Word: digitalizes
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...necessarily bad news: a strong expansion could worsen the nation's already horrendous inflation. Yet the outlook on prices is also bleak. True, a drop in farm goods held the rise in wholesale prices in June to an annual rate of 6%, the first less-than-double-digit figure in seven months. But even the usually optimistic Herbert Stein, chairman of the Council of Economic Advisers, points out that farm prices are rising again in July and concedes that a continuing spiral in industrial commodity prices-up 2.2% in June alone-"reveals the seriousness" of continuing inflation. Grove predicts...
...escalator in the steel pact will raise wages in that industry 4½% to 5% this year all by itself. Finally, Eckstein believes that many nonunion employers are handing out generous across-the-board wage boosts that they feel they can no longer avoid in a time of double-digit inflation...
...drop in interest rates must await the discovery of what no industrial nation has yet been able to find: an effective strategy for fighting inflation that does not run the risk of producing intolerable unemployment. The lesson of the current interest troubles could not be more painfully clear: double-digit inflation equals skyrocketing interest rates; and until inflation goes down, rates will stay...
...working through the Federal Home Loan Bank Board, may have to step in "to prevent actual bankruptcies" by bailing out shaky S and Ls. To Otto Eckstein, the lesson of the danger is that "it is impossible for the U.S., with its present economic system, to live with double-digit inflation...
...though the economists predicted some slowing of price increases, few saw any chance of bringing the rate for the full year below 10%. Greenspan predicts that retail prices will go up 10.4% for the year, making 1974 "the first calendar year of double-digit inflation since 1947." Eckstein frankly states that he can see "nothing but disaster" this year on the inflation front. He expects the consumer price index to rise 11.1% for the year and the wholesale price index to leap an incredible 17%. For length and severity, says Eckstein, the current U.S. inflation has already become the worst...