Word: cent
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...urges India to sieze opportunity to free Tibet by invading China. Sen. Edward Kennedy releases a statement condemning China and Vietnam, but noting that Pol Pot's government had murdered millions of Cambodians prior to Vietnamese intervention. Opinion polls next day reveal that Kennedy slips a further ten per cent against President Carter...
February 18: The Connecticut Yankee nuclear plant fuel core partially melts down, releasing a cloud of radioactive gas which blows over New Haven. Plant officials term the meltdown a "routine operating failure, one that proves the safety of nuclear power because 60 per cent of the concrete wall remained unaffected." The Nuclear Regulatory Commission announces the formation of a review committee headed by former Chief Justice Earl Warren...
...however, the world had turned upside down. Policymakers could not wring 13 per cent inflation out of the American economy. Unemployment was rising. Gasoline price soared to levels that resulted in gunfights in filling stations, while oil threatened to bring down the dollar and the rest of the international mentary system with it. Even some economists said that maybe the world would be in better shape if policymakers had pursued randomly-chosen policies...
...chase prices, and, in turn, push up labor costs, which in turn, push up prices--a "dog-chasing own-tail" inertial process that, once it becomes embedded in the economy at a certain speed, is very hard to slow down. If yesterday wage rates were rising at 9 per cent, with trend productivity increasing at 1 per cent and therefore labor costs per unit rising at 9 minus 1, or 8 pre cent, prices will be rising at 8 per cent, which, to complete the circle, will tend to cause wage rates to continue to rise at 9 per cent...
...Concerning inflation, the core rate is now running at about 8-8.5 per cent, and that's the starting line. Conventional remedies by themselves are not likely to be cost-effective. My own judgment is that we will have to experiment more aggressively with "income policies" short of full-fledged wage and price controls but with a good deal more bite than the November 1978 guidelines. It won't be easy--to the contrary, it's bound to involve inefficiency in equity and trouble. But the other options are likely to be worse: either a deep and persistent recession with...