Word: marche
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Dates: during 1970-1979
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Callaghan was expected to win the confidence vote; had he lost, there would have had to be an immediate election. But just to make victory certain, Callaghan reminded Scottish and Welsh nationalists of the referendum promised for March on a proposal for increased local rule for Scotland and Wales. Similarly, the Ulster-men were reminded that the Prime Minister has pledged an increase in seats for them, from 12 to 17. That did the trick. Enough nationalists voted with Labor, enough unionists abstained, and Callaghan survived...
That speech started a remarkable policy reversal. To pep up what then looked like a flagging economy, the President had begun the year by calling for a $25 billion tax cut and a $60.6 billion budget deficit in fiscal 1979, which started Oct. 1. As late as March, misled by alarmist predictions from Energy Secretary James Schlesinger that a continued coal strike would cripple national production, Administration aides led by Robert Strauss forced on mine operators a settlement that will raise wages and benefits nearly 40% over three years...
...mountainous winter snows had melted, real G.N.P. surged at an unsustainable annual rate of 8.7%. Unemployment fell faster than Government economists believed possible, from 7% as recently as August 1977 to a four-year low of 5.7% in June. When the Council of Economic Advisers met in late March, says one member, "the numbers just did not add up. We had underestimated the inflationary pressure by a wide margin...
Administration officials who wanted to switch to an anti-inflation policy-CEA Chairman Charles Schultze, Treasury Secretary Michael Blumenthal, Council on Wage and Price Stability Director Barry Bosworth-got a powerful ally in G. William Miller, who took over as Chairman of the independent Federal Reserve Board in March. Miller, a liberal businessman, was shocked by the runaway inflation he encountered and publicly urged the President to declare it the primary peril. More support came from, of all people, Labor Secretary Ray Marshall. Says one Administration policymaker: "When Marshall starts arguing for wage-price guidelines, which would fall...
...riot on this matter rather than permitting his special effects people to do so, since all they come up with is some grimly gunky stuff, not nearly as suggestive as the sudsy goo that the 1956 pod people emerged from. He would also have been wise to quick-march past a lot of the story's inherent illogicalities...