Word: spur
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...year-old oil-depletion allowance for all but the smallest independent oil producers, the $33 billion tax-relief bill must now be compromised with a similar, although smaller $21.3 billion cut approved by the House. Under heavy pressure from the White House to act speedily to spur the nation's depressed economy, congressional leaders hope to present President Ford with a final tax package this week-ten weeks after he presented his own proposals for a more modest $16 billion tax rebate...
...billion slash. Last week when the House Ways and Means Committee called for a reduction of $21.3 billion, Meany raised his figure to $30 billion. Said he: "Events are overtaking not only the President but the Congress." Meany also wants a minimum wage of $3 an hour and, to spur home building, mortgage rates lowered by Government action to 6%, a notion as simple as it is unworkable...
...direct response to the pressing housing crisis, a crisis that has gotten worse since the report came out, the committee recommended that the University spur the Cambridge Corporation into producing enough low and moderate income housing to replace the hundreds of units that Harvard has taken off the market. And yet only 94 units of elderly housing on Mt. Auburn St, and the 116 units on Cambridge and Prospect Sts, were ever built, and the Cambridge Corp. lies fallow--killed during the worst housing shortage in the history of Cambridge, claiming that its duty was done...
...recession was coming -and in subsequent months urged the Government to switch to more expansive fiscal and monetary policies to alleviate the slump. Now they believe that the Administration's budget, even with its big deficit, will do very little in a $1.4 trillion economy to revive demand, spur production and thus begin restoring jobs. Asserts Tax Specialist Joseph Pechman: "If Congress were to adopt the Ford program lock, stock and barrel, the net stimulus today would be zero." Adds Arthur Okun of the Brookings Institution: "The entire reason for that deficit is that the economy is in terrible...
Thus it can serve as a guide as to how much stimulus might be needed to spur a sluggish economy. The greater the budget surplus is by this measurement, the more the economy is reined in and deflated. Yet, notes Nathan, while the jobless rate will continue to hover at unacceptably high rates, the Administration estimates that the full-employment surpluses will be large and sharply rising: $12 billion in fiscal 1976, $29 billion in 1977, $33 billion in 1978, $45 billion in 1979, $61 billion...