Word: iv
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Dates: during 1970-1979
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...past, the start of a new anti-inflation program was usually the signal for an outpouring of optimistic predictions by the Administration's economic policymakers. This time the mood was subdued. Announcing Phase IV, Treasury Secretary George Shultz noted that the inaccurate forecasting in the past "leaves you a little humble." More remarkable was the rare admission of failure that President Nixon issued from his hospital bed. Nixon conceded: "Confidence in our management of our fiscal affairs is low, at home and abroad." As to the freeze, which the President imposed against the advice of his aides, he said...
...current fiscal year, Nixon aims for a balanced budget, which will mean holding spending to $268.7 billion. That will require cuts in some programs, but pocketbook-pinched Americans will at least be iii spared a tax increase. The Administration decided against including a tax rise in Phase IV, fearing that it would be "fiscal overkill" that could tip the economy into recession...
Nixon and his chief economic aides have made no secret of their distaste for price controls and their deep desire to chuck them by year's end. But to make Phase IV succeed, the Administration must show a genuine determination to enforce the new regulations. Thus the instant emphasis on granting price exceptions and removing controls as soon as possible bodes ill for the program's success. With the Administration showing so little faith in Phase IV, it can hardly expect the rest of the nation to have confidence that it will work...
...Economists, calculates that second-quarter profits are running 34% ahead of last year-up from the first quarter's 28%. Particularly vigorous second-quarter profits were reported last week by companies in the textile, lumber, oil and chemical industries. The complicated cost-pass-through provisions of Phase IV are expected to crimp profits somewhat, and Greenspan expects the annual rate of increase to decline by year's end to 20%-which would still be robust...
...somewhat modified) Disney dress and hair codes, or to go through the Mickey Mouse employee indoctrination at the "universities" at Disneyland and Disney World. At these "universities," most of the company's 20,000 clean, neat and good-looking employees are schooled in Traditions I, II, III and IV in the Way of Walt. (In the late 1950s, one of those employees was future Presidential Press...