Word: dampener
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Finally, a wage-price freeze, if temporary, would have little or no effect on inflation. The inflationary spurt after Nixon lifted his price controls in 1974 simply reflected pent-up pressures. The freeze did little to dampen expectations of inflation, and in the views of some economists may ultimately have led to even higher price levels! A more permanent freeze would have the defects mentioned earlier. It is not clear that such a system of permanent administrative price setting--approximating the system in a centrally planned economy--would be desirable, despite the many drawbacks of a market-based economy...
Such out-of-character understatements from the camps of the two all but certain winners were quite understandable. With three-fourths of the presidential primaries still to be held, neither Republican Ronald Reagan nor Democrat Jimmy Carter wanted to dampen the zeal of his fund-raising and vote-drumming organizers by declaring that the two races for the nomination were already over. Practically speaking, however, and barring a political miracle that no one could foresee, they were. In a sense, the general election campaign began last week. It was Carter vs. Reagan...
...more inflation and deeper recession. Fresh harbingers of both of these threats appeared last week. The unemployment rate, which had dipped unexpectedly to 5.8% in September, returned to 6% last month-a sign of a softening economy. But other figures showed business continuing to perk along despite attempts to dampen inflation by curbing growth. Prices charged by wholesalers rose another 1% in October, while the index of "leading" indicators, which is supposed to foreshadow future economic trends, rose by a strong 0.8% in September. The net effect: the mild downturn that both the Administration and the Federal Reserve desire seems...
...White House p.r. people in the preceding weeks to cut me down to size: Nixon was identified with the "hard," I with the "softer" position. I did not indicate to any journalist that I had opposed the decision to use B-52s. But I also did little to dampen the speculation, partly out of a not very heroic desire to deflect the assault from my person. Some journalists may have mistaken my genuine depression about the seeming collapse of the peace efforts for a moral disagreement. Though I acted mainly by omission and partly through emotional exhaustion...
...prenotification on any important pay or price changes. But the President is most likely to follow the course recommended by Blumenthal and Chief Economist Charles Schultze: leave the 7% pay limit intact, and generally follow a moderate policy, while hoping that the coming (or perhaps already existing) recession will dampen inflationary fires. Asserted Blumenthal: "We are determined not to engage in dramatic action that would cause long-run problems...