Word: digitals
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Dates: during 1970-1979
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...comply with new legislation. But Burns insisted that inflation remains the No. 1 long-term problem. Excessive congressional spending on stimulative programs and high federal borrowing, he warned, could lead to a budget deficit of $100 billion for fiscal '76. That, in turn, could reignite ruinous double-digit inflation...
Although a few unions have managed to negotiate double-digit increases (settlements in the first quarter averaged 12.5%), WJ. (Bill) Usery, director of the Federal Mediation and Conciliation Service, says that "wage settlements seem to be moderating." The average 1975 raise, he predicts, will be under the 10% average provided for in the first year of contracts negotiated during 1974. That may be an understatement. Some groups of workers are even accepting pay cuts or other economic adjustments in order to prevent further layoffs and spread the available work...
...have also managed to provoke some outspoken enemies." In the forefront are the credulous victims of Gardner's recent hoaxes: an elaborate treatise that demonstrated the power of pyramid-shaped structures to preserve life and sharpen razor blades, and "proof by a fictional Dr. Matrix that the millionth digit of π-if it were ever computed, would be the number 5. Even angrier are those occultivated believers in extrasensory perception and faith healing. From the beginning of his career, Gardner has been illuminating the dark corners of paranormal science to reveal a phalanx of sleight of handworkers and mail...
Just three years ago all the leading industrial nations were in a boom; living costs soared everywhere. Then oil producers quintupled prices, causing huge trade deficits for most consuming countries and sending global inflation flaring to double-digit levels. To curb runaway prices, one government after another cut spending and tightened up credit. Now these measures seem at long last to be slowing the pace of price increases in most countries, but at a heavy cost in lost output, joblessness and social unrest...
...Combined with the tax cut, they could produce a hair-curling federal budget deficit of $100 billion or more for the next fiscal year (see ECONOMY & BUSINESS). Ford said that any such deficit would be "too dangerous to permit," since it would "threaten another vicious spiral of runaway double-digit inflation." He vowed to resist any attempt by Congress to pass spending programs that would produce a deficit any higher than $60 billion...