Word: faster
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Dates: during 1970-1979
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...short run, low productivity can create jobs as more workers are needed to supply rising demand. That happened in early 1978, when joblessness dropped much faster than production rose. But in the long run, low productivity hurts employment too. In the 1960s, it was thought that the economy could grow 4% each year without setting off a burst of demand-pull inflation. Mostly because of the collapse in productivity, the Administration now reckons the safe-growth ceiling to be 3%. An economy growing that slowly cannot create enough jobs for all the people who are looking for work...
...than specifying in great detail what equipment should be installed and how plants should be modified, as regulators often do now. Tax policies could be revised to spur investment. Economists quarrel about whether further cuts in taxes on capital gains and corporate profits, more generous investment tax credits or faster depreciation write-offs would be most effective. Probably some combination of all these approaches will be needed...
Warnke can argue the numbers of missiles and nuclear warheads. He sees the U.S. as the overall equal to the Soviet Union, though the two have a different mix of weapons. He has little doubt that without the treaty both nations would be forced to arm faster. But a compelling part of his message has nothing to do with hardware and dollar signs. It is, finally, the human assessment of those men who guide the Soviet Union. With inoculations of suspicion and skepticism, Warnke has approached what he regards as a moment of truth. Though the Soviets remain unruly...
...amendment that would require a balanced budget every year. Amendment or not, that would be impossible, since no Administration could predict future revenues and expenditures accurately enough. It is also undesirable. There are circumstances in which a deficit would be unavoidable, such as when a war is raising spending faster than taxes can be jacked up. There are also times when a deficit is necessary, such as when inflation is low, unemployment is high and private spending is insufficient to put people back to work...
...Reserve Board chairman, notes: "When the Government runs a budget deficit, it pumps more money into the pocketbooks of people than it takes out of their pocketbooks." That creates more demand for goods and services, which can put idle people and machines to work, or can make prices rise faster than they would if demand were lower...