Word: deficit
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Dates: during 1940-1949
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Government was committed to a lordly policy of living beyond its means. Harry Truman had already given the policy his approval. In January he had deplored deficit spending, but by July he had decided that deficit spending would be all right. In fact, said he, it was necessary for "continued economic expansion." "Last week the Senate voted in effect to underwrite Harry Truman's economics...
...resolved somehow. For one thing, the problem was closely tied to Canada's dollar-shortage problem: crude-oil imports ($200 million last year) were third on the list of her dollar spending (after coal and industrial machinery). The saving of $200 million would help to meet the dollar deficit. Oil sales in the U.S. would help still more, and Canadians thought that the U.S. would not ignore this fact in its concern for the western world's economic health...
...voters happy and free of worry about Satan by devoting one-third of its budget to WPA-style public works. This year, with its credit exhausted and the budget at a record 530 million lire ($923,500), the government desperately needed money to meet a new 200 million lire deficit...
...fight against the flood was also a fight against starvation riding its crest. The Yangtze basin had lost 40% of its rice crop. In the south the deficit was 50%. Surveying the figures, foreign experts foresaw another tragedy: the great flood might well plunge China into the century's most terrible famine...
...airlines fulfilled their predicted jump into the black (TIME, July 18). Eastern Air Lines' $2.1 million net was up 63%, Northwest Airlines' $430,915 profit helped offset a $2,016,000 deficit in 1948's first half...