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...dominant determinant of the current business cycle. The economy is entering recession because the previous boom bounced against the supply constraints of industrial capacity and energy. It was not just Iran which created the gas lines but a more permanent use of energy beyond available supplies. Indeed, the double-digit inflation was created before the recent round of oil troubles, originating in a general shortfall of industrial capacity and renewed food troubles...
Such cutting seems to become more imperative each month. The Government reported last week that consumer prices rose 1% in July, which is an annual rate of 13.1%, and thus extended the present stretch of double-digit inflation to a full seven months. At the same time, the spending power of Americans has continued to decline. Mostly because of inflation, but also because taxes have been creeping upward, the actual buying power that people have been getting from the money in their paychecks has declined by nearly 4% over the past twelve months. So more and more, almost...
...record books-literally. From the statisticians at the Labor Department came official confirmation that over the past six months the U.S. has experienced the steepest spiral of inflation it has had in nearly 30 years. Not since the Korean War price explosion of 1950-51 has double-digit inflation gripped the economy so relentlessly for a full half year. But no sooner had Jimmy Carter named his new economic team of Treasury Secretary G. William Miller and Federal Reserve Chairman Paul Volcker than the grim news was out: living costs had spurted up yet again in June, and at just...
...news put further pressure on the dollar, which in the past two weeks has slumped to eight-month lows against key foreign currencies, sent gold climbing to glittering new heights, and made a mockery of the Administration's repeated assertions that the double-digit run-up in living costs would slacken this summer and abate substantially by year...
...family budget, rose by only 0.2% for the month. Testifying before Congress's Joint Economic Committee last week, Alfred Kahn, the White House's chief inflation fighter, argued that if it were not for the energy situation, inflation "would clearly be out of the double-digit range...