Word: chronic
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...teen-age boys and three congenial supervisors. It hardly seemed probable that on such an idyllic summer expedition, the boys were there only because a court said they had to be. But that was indeed the case. All 14 were juvenile delinquents - two-and three-time offenders from chronic truants to an armed robber...
Following sterling's devaluation in November, the International Monetary Fund arranged a $1.4 billion line of credit for Britain-with the proviso that the money could be used only if Prime Minister Harold Wilson's government took drastic measures to cure the country's chronic balance of payments problem. When Britain was allowed to go ahead and tap that credit last month, it meant that the IMF was reasonably satisfied with the way in which Britain has pulled up its socks, economically speaking. Last week London received still another vote of confidence from international moneymen: central bankers...
...business and Government rely more and more on computers to predict future needs. It is therefore ironic that the computer industry itself vastly underestimated the demands for its products (44,400 computers are at work today, v. a 1954 estimate that 50 would be). Computer makers are now a chronic 25% behind partly because they cannot stock an inventory, partly because they have underestimated the demand for their own product. There are classic examples of underestimation in many other important areas...
Justice Byron White, who cast the fifth and crucial vote against Powell, was obviously moved by much of the Fortas argument. A chronic alcoholic, said White in a concurring opinion, cannot properly be punished merely for being intoxicated. Then why jail Powell? Because, said White, he had not proved that it was his alcoholism that compelled him to be intoxicated in public. By that cautious hairsplitting, White seemed to suggest that the next defendant who dries out long enough to convince the court that he could not stop himself from getting drunk in a public instead of a private place...
Getting Serious. The U.S., of course, has its own chronic payments problem, and it has long been painfully obvious that the Johnson Administration's proposed 10% tax surcharge was the best way to combat it. Fast approaching adjournment for the summer, Congress is likely to pass the surcharge within the next two weeks-17 months after the President first urgently proposed it. The tax should show the rest of the world that the U.S. really is serious about cleaning up its financial household. And that in itself should increase confidence in the dollar...