Word: indexed
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Dates: during 1970-1979
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Many Americans are displeased by what certain disparities seem to disclose about social values. To these, prevalent pay differentials, taken as an index of the social soul, seem to prove, for example, that the nation cherishes professional teachers far less than professional athletes. Or, more broadly, that society generally values members who do its most serious work not nearly as much as the actors, clowns and jocks whose task is merely to distract and amuse. But this handy method of social soul searching is not reliable. Far more directly, income differences reflect the operations of the marketplace...
Most of the economic indicators released last week confirmed that the recovery is progressing well, except for one persistent problem area - inflation. The surge in the cost of goods and services that began at the start of the year continued in April, when the consumer price index kicked up nearly 1%, to a compound annual rate of 10%. It was the third month this year in which the zigzagging inflation rate has hovered at or close to the double-digit level. The main cause, as in January and February, was increases in the cost of food (the largest single rise...
...Panning. As to the President's energy program, most Democrats believe that it goes in the right direction, but they agree that it has flaws. For example, the proposal to return to consumers money collected in higher taxes will boost living costs and add to the Consumer Price Index. To hold down the C.P.I., the Democrats would prefer that the money be used to pare payroll taxes or increase revenue sharing to states and cities. Republican Greenspan would push for greater decontrol of prices despite congressional antipathy toward oil companies. Greenspan believes that the very existence of a price...
...most other major economies remain plagued by inflation, stagnation, a dearth of investment capital and monetary imbalances caused largely by momentous outflows of funds to member states of the Organization of Petroleum Exporting Countries to cover fuel bills. A new index of "composite economic performance" compiled by the U.S. National Bureau of Economic Research, combining such measures as gross national income, output, sales and employment, shows that the summit seven as a group have largely regained their pre-recession heights of economic activity (see chart following page). But the progress is erratic. Except for the U.S., only Italy has surpassed...
...potential flaws in the plan. The program's proposal to return money collected in higher gas and crude oil prices in the form of tax credits to consumers will, in Okun's view, boost living costs, kick up wage demands and add to the Consumer Price Index. All three members would prefer that the Government use the additional tax revenues to help keep the C.P.I, down-either by paring payroll taxes or by returning the money to states to allow them to lower sales taxes...