Word: holdings
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Dates: during 1970-1979
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Many of TIME'S economists detect that the Administration is cutting big and small federal programs extremely sharply to hold down the budget deficit and take some heat away from rising prices. Still, Carter's aides are probably underestimating the size of the deficit. A recession would pull down tax receipts and increase federal spending on unemployment compensation, food stamps and other social programs. While the White House officially maintains that the 1980 deficit will be about $30 billion, some of TIME'S economists expect it to approach $50 billion. The problem will continue into fiscal...
...Americans fought against the shrinking of their incomes in three ways: they sent more and more spouses to work; they drew down their personal savings; and they plunged more deeply into debt. But these defenses are rapidly being exhausted. Fully 60% of all U.S. women aged 20 to 64 hold paying jobs; not many more housewives are in a position to go to work. Savings have declined since the early 1970s from 7.4% of income to a modern low of 4.3%. Consumer installment credit has surged from $210.8 billion in 1974 to $369.3 billion in the third quarter...
...region with relative restraint. But to the east, in Afghanistan, the Soviet role has been aggressive and heavyhanded. Within the past three weeks, according to U.S. intelligence estimates, the Soviets may have tripled their military assistance to the Marxist regime of Hafizullah Amin, which is fighting to hold its own against a country-wide rebellion by Muslim tribesmen. The Soviets are now believed to have 5,000 to 10,000 military advisers in Afghanistan, many of whom are actually directing some field operations...
...Movies are binary," George Lucas, who directed Star Wars, once said. "They either work or they don't." He meant that even if some elements fall below standard, that may not affect our overall feeling for a picture if something about it grabs hold of our consciousness. Lucas comes to mind because so much of the Disney studio's The Black Hole-an overpowering score, squads of menacing heavies and, especially, two adorable robots-are straight Star Wars steals, and because, despite all this sincere flattery and a script and performances that are merely adequate, the fool thing...
...lasting worth-"objects of virtue" to the trade-are going for sums that would boggle the I of Claudius. Ars gratia auctionis. Throughout the U.S. and the rest of the West, once listless salesrooms thrum with auctiophiliacs in search of a piece of the past; the top firms hold several simultaneous sales a day six days a week. In 1979 Sotheby's and Christie's, the two London-based giants of the international fine arts auction business, together have netted $702 million worldwide. Nor does anyone expect recession to cool the fever. Some indicators...