Word: inflationitis
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Dates: during 1960-1969
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Since 1960, the spendable per capita income of the average American - even allowing for higher prices and inflation - has increased by one-third. So has his productivity: 7% of American workers now produce all the nation's food and manufactured goods. Yet unemployment has steadily declined, until it is...
The President can also take a new look at the Social Security trust funds; they pile up huge surpluses that are normally used to increase security benefits. So long as there is inflation, benefits have to be increased, but perhaps not to the full amount of the surplus. Reform of...
Not Alone. Frei's government has been trying its best to alleviate the suffering, but only at great cost to the economy. Deficit spending for drought relief has intensified Chile's inflation: the rate was 30% last year. Special government relief now goes to 60,000 people; in...
With a mixture of prophecy and prescription, Lyndon Johnson last week summed up the chief economic challenge that he bequeaths to Richard Nixon. In his final economic report to Congress, he called for a strategy aimed at slowly reducing both inflation and the excessive boom in business. The principal ingredients...
No Jolt. In most essentials, the Nixon Administration and the independent Federal Reserve Board seem to agree. To halt inflation, said Secretary of the Treasury-designate David Kennedy last week, "we must maintain a tight budget and a restrictive monetary policy." The Federal Reserve has gone to considerable lengths lately...