Word: adds
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Dates: during 1970-1979
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Even most of the liberals on TIME'S board accept this harsh conclusion, though they add that if the wage-price guidelines can be made to work, the Administration and Federal Reserve Board will not have to crack down quite so hard on growth. Several argue forcefully that the Government should not try to head off the recession or aim at a vigorous expansion once it ends. "It would be a horrendous error to try to fight the recession by anything other than minor palliatives," says Democrat Eckstein, who heads Data Resources Inc., the nation's leading economic...
...unsustainable annual rate of 8.7%. Unemployment fell faster than Government economists believed possible, from 7% as recently as August 1977 to a four-year low of 5.7% in June. When the Council of Economic Advisers met in late March, says one member, "the numbers just did not add up. We had underestimated the inflationary pressure by a wide margin...
GUIDELINES. The tendency of workers to demand big raises to catch up with past inflation and protect themselves against future price boosts, and of companies to pass along all cost increases and add a bit more, makes inflation accelerate. At first Carter contented himself with pleas for restraint and named Robert Strauss as special counsellor on inflation to do some mild jawboning. Strauss's six-month tenure will be remembered mostly for one rueful wisecrack: "The score is inflation 100, Strauss 0." In October, Carter replaced him with CAB Chairman Alfred Kahn and proclaimed formal guidelines with some teeth...
...what federal regulations require, and the Department of Energy wants to stimulate production. To do so, it has drafted a proposal for decontrol of all gasoline prices, and last week the Administration announced that the President would send a decontrol bill to Congress in mid-January. Decontrol would immediately add up to 4? per gal. at the pump, on top of perhaps a 1½? increase as a result of the expected OPEC price rise. In addition, decontrol of domestic crude oil to bring prices up to world levels, which Carter pledged in Bonn last summer to accomplish...
These relatively small exports will not balance the U.S.'s $30 billion trade deficit. But they add up, and they help. Most important, the sales show that Yankee traders can indeed crack the foreign market-if they show a little ingenuity...