Word: surpluses
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Dates: during 1970-1979
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WISCONSIN. Fifteen months ago, when Governor Patrick Lucey was named Ambassador to Mexico, he bequeathed to his successor, Democrat Martin Schreiber, a healthy state economy and a budget surplus projected to total $500 million by next June. To soak up the spare cash, Schreiber, a colorless career politician, proposed cutting property taxes by a modest $110 million and increasing state spending on water purification, schools and debt reduction. But Schreiber, 39, has run afoul of Proposition 13 fever, which has been skillfully exploited by his Republican opponent, Lee Sherman Dreyfus...
Critics of intervention argue that there is $400 billion to $600 billion in surplus dollars floating around foreign money markets -nobody knows the exact total-and Washington could not begin to buy them all. But if the U.S. expressed willingness and made funds available to buy huge amounts, speculators would conclude that the price would stay up, and so they would not sell their dollars. In short, a war chest to defend the dollar, coupled with a strong determination to use it if necessary, would act much like a nuclear deterrent: the more impressive it is, the less likely...
...such band-aid is the circuit-breaker for property tax relief--when the state runs a surplus it gives the money back to home-owners, scaled according to need. This is all well and good--we don't want the corporations to reap the windfalls as they did from Proposition 13. But circuit-breakers only divert time and attention from the real structural inequities in the tax system--the loopholes for the rich, the abatements for the corporations, the regressiveness of using tax incentives and credits to execute policy...
...consumer dollar. Giant agribusiness is forcing out the family farm. Farmers leave land fallow while people starve. The government needs to break down the monopolization of the food sector, encourage production, establish grain and other reserves to assure a steady supply, and provide mechanisms for distributing the surplus to the world. Then prices would stabilize...
...always prided itself on being the world's undisputed leader in technological innovation. Since World War II foreign demand for aircraft, computers, automated tools and other products of American labs and workshops could be relied on to provide a fat surplus in the nation's balance of trade. No more. Though the U.S. still retains an overall lead in total amounts spent on R. and D. and in numbers of new inventions, its chief economic rivals are expanding their research efforts at much faster rates. One consequence is becoming dramatically clear this year: because the U.S. no longer commands such...