise from $1,404 to $1,588 a year for anybody earning $25,900 or more. The Board of Economists expects that, in all, taxes will be cut by about $30 billion, including a reduction of some $10 billion for business, probably in the form of liberalized depreciation. Though such a move would increase the deficit at first, it would soon after pay dividends. By helping to sharpen the nation...
...auction as a news and social spectacular came to full flower with Sotheby's acquisition of Manhattan's Parke-Bernet in 1964. Christie's, its more decorous rival, came to New York 13 years later and has been more cautious about expanding worldwide. (Sotheby's has 42 international bases, Christie's 29.) Not totally tongue in cheek, Christie's maintains that "Sotheby's is a businessman pretending to be a gentleman, while Christie's is a gentleman pretending to be a businessman...
...fact remains that Oklahoma! is as anachronistic as the surrey with the fringe on top. More than any other theater form, the musical mirrors the social milieu in which it is born. This show's ostensible locale and time span are Indian territory, now Oklahoma, just before statehood. But its real dateline is U.S.A., 1943. It exudes robust confidence, the abiding force of the individual will, and a subliminal, but immutable, determination to defeat the Nazis and the Japanese...
DIED. Carlo Schmid, 83, grand old man of West Germany's Social Democratic Party; of cancer, in Bonn. After serving as a legal adviser in the German military government in France during World War II, the portly law and political science scholar was active in state government and emerged as one of the founders of the German Federal Republic. In 1948 he headed his party's delegation to the parliamentary council that drafted the nation's Basic Law. A year later he was elected a charter member of the Bundestag and served as its Vice President...