Word: iv
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Dates: during 1970-1979
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...food-price index for July jumped .8%, even though prices supposedly were frozen, and Treasury Secretary George Shultz warned that the August increase in the Wholesale Price Index will be "astounding." Even in advance of settling with their unions, auto-and steelmakers are asking for price increases under Phase IV rules; the Cost of Living Council will hold hearings on their requests this week...
...IV...
...being sits unattended on the congressional calendar," the President com plained, obscuring the fact that it is the Executive Branch - and not Congress - that has been paralyzed by Water gate. "Confidence at home and abroad in our foreign policy is being sapped by uncertainty," said Nixon, as if Phase IV and the price of beef depended upon the support of Senator Sam Ervin...
...available measures, Nixon has thoroughly botched the job he said he was elected to do: rampant inflation is driving food prices up at the fastest pace in a generation. The cost and scarcity of red meat dominate household conversation, but they are far from the only economic woe. Phase IV opened last week with a burst of price-increase announcements on many other items -steel, tires, cars. Interest rates are soaring for both giant corporations and individuals, and many would-be house buyers simply cannot get mortgage loans. Among economists, there is a growing fear that the mess will...
Economist Walter Heller sees some hope that strict enforcement of Phase IV rules will at least hold down price increases. Under those rules, sellers may raise prices only enough to pass on increased costs dollar for dollar; they cannot tack on an additional profit markup. Cost of Living Council Director John T. Dunlop complained to friends last week, however, that he is having difficulty recruiting people to check up on price boosters. Prospective employees apparently believe that the program will be dropped in a few months, leaving them without jobs. Treasury Secretary George Shultz did nothing to discourage such speculation...