Word: toed
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Dates: during 1940-1949
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A Ready Answer. In three days of speeches and group discussions there was plenty of doing. Secretary of Defense Louis A. Johnson had a few encouraging words for N.A.M.'s consistent plea for economy in government. Said he: "The $15 billion budget of 1949-50 for our department will...
Said he: "Our future prosperity [depends upon] an intensification of technological progress . . . increasing productivity [and] a constantly broadening distribution of purchasing power by an ever-improving ratio of prices to wages [i.e., higher wages or lower prices]. Unless the buying power of the masses, whose wants create markets, is progressively...
As for government: "The American economy is not ... strong enough at present to carry the . . . mounting tax load . . . The continuance of fiscal uncertainty and instability will . . . undermine the system of free enterprise, by killing the incentives to take the risks essential to a dynamic, expanding economy."
An Ambitious Program. To preserve incentives, N.A.M. wanted the U.S. to 1) abolish present excise taxes except on tobacco and liquor, and substitute a uniform manufacturer's excise tax on all end products excluding foods; 2) limit the 1951 budget to $33.6 billion (some $11 billion below present estimates...
To promote this ambitious program, N.A.M. followed its recent policy of picking a small businessman as president. Its choice: handsome, athletic Claude Adams Putnam, 59, head of the 200-man Markem Machine Co. in Keene, N.H., who succeeds Salt Lake City's Paint-Maker Wallace F. Bennett in N.A.M...