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Though the label hardly seems apt any more, even self-styled moderate OPEC members are talking of a double-digit increase. Saudi Arabia promises to try to "hold the line" with a raise of a mere 20% to 25%, arguing that this will remove the need for premiums and surcharges. But only a sharp increase in production will accomplish that, and so far the Saudis have given no sign of being willing to boost their output of 8.5 million bbl. per day by more than...
...spend on new factories, new equipment and new skills. Partly because of this, over the past ten years, annual productivity growth has slowed to about half the average 3% increase of the 1960s. This has been a major cause of slow economic expansion, the debilitated dollar and double-digit inflation...
From all sides, the intertwined problems of inflation, recession and energy squeeze are closing in on the U.S. economy. Prices keep roaring ahead at a double-digit pace. Inflation-straitened consumers, who have long kept the economy rolling by spending above their means, are pulling back on their purse strings. So the longest, most sustained economic advance in U.S. peacetime history is rapidly coming to an end. As the nation heads toward its second energy-fueled recession in the past five years, the Carter Administration seems adrift and out of ideas for fighting back. Said a high Administration official...
Last week the government conceded that the cost of living for April had jumped a shocking 8.7%, more than 100% if projected over the entire year. The admission provoked howls of alarm that the country could be heading toward uncontrollable triple-digit inflation. Finance Minister Simha Ehrlich proposed a stringent plan to reduce inflation by 1981 to 40%, at best, by slashing $1.5 billion in government spending, including $650 million from the defense budget. At that, Defense Minister Ezer Weizman, who has been seeking a 40% increase to defend the narrower peacetime borders, angrily bolted from the Cabinet meeting. Opposition...
...waning, but it is far from over. That is the conclusion of the TIME Board of Economists, which met in Manhattan last week to examine the future course of business. Board members cautioned that, although the rapid rise in prices will slow, inflation will continue at a punishing double-digit pace into summer and remain a burden for at least the next two years. Says Joseph Pechman, director of economic studies at Washington's Brookings Institution: "The economy could be in for a very, very nasty period...