Word: indexers
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Dates: during 1960-1969
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...this commitment last week when he ordered federal spending trimmed by $3.5 billion, primarily in non-Vietnamese military programs, in order to keep the budget under the $192.9 ceiling set by Congress. Viewing the surtax as his key weapon against the inflation that in June boosted the consumer price index by six-tenths of 1%, he has made it clear that he is willing to pay a price for its extension. Nixon last year indicated opposition to changing the oil-depletion allowance, but he will probably sign any tax-reform bill passed by Congress...
...timing and steepness, the Dow's 16% decline so far this year bears a chilling similarity to the 1966 plunge, when the index declined 25% from February to October. Could history repeat? Both market slides began with worries about overspeculation and increases in bank interest rates. There are, however, important differences. In both 1966 and 1969, the Federal Reserve Board tried to control the expansion of credit by restricting the money supply. But in 1966, the board moved clumsily, swerving at midyear from monetary expansion at a 6% yearly rate to contraction at a 2% rate. Credit evaporated, investor...
...additional $6 billion on Medicare). Under present regulations, Medicaid fees are determined by the states. The new rule establishes federal standards that will limit fees in most states to the level that prevailed last January. Increases will be permitted, but only under a formula based on the consumer price index. The new regulation is expected to save about $65 million in its first year of operation and substantially more later...
...billions and then lending out. The Federal Reserve has misread the economy twice in the past three years and has prematurely expanded credit. It is not likely to do so again until the signs are unmistakably clear that inflation has been reversed. The latest readings of the consumer price index and the leading indicators suggest that what the Federal Reserve and the Nixon Administration have done so far is right. Now the Administration can demonstrate political courage by continuing on course, and Congress can do the same by maintaining the surtax...
...purchasing power decline in the past year from $78.47 to $78.23 in May, the best news is the prospect of increasingly stable prices. Government economists figure that the rate of rise in living costs may go up in the next few months because of seasonal factors, but that the index will be advancing at a fairly steady 4% annual rate at year's end. They expect the Government's anti-inflationary moves to have worked their restraints on prices by then, if not earlier...