Word: spendingâ
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Dates: during 1965-1965
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Better than '65. Next year's challenge will be more easily manageable because business and Government pursued intelligent policies this year. The Labor Department reckons that businessmen's exuberant capital spending???they have invested $190 billion in new plants and machines in the past five years?will pay off with a 3% productivity gain in 1966. That will serve to temper inflation, and so will the fact that the medicare bill will lift social security taxes $5.5 billion yearly beginning Jan. 1. As of now, Government economists expect that consumer prices will rise about 2.5% and wholesale prices will increase...
Unfriendly Attack. There is, inevitably, a reverse side to the coin. This vast outflow of dollars?for aid, military assistance, business investment, tourist spending???has for 14 years exceeded the money flowing into the U.S. from its foreign transactions. Result: a chronic deficit in the U.S. balance of payments. What makes the payments deficit so serious is that each deficit dollar is like a check written against the gold supply of the U.S. Treasury, which is pledged to exchange foreign-held dollars for gold upon demand. Largely as a result of its payments deficit, the U.S. has suffered a steady...