Word: surpluses
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...their expenditures because of 2 1/2. It is expected that the Commonwealth will reimburse up to 50 percent of the the decrease suffered by the cities and towns. There is a very good chance that this effort will be successful in light of the fact that there was a surplus in the state budget in the current fiscal year ending June 30th. Cambridge could get back up to five million dollars on the expected cut back of 10 million dollars. I've just heard on the radio that Governor King is asking for even more dollars to be turned back...
Eventually, however, the petro-price spiral reached the point at which consumers and industry worldwide simply would not, or even could not, pay any more. Prompted by recession, they cut back on usage so sharply that the world is now awash in surplus oil, and prices are coming down. When lines form at gasoline stations these days, it is not because of shortages but because prices have dropped-below $1 per gal. in Texas...
Historically, America imagined that it did not have to concern itself with the global equilibrium, because geography and a surplus of power enabled it to await events in isolation. Two schools of thought developed. Liberals treated foreign policy as a subdivision of psychiatry, conservatives as an aspect of theology. Liberals equated relations among states with human relations, emphasizing trust and unilateral gestures of good will. Conservatives saw in foreign policy the eternal struggle of good with evil, a Manichaean conflict that recognized no middle ground and could end only with total victory. Deterrence ran up against liberal ideology...
...planned for July 1983. The result: a combined saving of about $106 billion. Using the deficit predictions supplied by the Congressional Budget Office, Hollings estimated his plan would reduce the budget deficit to $42 billion in fiscal 1983, to $19 billion in 1984, and deliver a small surplus of $4 billion...
Greenspan, in contrast, saw a positive side to the budget dilemma. In the past, he said, the lawmakers always believed that inflation would raise revenues and create a surplus within a few years. They used this "fiscal dividend" from inflation as a justification for launching costly new spending programs. As a result, the budget never came into balance, but took up an ever larger portion of U.S. income. Federal social programs alone account for 12% of the American G.N.P., up from 8% in 1960. Now that indexing has eliminated taxation through inflation, Greenspan argued, Congress may finally be forced...