Word: boosting
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Dates: during 1970-1979
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...further fan the inflation that is raging at double-digit fury in the U.S., Britain, France and Italy. U.S. Treasury Secretary Michael Blumenthal estimates that petroleum increases alone have so far this year jacked up the inflation rate by 2.5% in the industrial countries. A further $5.45-a-bbl. boost is likely to siphon an additional $80 billion a year out of the major industrial nations, reducing their citizens' ability to buy food, clothes, houses?indeed, everything except oil. Result: further slowing of growth rates that have only recently begun to pick up (see ECONOMY & BUSINESS), and increasing unemployment...
...hold the line" with a raise of a mere 20% to 25%, arguing that this will remove the need for premiums and surcharges. But only a sharp increase in production will accomplish that, and so far the Saudis have given no sign of being willing to boost their output of 8.5 million bbl. per day by more than...
...plan would also help set a free-market ceiling price for oil in the U.S. itself. Reason: If OPEC tried to sell crude at a higher price, customers would turn to the synthetic fuel instead, and rising demand would encourage companies to boost output and build more plants. Says the bill's author, Pennsylvania Democrat William Moorhead: "The need for this approach is clearly established, and private enterprise is just not powerful enough to go it alone." Adds Irving Shapiro, chairman of Du Pont chemicals: "During war we declare a national emergency, pass a war powers act and give...
...Khomeini-backed government of Prime Minister Mehdi Bazargan has made little progress in solving Iran's major economic problems. The partial resumption of oil production (currently about 3.8 million bbl. per day) and new limitations on imports will boost Iran's foreign exchange reserves from $10.3 billion in January to more than $19 billion by year's end. But roughly 35% of the work force is still unemployed, construction is at a standstill, prices of staple foods are spiraling, and most government agencies are paralyzed by inactivity...
Senator Bentsen last month introduced six bills to boost productivity. They would, among other things, allow more rapid tax depreciation of R. and D. projects leading to innovations that are ultimately patented, and permit a 10% R. and D. tax credit for small firms. Stressing that the Carter Administration has been dilatory in proposing remedies, Bentsen admits that his bills "are not glamorous solutions. But they could increase productivity, and that would translate directly into less inflation and rising paychecks...