Word: gross
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Dates: during 1970-1979
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...that his economic performance once did to his standing with the voters. On Aug. 15, 1971, Nixon abruptly reversed the policies that he followed in his first 2½ years in the White House; as a result, he has slowed inflation and produced a remarkable spurt in national output. Gross national product in 1973 seems likely to show a rise topping even this year's biggest-ever gain (see box on next page). Democrats argue that this record looks impressive only by comparison with the inflationary recession of 1970. Perhaps, but it has been good enough to help Nixon...
...year ago, TIME'S Board of Economists went out on a long limb and predicted that the then feeble recovery would gain enough strength in 1972 to produce the first $100 billion gain in gross national product ever recorded by any country. That bullish forecast has turned out to be slightly too conservative: the advance for this year will turn out to be some $101 billion. The board now predicts that 1973 will be even better, with a G.N.P. rise of around $110 billion, to the elevated area of $ 1,262 billion...
...This gross manipulation mirrors a more subtle psychological process in which each character uses others to escape feeling his lack of self-fulfillment. Each person has the sense that with only the right break or the right handling, he might achieve recognition and acceptance as himself. Since this warped self-expression relies on other people's pain, the goal of attaining a genuine sense of self-importance is illusory for each of the characters. After a dismally amateurish fight against a boxer weakened by age and by earlier physical punishment, Tully finally wins a victory after two years of defeat...
...treatment is that they often represent the payoff from investments made at considerable risk of loss. They may take generations to accumulate-and, says Treasury Secretary George Shultz, over any long period inflation is likely to make the true value of a capital gain much smaller than the gross sum that seems impressive on paper. Such gains are usually reinvested to build up more capital. Supporters of the present capital gains tax rule argue in addition that the levy should be kept low because it is a form of double taxation; the money put into investments was originally earned...
Powered by rising corporate and consumer spending, the economy is zipping ahead faster than most experts had earlier anticipated. Alan Greenspan, a member of TIME'S Board of Economists, forecasts that the gross national product this year will expand by $101 billion-comfortably ahead of the Administration's original goal. Next year, says Greenspan, the G.N.P. should do even better, increasing by $111 billion, to an awesome $1,263 billion or so. Sweeter still, Greenspan predicts that more than 6% of this year's growth will be real and not caused by rising prices. Another board member...