Word: annuals
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Dates: during 1960-1969
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...going to rise or fall together," says Walter Rybeck, associate director of the two-year urban problems study. The project's head: Paul Douglas, former Democratic Senator from Illinois. The 325,000-word report finds that the number of Americans below the poverty level ($3,000 annual income for an urban family of four) fell from 39 million to 26 million between 1958 and 1966. Even so, it notes, the gaps in U.S. society continued to grow. "The central cities increasingly are becoming white-collar employment centers," the report says, "while the suburbs are becoming the job-employment areas...
...invest. Historians sometimes define the Dark Ages as 600 years of falling prices. The trick is to limit the price rises to about 2% a year or less, as was the case from 1960 through 1965. Over the last twelve months, however, consumer prices have jumped 4.3%, the greatest annual gain since the Korean War year of 1951. During October, the latest month for which statistics have been compiled, consumer prices rose at a frantic 7.2% annual rate. While the nation's output of goods and services climbed 8.7% to a record of $860 billion for the year, almost...
...help finance their spending, consumers borrowed more and saved less in 1968. From the year's second quarter to the third quarter, personal savings fell from an abnormally high 7.5% of after-tax income to 6.3%. In the third quarter, installment loans rose at a record annual rate of nearly $9 billion. And for installment buyers, as well as for businessmen, the availability of credit is far more important than its interest cost...
...money supply expanded at an annual rate of 8% during the year's first half. Even after the midyear tax increase, the Fed's governors continued to ease credit because, like most other experts, they misjudged how quickly the surtax would begin to brake the economy. In the last three months, the Fed has changed course, holding the increase in the money supply to a moderately constrictive rate of 3.8% a year...
There is reason to expect that next year demand will taper and the price spiral will slow. The tax increase is finally beginning to take effect: the after-tax income of the average American, which rose at an annual rate of $36 in this year's first quarter, increased $20 in the second quarter and only $4 in the third quarter. On Jan. 1, the taxpayer will be hit with an increase in Social Security taxes; the maximum payment, for people earning $7,800 a year or more, will go up from $290 to $374. On April 15, millions...