Word: cutbacks
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...Reserve Board's decision to boost its discount rate from 4% to 4½% , and a major reason why Lyndon Johnson reacted so mildly despite his disapproval. Last week the National Industrial Conference Board told the Congressional Joint Economic Committee that costlier money will bring only a tiny cutback in those plans. Among the 1,000 largest manufacturing companies, testified N.I.C.B. Senior Vice President Martin Gainsbrugh, none of the 644 replying to his survey after the discount rate hike expected to reduce plant expansion next year by as much as 5%; more than 92% predicted no change...
...slowing of business expansion in Europe and Japan, Britain's 10% sur charge on imports, and the worldwide plunge in commodities prices, which the underdeveloped nations depend on to earn foreign exchange. And, despite denials from U.S. officials, many businessmen suspect that the "voluntary" cutback of U.S. loans abroad has also hurt the nation's exports by drying up dollars in Europe...
...when the Erie Army Depot closes next year, such shifts can be ruinous. The committee therefore urged continued research and government help to soften the impact of changing military technology. This, rather than any likelihood of widespread unemployment as a result of disarmament, is the Administration's principal cutback worry...
Signs of Sag. The underlying irony in the current cutback campaign is that only last June the President's experts saw serious signs of sag in the economy, persuaded him to engineer a $3.4 billion excise tax cut and to hint at another slash in income taxes aimed at stimulating business activity next year. Now, by contrast, some officials are beginning to talk guardedly of a tax increase in 1966 if Viet Nam gets much more expensive. Thus far, the talk is muted, for no Administration likes to contemplate tax boosts in an election year...
...price of Ghana's cocoa, a surge in India's food imports. Ironically, the sterling area's ailments have been aggravated by Britain's attempts to buttress the pound and by the U.S.'s program to end its own payments deficit. Because of the cutback in U.S. and British loans and investment, Australia's reserves fell from $2 billion in January to $1.5 billion in May. India's reserves are down to an alltime low of $171 million, and the country is amid a financial crisis...