Word: pumpings
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According to the composite, any move would concentrate on the Persian Gulf Arab states that pump 54% of the oil produced by the Organization of Petroleum Exporting Countries and control 40% of the world's proven oil reserves. The primary target would be Saudi Arabia, which has 56.5% of this oil. According to the plan, the Saudis would be overwhelmed by a U.S. air-sea strike force prepared to hurl four divisions of troops at the Ghawar wellhead and the loading jetties of the U.S.-built oil facility at Dhahran...
...disk. Suddenly, a man wearing a shower cap drops from an elevated box. As the scene develops, several dancers interlock their bodies to form an assortment of odd-shaped machines. Arms, fingers, and legs move in an ingenious staccato fashion to simulate gears and cogs. While these fanciful contraptions pump, point and push, other dancers, hunched over like monkeys, attempt to communicate with furious waving gestures that go unnoticed...
There are alternatives. One that is appealing- because it attacks the main source of energy waste- is a big increase in the federal tax on gas at the pump, on the order of 20? per gal. or more. President Ford opposes a tax increase, and Congress has little enthusiasm for it. Another alternative is receiving increasingly serious attention in Washington: phased-in reductions in oil imports coupled with mandatory conservation measures and an allocation system that would spread the impact of reduced supplies. This in effect is a form of rationing without coupons...
...chance to work. Reduce corporate income taxes, encourage consumer saving rather than spending, concentrate on encouraging more capital investment so that we'll have the means to increase production greatly. This will provide both jobs and goods. You can't spend your way out by "priming the pump." You must produce your...
...view of Board Member Arthur Okun, Ford's proposal for a two part rebate on 1974 taxes is by itself inadequate. "The Administration's idea, I suppose, is that what the economy needs is a little pump priming or a quick charge. But there's evidence that it is a bigger problem than just getting the economy started." In addition to calling for a total rebate in May, Okun insists that "we need a stimulative net tax cut for 1975 and 1976 that would begin to show up in withholding in July, August or September." The permanent...