Word: wipe
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State leaders are more concerned about the Administration's proposed budget cuts, which they feel could wipe out state reserves in one swoop. Reductions in the federal contribution to state and local governments would force states to scale back many popular programs. In New York, officials say the Reagan budget proposal could cost the state $170 million in Medicaid funds, $458 million in revenue sharing, $271 million in sewage-system construction grants and $67 million for child-nutrition programs. That would turn a modest surplus into a deficit of about three-quarters of a billion dollars. The shortfalls would...
...healthy surplus to be 5% of total state spending; this year's surpluses average between 3% and 4%. The reserves are highly sensitive to economic fluctuations. Explains James Burton, executive secretary of California's commission on state finances: "A small dip in the national economy can wipe us out fast...
...much that if you are a public official you can somehow vindicate yourself by going to court. I think the problem is given the way the litigation system now works, the stakes are so extraordinarily high that you have the power not only to vindicate yourself but also wipe out the opposition in some cases or seriously cripple the opposition in some cases. I am not quite ready to go to a system that says. "We'll trust the press as far as any public official is concerned." ... If I were to take a cut at it, I would...
Simons: I think that's absolutely true. I think small newspapers in particular. I know what of I speak because I own one... You can be a small newspaper and wipe out your entire margin of profit in one year, especially if you're a very small newspaper, just trying to defend yourself in the legal process. So you do hesitate, or hang back...
...with one hand but taking with the other. Social Security contributions, as those taxes are euphemistically called, will go up in 1985 under separate legislation passed in 1983. The maximum Social Security bite from paychecks will be increased $259.20, to $2,791.80. For most Americans that will more than wipe out any gain from income tax indexing...