Word: depression
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Dates: during 1970-1979
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Mena is a reserve forward on the left side of the Harvard attack. Playing behind Solomon Gomez and Pete Bogovich might depress most soccer players, but Mena has thought about his position and realizes his value to the team as a substitute...
Moreover, the strike is likely to trim down any third-quarter economic upturn (see box, page 72). One consequence is that the industrial-production index, which declined in August for the first time in five months, will fall further. If the strike lasts more than six weeks, it will depress many businesses indirectly connected with the auto industry. In that case, lower corporate profits and more unemployment will sink the federal budget deeper in the red, increasing the prospects for a tax increase. The Nixon Administration expects that the strike will be over in six to eight weeks...
Complaints like these have been heard almost from the days when the first assembly line started rolling. In fact, the conditions that so depress Belcher are not as bad as they once were. Under union pressure, companies have made some improvements. Shifts are a bit shorter now than the 3:30 p.m. to 1 a.m. stint that Walter Reuther worked at Ford in 1927. Over the years, the union has won regular relief breaks, the system of roving relief men, and doors on toilets. Some workers who do especially dirty jobs such as painting, now get company-paid special clothing...
...blight will affect the retail price of corn-fed animals. Housewives are likely to find chicken prices rising in about five or six months. The record numbers of pigs already fattened may actually depress pork prices this winter and next spring, but agronomists predict that higher feed costs could drive up the price of bacon and other cuts of pork by next fall. Beef prices could also rise next fall...
Whatever the reason, the persistence of inflation presents policymakers with excruciating choices. Inflation could be stopped dead if the Administration and the Federal Reserve were willing to push ahead with severely restrictive fiscal and monetary policies to depress the economy. But the toll would be politically intolerable and socially explosive. The Administration, for example, has been counting on rising unemployment to moderate union wage demands, but in the present environment that moderation might well require unemployment considerably higher than the current 4.8%. Economist Gainsbrugh asks worriedly: "How acceptable would such a high body count be, particularly to the militant minorities...