Word: costs
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Dates: during 1970-1979
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...total annual cost of the programs that the experts have cited tops $30 billion, and even these would not exhaust the Pentagon's shopping list. Yet this sum already exceeds what a 5% military budget boost would yield. Chairman
...more than 100 cities and towns in 35 states last week, hundreds, and in some cases thousands, of demonstrators joined in the biggest protest ever against what the country is targeting as "Big Oil." They voiced fears of a winter of low temperatures and high fuel costs, passed out "Big Oil Discredit Cards" and waved banners declaring, "I don't want to freeze in the dark." For most, the principal peeve was not gasoline prices or petroleum industry profits but the 60% rise in the cost of heating oil in the past 2½ years...
...time. As it happened the most visible oil price gougers last week were not the oil companies but some of the more militant price hawks in the Organization of Petroleum Exporting Countries. Iraq, Libya and Iran all announced boosts of 10% or more in the overall cost of their crude, and other producers seem likely to follow suit. What really alarmed oil consumers was that the Libyan and Iranian rise, like that announced by Mexico a week before but unlike those announced by Iraq or earlier by Kuwait broke through the $23.50 per bbl. price the cartel set in June...
Already the cost of money for almost all purposes is soaring. Federal Home Loan Bank Board Chairman Jay Janis predicts that mortgage rates, which now average 11.5% nationwide, could reach 14% by January. Meanwhile, the ability of consumers to pay for costlier credit, oil and everything else is rapidly declining. Washington Economic Consultant Michael Evans calculates that inflation and the rising tax bite have reduced the spendable income of a family of four earning $20,000 annually by $1,000 so far this year. If consumers suddenly begin closing up their wallets and pocketbooks, as they are expected to, inventories...
Carter Administration officials are remarkably untalkative about the record rates, evidently in hopes that the developing downturn will become known as the Volcker Recession rather than as a product of Jimmynomics. Indeed, voters do seem concerned about the climbing cost of money. One night last week, when Volcker arrived at Washington's Kennedy Center for a preview showing of Tom Stoppard's play Night and Day, a woman approached him and said plaintively, "Please, don't let interest rates stay high for too long." Replied the Federal Reserve chairman, as he removed the cellophane from...