Word: evens
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Dates: during 1960-1969
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...Administration's economists admit that they are practicing brinksmanship. Anything more severe than a mild or brief recession would damage Republican chances of winning more Senate and House seats in next November's election. It will avail Nixon little politically to blame inflation on the Johnson Administration, even though Lyndon Johnson's failure to ask for higher taxes in 1966 to help meet Viet Nam costs is a major source of today's problem. Some congressional Republicans believe that Nixon will arrange to relax the money squeeze well before ballot time. But at least one of the President's most...
Today's stubborn inflation, according to Friedman and his adherents, has been greatly magnified by Federal Reserve Board mistakes. From April 1965 to April 1966, the money supply expanded at an abnormally high 9½%-per-year rate, even though inflation was on the rise. Too late, says Friedman, the board reversed itself too emphatically, and caused the "credit crunch" of August 1966. In 1968, the board, fearful that the tax surcharge would overburden the private economy, increased the money supply at an average annual rate of 10%?almost twice the rate that the economy could absorb without inflation. Then...
...pastime is a wry reaction to a far more serious numbers game. As fast as incomes rose, the price of necessities seemed to rise even more steeply in 1969, and few wage-earners felt that they were better off than when the year began. An inflation sampler...
...medical care-doctors' bills, hospital services and drugs-rose by 5%. In Boston, a hospital bed could cost $85 a day, $10 more than last year, and the price of dental care advanced from $6 or $7 per filling a year ago to $9 to $10 today. Even aspirins were up, from 89? to 98? per 100 tablets. A mouthwash named Binaca cost 29? when it was introduced by a Swiss company five years ago; it has since been taken over by a U.S. firm-and now sells for 79? in some places...
...following them wherever they may lead. His basic philosophy is simple and unoriginal: personal freedom is the supreme good?in economic, political and social relations. What is unusual is his consistency in applying this principle to any and all problems, regardless of whom he dismays or pleases, and even regardless of the practical difficulties of putting it into effect. He alternately delights and infuriates conservatives, New Left radicals and almost every group in the crowded middle road...