Word: inflationitis
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Dates: during 1960-1969
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∙DEFENSE SPENDING. Defense Secretary Melvin Laird, under heavy pressure to cut further the $77.6 billion defense budget that many consider a prime cause of inflation, jettisoned the Air Force's six-year-old space-exploration project known as MOL, for Manned Orbiting Laboratory. By dropping the program, the...
Filling Chairs. He will have plenty to do. The most pressing immediate problem on the country's agenda is the economy. To curb fast-rising inflation, Pompidou has mentioned the possibility of floating a new state bond issue, which would convert back into savings some of the money that...
THE U.S. is a frustrated nation, but not all the blame for that condition attaches to the war in Viet Nam, racial bitterness, campus violence and crime in the streets. Government, business and consumers are deeply troubled by another major source of national tension: the rising pace of inflation. Though...
Inflation has distorted the entire economy. It has forced the Government to raise taxes, curtail its spending for social programs and reduce the supply of money. One result is that interest rates have climbed to their highest levels in a century, spreading turmoil in the financial markets and discomfort in...
Last week the battle against inflation entered a new and crucial phase. The phase began when the nation's commercial banks raised their minimum interest charge for loans from 71% to an unprecedented 81% - a move that was widely interpreted as a portent of a serious credit crisis. The...