Word: swelled
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Committed Money. What about the 20-per-gal. tax that would swell the Government's general revenues? That money would not be available for mass transit, welfare, defense or anything else: it has in effect already been committed to highways. The Department of Transportation's budget projections through 1981 call for federal spending of about $2.2 billion a year-roughly the same amount provided by the trust fund today -to maintain rural, suburban and urban roads and make them safer. Moreover, under Ford's plan, mass-transit funds that used to come from the highway trust would...
...grimmest news was that the unemployment rate climbed from 8.9% in April to 9.2% in May, yet another new high since 1941. That meant 8.5 million Americans were out of work, a jump of 360,000 from April. Administration officials acknowledge that unemployment could continue to swell in June and July. One reason: millions of students are about to flood the market in search of summer work (see story page...
...wells at Prudhoe Bay to the deep-water port of Valdez (pronounced Val-deez), where block-long tankers will be loaded for the trip to West Coast refineries. Already, 12,000 men and women are on the job building, excavating and servicing, and by midsummer the number will swell to 20,000 as the pipeline contractors drive to make their target date of mid-1977. The spongy, oil-soaked strata nearly two miles beneath the tundra at Prudhoe Bay contains an estimated 9.6 billion barrels of oil, by far the largest deposit in the U.S. Initially, the pipeline will carry...
...budget fails or succeeds in its mission. A deficit no larger than the $47 billion now expected for fiscal 1975 would show that the Government was not pumping sufficient funds into the economy quickly enough to stimulate a swift and thorough recovery. By contrast, a deficit that really did swell to $100 billion or more in fiscal 1976 could ignite a new outbreak of inflation that could end any recovery...
...vastly increased spending by governments at all levels-for food stamps, welfare, Medicaid. Just to pay their current bills, many states will have either to raise taxes or postpone capital construction. The former would weaken some of the buoyant effects of a federal tax cut; the latter would swell unemployment. The cost of unemployment compensation in this fiscal year will be at least $18 billion, and it stands to rise next year. To help pay for it, the Labor Department is urging states to raise company taxes that feed the unemployment compensation funds; if this happens, it will show...