Word: costing
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Dates: during 1970-1979
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...Government would wind up having to allocate supplies, just as with gasoline last summer. Washington would be wiser to quit looking for scapegoats and start enacting production-boosting programs that will bring more fuel of all sorts-solar, hydroelectric, synthetic and nuclear-to market, and at an affordable cost...
...Since last December the cartel has increased prices by 61%. Now Nigeria, Algeria and Libya appear to be preparing to raise their price of oil by as much as $5 per bbl. If they do, the $23.50 "ceiling" that OPEC set only last June will be shattered, and the cost of all petroleum products, including heating oil, will move up yet another notch...
...length and depth of this slump will be largely determined by monetary policy. In the eight weeks since Paul Volcker took over as Federal Reserve chairman, businessmen's basic cost of borrowing money has jumped from 11.75% to 13.5%, the highest in history. Most board members hold that the increases will soon stop but interest rates will remain steep over the next year. Some fear that the Fed may worsen the recession by inducing a classic credit crunch, in which little money is available for borrowing to finance new plants and create jobs...
...Grove: "The ideal program would be very sharp fiscal and monetary policies buttressed at the outset by wage and price controls. The controls would be cosmetic, to convince people that the program is really going to work." Okun scorns this as the "trillion-dollar cure," meaning that it would cost the nation that much in lost production. He believes that such a solution would be "disastrous" because "it would have broad ramifications on the confidence in our whole institutional structure that would resurrect the darkest days of the 1930s...
Despite the increasing unemployment, the wage-price spiral continues. One example: the autoworkers' settlement with General Motors, which will set the pattern for the industry. If inflation averages 8%, the cost-of-living escalator in the new contract will boost the average cost of wages and benefits paid to GM workers from $15 per hour to $20 over three years, for a cumulative raise...