Word: dollar
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Dates: during 1970-1979
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...worse than first estimated. President Carter huddled with his economic advisers to plan a Stage Two anti-inflation program and warned in a speech to the steelworkers that it will be "tough" and require "some sacrifice from all." The Federal Reserve made some additional moves to tighten credit, the dollar sank to a new low against the Swiss franc, and prices worried down again on the stock exchanges...
...heads an economic consulting firm in Washington, thinks the rate may come down a point or so next year, but he is the board's optimist. Sprinkel believes inflation may actually worsen a little next year; the others see little or no change. And inflation will keep the dollar in trouble; Monetary Expert Robert Triffin thinks it may steady in the next six months, but plunge again...
...working poor. Employee Social Security taxes take 5.85% of wages; up to 10% goes to state and federal income taxes. Aid to families with dependent children, which amounts to $423 a month for a nonworking family of four, is progressively reduced by 35? to 50? for each dollar of wages earned. The rent subsidy for a family with no one employed is $273 a month for a three-bedroom apartment in an elevator building. If a family member takes a job, the subsidy is gradually lowered, to $110 a month at an income...
While the devaluation of the dollar may be the most dramatic measure of the U.S.'s reduced clout in world commerce, another event may ultimately have a greater impact on the nation's economic health. It is the shocking decline of good old Yankee ingenuity, otherwise known as research and development...
...piecing together hundreds of such slivers of class consciousness, Coleman and Rainwater present a fractured mirror of how we see ourselves in the social hierarchy. Their book glitters with oddments: the highest-status job is president of a billion-dollar corporation; the most envied use of money is for travel and expensive recreation; inherited money automatically earns a higher social standing regardless of class; college graduates who are not doing well (earning less than $20,000 a year) emphasize their degrees when claiming status identification; to the proudest group belong those who got rich without much formal education; the welfare...