Word: deficit
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Dates: during 1940-1949
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...week's end Whitman totted up the results of the crusade. They had sold over 3,000 tickets, almost wiped out their season deficit. The team had won its game with Eastern Oregon 48 to 20. And the Walla Walla alumni had promised to raise enough money to pay half scholarships ($175) for 20 athletes a year...
...high-ceilinged Senate caucus room, a Senate-House subcommittee headed by Illinois' Democrat Paul Douglas last week tackled three enormous questions: What is the fiscal policy of the U.S.? How can the U.S. manage its money better? And why will there be an estimated $5.5 billion deficit this year during the biggest boom in history? As a start toward getting the answers, the subcommittee got the views, in comprehensive questionnaires, of upwards of 450 U.S. economists, bankers and federal officials...
...supposed to guide the U.S. fiscal policy, Secretary of the Treasury John Wesley Snyder. Said he: "The general economic welfare of the country should be the guiding principle in determining . . . whether the federal budget should be balanced." What he meant was that the U.S. should run a deficit in depression times and pay it off in good times-in other words, balance the budget over a period of years. But if this was the policy, why was the U.S. running a deficit now? John Snyder's answer was at least partly political. The root of the trouble he said...
...policy of writing blank checks has actually put the budget beyond practical control. Budget Director Frank Pace Jr. admitted as much. Said he: "For any given year, it is unpractical to count on achieving any specific goal, whether it is a balanced budget or a pre-determined surplus or deficit." Such items as crop support, in which the expense cannot be totted "up in advance, "can substantially change the surplus or deficit." In short, neither Snyder nor Pace had any idea when the budget would be balanced...
T.W.A., which has sputtered into one deficit after another since 1946, last week gave its stockholders a pleasant surprise. President Ralph S. Damon reported a profit of $3,931,910 before taxes for the first nine months of 1949, partly owing to the success of T.W.A.'s low-fare coach flights from New York to Chicago, and Kansas City to Los Angeles. With an average load of 80.5% of capacity, the coaches made up much of the revenue lost last winter when short-haul DC-35 sometimes carried only two or three passengers a trip. Explained Damon...