Word: demands
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Dates: during 1970-1979
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...hike ceiling. Five left-wing Laborites deserted the government. As a result, Labor went down to a 285-279 defeat. That led to a vote on the government's entire pay policy, which Callaghan also lost, 285-283. "Speak up, speak up," yelled Tory backbenchers in the traditional demand for a vote of confidence. Callaghan retorted: "I shall speak up and my voice shall be heard throughout the country...
...watershed year in which popular, academic and political perceptions about the economy all swung far to the right. Public fury about inflation turned the citizens' mood against taxes, spending, deficits and government in general. Liberal economists, who had tirelessly insisted that federal policy should be aimed at stimulating demand and closing loopholes in the tax laws, began talking instead of the urgent need to encourage capital accumulation and private investment. Congress passed a tax law far more conservative than Jimmy Carter wanted, and Carter himself talked such a stern budget-slashing line as to make him, in the wildly...
TIGHT MONEY. Excessively fast growth of the nation's money supply has been an important cause of inflation. The Federal Reserve has created so much money partly to cover budget deficits, partly to meet the credit demands of a growing and inflationary economy. Throughout 1978 the Fed kept letting interest rates rise to discourage borrowing; banks raised the prime rate 14 times, by a total of almost 4 points, to 11.5%. Loan demand stayed high, however, and money supply kept bounding up; in September it rose at an annual rate of 15.8%. But the cumulative effect of the interest...
GUIDELINES. The tendency of workers to demand big raises to catch up with past inflation and protect themselves against future price boosts, and of companies to pass along all cost increases and add a bit more, makes inflation accelerate. At first Carter contented himself with pleas for restraint and named Robert Strauss as special counsellor on inflation to do some mild jawboning. Strauss's six-month tenure will be remembered mostly for one rueful wisecrack: "The score is inflation 100, Strauss 0." In October, Carter replaced him with CAB Chairman Alfred Kahn and proclaimed formal guidelines with some teeth...
...author is at his best in a section titled "Legends of Today." The parables are brief, ironic and heartbreaking. Here is one prisoner refusing the demand of a German officer to revile Jehovah. "Curse your God!" the officer screams, promising him an easy job if he does so. "God is God," the man prays. "God alone is God." "God" is on the man's lips as he dies. "I was there," testifies the martyr's son. "You see, my father . . . my father was a hero ... But he was not a believer." There are other more pitiful tales...