Word: taxingly
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Dates: during 1970-1979
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...economists argue that instead of providing the right incentives, government policy has been coming up with all the wrong ones. They assert that Government has motivated Americans to spend too much and save too little. They charge that federal tax, budget and monetary policies have promoted immediate consumption instead of investment for the future. Their fundamental warning: America has been living off, and eating into, its capital stock. Many of its factories and machines have become outmoded; its old industrial cities have become rundown; its work force has become less productive; real growth has swung low while demand has remained...
...that required a degree of wisdom seldom seen in the spend-and-spend, elect-and-elect politicians of a democracy. Apostles of Keynes contended that to maintain the proper level of demand, the Government regularly had to "fine-tune" the economy with just the right amount of stimulus, either tax cuts or spending increases, or maybe both at once. As Feldstein puts it, the nonstop jiggling and juggling amounted to "an embellishment of Keynes beyond anything that he had claimed...
...reckoning came with Viet Nam. Lyndon Johnson's Keynesian economic advisers warned him not to finance both the war and his cherished Great Society programs without asking for a tax increase, but he refused to take the unpopular step until much too late. From 1965 to 1969, more than $42.5 billion in Government deficit spending flooded into the economy, which was already surging ahead at nearly full capacity. Result: inflation leaped from...
...Britain, Margaret Thatcher's Tory government was swept into Office in May on a tide of popular fury at the dismal results of Labor rule and is now rapidly unwinding much of the high-tax, nationalized welfare state. Income tax rates have been reduced from a top of 83%, to 60%; a third of Britain's nationalized North Sea oil industry has been put up for private sale; and the government now has plans to sell off its shares of other state industries, including British Airways...
Abolish the corporate income tax. Force regulators to stick to a budget. Drive up gasoline prices to $3 per gal. Replace the personal income tax with a tax on only "expenditures." The new generation of innovative economists has a bold diversity of ideas-and ideologies. Some of them still applaud Keynes, at least with one hand, but others turn thumbs down. All agree, however, that Government often compounds the economic dilemma and that the nation needs more individual incentives. A sampling...