Word: economists
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Dates: during 1960-1969
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...jeopardized by the soaring cost of homes and apartments. Only last year, according to one recent survey, the cost of housing jumped 10% in most areas of the U.S. "Housing prices are going up faster than people's ability to pay," warns Walter Hoadley, senior vice president and economist of the Bank of America. "The demand for housing is on a collision course with rising costs...
There are, in other words, two kinds of poverty: physical and psychological. Both differ from anything in the American experience in that they are increasingly institutionalized, nearly to the point of becoming endemic. Poverty in the past, as U.C.L.A. Economist Paul Bullock notes, was "a temporary, perhaps one-generation, condition through which particular groups passed as they adjusted to the economic and cultural requirements of American capitalism." During the Depression, virtually an entire nation felt the pangs of penury. Even during good times, as a 1948 Gallup poll, which classified 50% of Americans as "poor or on relief," indicated, plenty...
...Says Economist Bullock: "It simply doesn't make good sense economically to give up hustling pot in order to concentrate on a car-wash or service-station job. As long as the rewards of welfare dependency or hustling exceed the income from a job, the ghetto resident is merely obeying the sacrosanct American principle of maximizing his economic gains. This fact, of course, deeply offends those middle-class Americans who are vigorously pursuing these same goals...
...Crusade Against Poverty, Hunger, U.S.A., which found that 10 million Americans are chronically malnourished, the condition of the U.S. poor has been catalogued in a sierra of statistics. Central to any understanding of the subject is the "poverty line," a sliding scale devised five years ago by Social Security Economist Mollie Orshansky. Her flexible income line rises for large urban families and recedes for those in rural areas, dipping as low as $1,180 a year for a single male on a farm, and soaring to $7,910 for a city family with eleven or more children. The level...
Harlech, 49, is well connected in both Britain and the U.S., where his friends from New Frontier days consider him practically part of the clan. "He has a nice urbanity and a rather sardonic view of people and events," says Historian Arthur Schlesinger Jr. Adds Economist John Kenneth Galbraith: "He has the savoir-faire, the savviness, the wisdom that Harold Macmillan had 25 years ago." Also like Macmillan, to whom he is related by marriage, Harlech has profited by a set of thoroughly gilt-edged circumstances. His father served for 28 years as a Tory...