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...Tools at Work. As the jobless totals rose, other fiscal tools were brought into action. Not only did $2 billion in unemployment-insurance payments help fill the gap in wages, but there was a step-up of $700 million in Social Security payments. The Federal Reserve Board eased credit by cutting bank-reserve requirements and the discount rate at which banks borrow from the Federal Reserve. The Administration also wisely abandoned, at least temporarily, its determination to balance the budget, prepared to accept a $4.7 billion deficit in the current fiscal year. With its new housing law, which cut down...
...printers, magazines and newspapers (for serialization), Hollywood, radio, TV and Broadway. These revenues now account for more than half of most writers' incomes. But some of the biggest book clubs have lost members. Although the Book-of-the-Month Club actually claims a membership increase, its guaranteed payment to publishers-of which authors get about one-half-is now down to $40,000; it was once reported as high...
...Corporations may give 5% of their income of any year tax free, even though payment is not made until up to 2½ months after the close of the taxable year...
...England Mutual 30% of all life-insurance sales are now special policies. But while special policies cost less, they are harder to get. Most companies require stricter medical exams and one-year advance payment of premiums. One justification for lower rates is the lower cost of administration. The expense of handling an application and writing a policy, for example, is the same whether the policy is for $1,000 or $10,000. (One company has even started tacking on an extra handling charge for policies under $3,000.) Furthermore, says one Boston actuary: "Size alone is not the determining factor...
When Adolf Hitler proudly announced his "people's car" in 1938, his German Labor Front promptly began taking orders-with payment in advance. All told, 336,000 Germans optimistically paid in $112 million for Volkswagens, but only a scattered few got delivery before the tiny production of the company was stopped by World War II. With the successful comeback of the postwar Volkswagen company under Heinz Nordhoff (TIME, Feb. 15), the earless car owners sued Volkswagen to get an auto. But Nordhoff refused to recognize the debt. Last week the German High Federal Court at Karlsruhe ruled that Nordhoff...