Word: spurs
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Dates: during 1950-1959
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...spite of such fiascos, stubborn Walter Ulbricht seems determined not to change his ways. Last week the Trade Union Federation, obediently toeing the Ulbricht line, announced a frenetic campaign to spur worker production and "to call to account trade union and economic functionaries in the event of nonfulfillment of obligations...
...spur business, the Federal Reserve Board last week brought out the most potent anti-slump tonic in its bag of economic medicines. It cut by ½% the minimum cash reserves that must be kept by the Fed's 6,400 member banks to back demand deposits; minimum reserves were dropped to 19½% of deposits in New York and Chicago. 17½% in most other big cities and 11½% in "country" bank areas. This freed $500 million from reserves, and since each such dollar can generate up to $6 in loans, it could add close to $3 billion...
...much. The cut in reserves puts the banks in about the same position as they were at the bottom of the 1953-54 recession when FRB also cut reserves to ease credit. The result was a sharp pickup in business. If last week's cut does not spur business, FRB was in a mood to cut some more. But despite spreading unemployment it still planned to move slowly. Warned Martin: "We must recognize that excessive stimulus during a recession can sow seeds of inflation that can jeopardize our long-run stability...
Around the U.S., economists and businessmen talked increasingly of a tax cut to spur the U.S. economy. But those who looked beyond short-term statistics and noted the vast increase in future Government spending cautioned against any such massive help. Said Treasury Secretary Robert B. Anderson: "I can conceive of situations where tax reductions might be brought into play to help the resumption of economic growth. But it is our judgment that the present condition does not warrant such action." In that he was in tune with FRB Chairman William McChesney Martin Jr., who still regards inflation as a major...
What of this year? Without pinning himself to exact numerical predictions, the President declared that "economic growth can be resumed without extended interruption," and he added a promise: "The policies of Government will be directed toward helping to assure this result." Easier credit would spur both homebuilding and federal-state outlays for schools, roads, etc. Increased federal spending for defense would add further economic...