Word: spending
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Dates: during 1960-1969
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Erie's littoral U.S. cities. Washington has asked industry to spend another $285 million on waste-treatment equipment. But schedules are being met by only 15 of the 102 target cities and 32 of the 100 major industrial polluters. The trouble is that pollution rarely gets a high priority until profits are affected or people are killed...
Most important of all is business's spending on new plant and equipment, which is the major thrust behind the 1969 inflation. Early in the year companies planned to spend some $73 billion on new facilities, or 14% more than last year. But tight money and prospects of less exuberant demand have begun to change boardroom thinking. The Business Council expects that spending will increase only 11% this year and probably much less in 1970. Robert Tyson, U.S. Steel's Finance Committee chairman, concedes that the scarcity of credit may force cutbacks...
Many other companies, including Consolidated Foods, Scripto and Burlington Industries, are turning a hard eye on expansion plans, especially for 1970. "We'll spend around $275 million this year, as we had figured to do," says Goodyear Chairman Russell DeYoung. "But next year we'll be looking at all our proposed projects with more caution. Possibly outlay will be down." Adds a Firestone official: "Some cutbacks are likely next year." Demand for business loans has begun to taper. The Federal Reserve Board last week announced that loans at major banks declined in July for two weeks, dropping...
...Symbol. Gucci spares neither time nor money to turn out the products that more and more people want in an increasingly affluent world. Even shopgirls and clerks seem willing to spend beyond their means to own the same kind of luggage or clothes as Jackie or Frankie or Princess Lee. The Gucci shoe, a chunky loafer with a metal snaffle across the instep and a price tag from $31 to $49, has become one of those subtleties of dress that are supposed to separate the Main Line from the wrong side of the tracks. Enriched by demand for such symbols...
...interest in the space program. That is not to say of course that they won't stop pumping money into it, while the more earthbound among us continue to complain that the money should be spent elsewhere. (They forget the quite fundamental point that, like smalltown high schools that spend all the money they pick up during booster drives on athletic facilities instead of curriculum reform, America will always turn to diversionary money drains rather than concentrate on essential problems...