Word: crux
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Dates: during 1940-1949
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Fateful Six Months? That is the crux of Jimmy Byrnes's task: to prevent these loose, jangling dollars from cracking the nation's economic life wide open. As of this week, he hoped to attack it with a pay-as-you-go tax plan and compulsory savings; an attack in which he would need all the help the 78th Congress, convening this week, could give...
...McNutt's great worry was the nation's impending manpower shortage, heading toward a crux in the fall. To cope with it he might have to order nonwar workers to switch to new jobs, might have to "freeze" war workers in their present jobs. But until the U.S. had a sensible wage policy, reducing inequalities from plant to plant and industry to industry, labor would never stand for "freezing." And McNutt had no power over wages. Nor did Production Boss Donald Nelson, though he had all the responsibility for factory output...
Broadly speaking, the crux of the argument consists in a belief that the rule of the people, fumbling though it often is will ultimately result in fewer mistakes than any dictatorship of a self-appointed clite. Faced by a new aristocracy of the "expert," Professor Friedrich, himself a high ranking member of that aristocracy, is still sufficiently plebian to assert his faith in the common man's capacity for self-government. This faith is "an extraordinary one." Historically considered, it has often remained inarticulate, since by nature "the intellectual is predisposed toward the uncommon man: he strives to be uncommon...
Those sales have little or no effect on current purchasing power. The little fellow, crux of the inflation problem, was not being deflated. Moreover, although "voluntary" bond sales ran to big totals, against these totals stood war expenditures fit to grey the hair of any fiscal officer...
...crux of the ceiling problem is that, at some point-as the prices fixed by a free economy in the spring of 1942 become increasingly maladjusted to a rapidly changing economy-it will become totally unfair and unrealistic to expect ceilings to be enforced by anyone's patriotism, be he manufacturer, wholesaler, retailer or consumer. And at that point, whenever it comes, the final necessities of price control will have to be dealt with. Chief among these necessities: 1) complete licensing and rationing; 2) rigid Government mopping up of a large part of consumer income via taxes and compulsory...