Word: conceptions
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Dates: during 1950-1950
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More Tax Money Too. The concept of the expanding U.S. economy was sound economic doctrine. But Harry Truman also used it for political advantage. By prophesying ever-higher national output, the President was also prophesying ever-higher federal revenues to balance the budget and pay for the Fair Deal's expanding welfare programs. It was one thing to hope for higher revenues; it was another to depend wholly on it, while the Government jeopardized the prospect by spending, year after year, beyond its means (see below). The President's economic advisers estimated that the Fair Deal...
...Tidy Concept. The campus radical became a radical young instructor in economics; he went from two years of study at Columbia and another at Harvard to teaching jobs at the University of Illinois, Reed College in Portland, Ore., the University of Washington, finally at 28 moved on to the University of Chicago. "Paul's head was working all the time," a friend of those days remembers, "and so was his conscience...
...then the undergraduate's vague, radical dreams had hardened into a tidy-too tidy-concept of a perfect economic order. It was a sort of classroom socialism that Douglas developed: an equitable system of distribution, a wage scale tied to living costs, government moving in on business when it grew too large. He became a brilliant teacher, and a popular...