Word: threeyears
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This season's first four new American musicals all closed the week they opened, continuing a daunting threeyear run of almost unrelieved financial failure for what used to be Broadway's mainstay. Staged with varying degrees of artistry, the ill-fated shows shared one disabling presumption: musicals must be "about" something beyond melody and romance. Rags tried to survey the immigrant experience, Honky Tonk Nights blended music hall with racial conflict, Raggedy Ann was a dying girl's Freudian nightmare, and Into the Light asked whether the Shroud of Turin is Jesus Christ's burial cloth. All suffocated under...
...when Congress passed President Reagan's threeyear, 25% tax cut, some 40 states were raising taxes. Income, corporate and motor-fuel taxes in Ohio, for example, went up a staggering 40% to 50%. In 1982, 30 states again raised sales, individual or corporate income taxes. Last year 43 states imposed new tax increases. Lawmakers did so at their political peril. In Michigan, two state senators who supported Governor James Blanchard's 38% income tax increase in 1983 were recalled by irate voters. But while voters balked at the medicine, they appreciated the cure. Michigan's deficit...
...Lords of Discipline. According to Manager-To-Be Shelly Finkel, a rock-music producer, Breland's future has been plotted along these lines: a gold medal in Los Angeles, five or six lucrative years on the world boxing stage and a subsequent career in the movies. Reportedly, a threeyear, $2 million contract from Paramount Studios has been rejected. But the first trappings of wealth have arrived: cousins. "I have so many cousins these days, they ring the phone off the hook. Everybody's become my cousin...
...course of interest rates and the economy depends on two imponderables. One is action by Congress on the federal deficit. Two weeks ago, President Reagan and Senate Republican leaders agreed on a threeyear, $150 billion deficit-reduction package. Democrats are working on a plan for slightly deeper cuts. Nonetheless, the deficits will remain huge. The Congressional Budget Office reported last week that even if the $150 billion project is adopted, the deficit will be $198 billion in fiscal year 1987. Such heavy federal borrowing will keep pressure on interest rates. Economist Robert Gough of Data Resources, a Lexington, Mass., economic...
...debates within the Administration over the speech draft, Feldstein, Office of Management and Budget Director David Stockman and Secretary of Commerce Malcolm Baldrige contended that Reagan should at least renew a proposal he made reluctantly last year for a threeyear, $50 billion tax increase, conditional on congressional approval of deep spending cuts and a string of other "ifs." But Reagan's philosophical convictions make him loath to propose any tax increase any time, and his political sensibilities make him doubly loath to do such a thing in an election year. At one point, aides inserted in a State...