Word: investments
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Dates: during 1970-1979
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...these defects, Long and Ullman argue that the VAT could break America's inflationary spiral by providing the necessary incentives to boost productivity. Americans save a smaller portion of their incomes than citizens of any other western nation. With savings, so low, banks and business have limited funds to invest in expanding capital to spur productivity. The solution to this problem--for Senator Long and Representative Ullman--lies in a tax on consumption. They even propose that this consumption tax--the VAT--partially replaces the corporate profits tax to free still more money for investment. Evidently, Long and Ullman have...
...threshing out positions for him on everything from a value added tax (he sees merit in the idea but thinks it falls too harshly on those who earn the least) to a constitutional limit on spending (only "as a last resort"). Connally favors faster write-offs for capital investment, proposes large new jolts of defense spending and wants deep, budget-wide cuts in just about everything else, basically by allowing attrition to whittle the federal payroll. To increase trade he, along with Reagan and Brown, calls for a North American common market. To spur savings Connally would create a "taxpayer...
...states limit interest rates to below 13%. Thus many banks and savings institutions have stopped making loans because it is impossible for them to earn any profit. Traditional lenders are also running short of cash because people are transferring funds from savings accounts to booming money market funds, which invest money in high-yielding securities and pay twice as much as passbook accounts. Perhaps three-quarters of the savings and loan associations in Chicago have stopped making mortgage deals...
...price controls. When the measure failed to pass, he switched to the Republican solution--oil price decontrol. He did not, as he should have, make his decision to decontrol oil prices conditional on a strong windfall profits tax. Nor did he push for legislation requiring the oil giants to invest the billions they will gain from his decontrol decision in energy development. (The Senate-passed windfall profits tax leaves the oil companies with a mind-boggling $314 billion take on Carter's decontrol decision. That's more than double the annual appropriation for defense spending.) Instead, the oil companies...
...Arizona Democrat Morris Udall: "I now lean to the conclusion that there should be a moratorium until the industry and regulators get their houses in order.'' A moratorium of sorts already exists. There have been no new orders for nuclear plants in 1979; utilities are reluctant to invest in them because of costly delays in obtaining licenses. Thus, as Hart points out, "the future of the industry is going to be determined as much on Wall Street as in Washington...