Word: annually
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Dates: during 1970-1979
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...creating investments and into activities that may or may not be worthwhile for society but that create no new wealth. For example, the metals, paper, utilities, chemical and other industries have had to spend large sums for mandatory environmental protection equipment instead of machines and plants. In its annual report last week, the Congressional Joint Economic Committee deplored the fact that industry in 1977 had to spend $6.9 billion for pollution-abatement equipment "that does not contribute directly to the production of measured output...
Since the early 1960s, Congress has passed so many laws that require automatic annual increases in federal outlays that the share of these "uncontrollables" has spiraled from less than $100 billion then to $404 billion in fiscal 1980. In the past ten years, they have jumped from 64% to 76% of the federal budget. Thus less than one-quarter of the budget is subject to paring-unless and until Congress is prepared to curb the uncontrollables. They seem politically sacrosanct because they are mostly transfer payments that go directly to citizens-for Social Security, Medicare, public assistance, veterans' benefits...
...Commerce Department's preliminary figures for corporate profits in the final three months of 1978 seemed to suggest that pretax earnings had risen at an annual rate of more than 26%. Other calculations put the rise even higher. The reports of these large gains coincided with news that the Consumer Price Index in February had jumped at an annual rate of 15.4%, the worst rise in 4½ years. The result: an avalanche of criticism that business must be doing something nefarious to make so much and that the White House was failing to enforce price guidelines...
There were wildly differing figures being bandied about on just how fast profits have risen, in part because the Commerce Department study can be read in different ways. Annual pretax profits for the last quarter of 1978, when adjusted for the impact of inflation on depreciation and inventories, came to $177 billion. That was a compounded rise of 44% on an annual basis over the third quarter and 19.4% over the fourth quarter of 1977. Pretax profits, without inflation adjustments, rose 26.4% compared with a year earlier...
Seeing all this, businessmen are coming to the conclusion that burning coal is just asking for trouble. Since the annual growth of U.S. electric energy consumption has slowed from nearly 7% in the early 1970s to little more than 4% now, utilities are scrapping or deferring plans for new generating plants...