Word: low
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Dates: during 1970-1979
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...deeply into debt. But these defenses are rapidly being exhausted. Fully 60% of all U.S. women aged 20 to 64 hold paying jobs; not many more housewives are in a position to go to work. Savings have declined since the early 1970s from 7.4% of income to a modern low of 4.3%. Consumer installment credit has surged from $210.8 billion in 1974 to $369.3 billion in the third quarter of 1979. In brief, the American consumer will soon be forced to reduce his spending, and this will be a mainspring of the recession...
People in certain fortunate industries and regions will probably avoid adversity, as they did in 1979. Those in the Southeast generally did well because the region's beneficent climate and low wage rates continued to attract business. The Southwest surged because its oil and natural gas were in heavy demand. Farmers in the Midwest grain belt and the far West prospered, largely because a hungry world increased its call for what America produces best: food. Average farm incomes increased 117% from 1970 to $23,263 per family in 1978 and are higher now. The region that fared best...
...anything to the rest. The American art education system, churning out as many graduate artists every five years as there were people in late 15th century Florence, has in effect created an unemployable art proletariat whose work society cannot "profitably" absorb. Generous tax laws, which enabled collectors to buy low, keep a picture for years and then reap a tax benefit by giving it to a museum at its enhanced value, fueled the art boom. The inequity of such laws has been that, if the artist gives his own work to the same museum in the same year, he cannot...
...work of art is primarily esteemed not for its ability to communicate meaning, or its use as historical evidence, or its capacity to generate aesthetic pleasure, but for its convertibility into cash. The exoticism of high price generates curiosity, and this curiosity fills the museum, turning it into a low-rating mass medium. But there it collides with an older American tradition, the 19th century reformist belief that contact with works of art is morally elevating and that museums are, in spirit, secular churches. In the eddies of this confluence, the work of art, battered and sucked this...
...with Peter Riegert, 32, the actor who played Boon, the social chairman of Delta Tau Chi, in Animal House, and the hero's best friend in Head over Heels. Though they live in Los Angeles, they have rented a loft in Manhattan for their trips East. Calm and low-key, Riegert seems to be the grounding for Bette's electric charge, her steadying influence. On stage, says Midler, she is "a character without fear, who has no problem being vulgar or outrageous. But in my private life, I'm one of the most paranoid per sons...