Word: aprils
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Dates: during 1970-1979
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...main drain is Ambassador College, which costs $20 million a year to maintain. In April, Garner Ted decided to shut down the lavish Pasadena campus and move to Texas. Herbert figured the move was illadvised, rescinded the plan and sacked his son. But Herbert has nearly destroyed the school in order to save it. First he decided to close it completely, but now it will shift from a four-year course to various shorter training programs. The full-time student body is being slashed from 1,120 to 250, the faculty from 177 to 25. Long-sought liberal arts accreditation...
...even before the department was officially set up by Congress, Carter gave Schlesinger permission to house it in the Forrestal Building, midway between the White House and Capitol Hill. The 5,000 Department of Defense employees who occupied the building protested against being evicted, and not until late April could Schlesinger himself move in. So far he has been able to gather in 200 DOE officials-"We now have a bridgehead," cracks Schlesinger -but it will be at least another year before DOE'S 5,000 headquarters staffers are under one roof...
These are several of the myriad ways in which Americans are struggling to adjust to accelerating inflation. Most people are winning the battle-for the moment. In April, the purchasing power of the average worker-wages minus inflation and taxes-advanced slightly, to 2.9% above what it was a year earlier. But such gains are too small and erratic to be trusted; over the past decade, rising prices and taxes have wiped out more than 97% of the pay increases of the average worker...
...means a cramped life-style in the present, and fear about the future. It is raising a threat to the economy too. At the moment, consumers are maintaining a fast buying pace, largely by plunging into debt: installment debt rose a record $4 billion in March, $3.7 billion in April. But consumer-confidence surveys released last week by the Conference Board, a nonprofit business research group in New York City, and the University of Michigan showed a sharp drop in plans for major purchases, mostly because many consumers think they will need every penny to cover basic living costs...
...Estaing's center-right coalition win last March's bitter elections. Yet the professor's record is beginning to tarnish. Since December, when consumer prices rose at an annual rate of only 3.7%, inflation has worsened every month, to an alarming rate of 14% during April...