Word: inflationitis
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Dates: during 1960-1969
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Hollister has lately conceded that inflation may help the white more than the black poor because it is harder for the latter to obtain jobs even in times of labor scarcity. He calculates that 61% annual rate of price increases, which the U.S. exceeded in some months of 1969, hurts...
Welfare Squeeze. In several respects, however, the Hollister-Palmer thesis remains debatable. Many poor may have obtained their first jobs during the current inflation, but many others have held low-paying jobs all along. There is little solid information on how they have fared. Sketchy federal surveys indicate that wages...
There is no guarantee that welfare benefits will continue to outpace price inflation. The inflation-squeezed middle class is raising an increasing clamor about the cost of welfare, and many politicians are listening. In New York City, welfare benefits were cut back by the state legislature an average of 8.5...
Ghetto Gougers. Many of the poor contend that gouging ghetto merchants have posted bigger price increases than the storekeepers who serve the middle class. "We have our own kind of inflation here," says Mrs. Vivian Taylor, a community worker in East Harlem. "On [welfare] check day, the first and 16th...
Despite gaps in their statistics, Hollister and Palmer have swept away some economic cobwebs. Their findings add to the growing body of evidence that the nation's biggest economic dilemma is how to mesh full employment with price stability. The U.S. needs to find a more effective way of...