Word: midyears
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...MIDYEAR 1970 has been a kind of deadline for the Nixon Administration's economic "game plan." If inflationary recession is to give way to a combination of renewed business growth and slower price increases in time to save Republicans from November election troubles, the first signs must begin showing up now. They are doing just that, but the harbingers of a turn have not yet brought any loud cheering. At best, success for the game plan seems likely to be bought at painful cost-in corporate financial distress, in labor turmoil and, worst of all, in the resurgence...
Nixon has clearly let economic forces get out of hand. To keep part of an ill-advised campaign promise, he agreed to let Congress cut the 10% income tax surcharge to 5% at the start of 1970 and eliminate it entirely at midyear. He offered only feeble opposition when Congress turned a desirable tax-reform bill into a tax-cutting bill that set broad rate reductions for future years. On top of that, federal budgetmakers underestimated the severity of the economic squeeze that would be produced by their policies and those of the Federal Reserve. Interest payments on the national...
...Social Costs. The French narcotics bureau has since been increased from 47 to 350 agents. By midyear, predicts Commissioner Marcel Carrere, there will be 40 operatives in the Marseille bureau alone, a fourfold increase. Two drug cops will receive permanent liaison assignments to the U.S., and others will take special training in American cities. In an effort to save itself the high social costs-and the inestimable human ones-that are now taking their toll in the U.S., the government of President Georges Pompidou has taken one other step. It has introduced a bill increasing the maximum sentence for drug...
...latest voter preference polls, the Labor Party sorely needs good news before the next general election, which Wilson may call in the fall. A boomlet would greatly enhance Labor's chances. Economic health would help Britain when it begins its admission talks with the Common Market around midyear...
...monetarist view of economics, the chief instrument for controlling movements of the economy is the seven-man Federal Reserve Board. For months, the board has been following a tight-money policy of unusual severity. A year ago, it began to hold back the growth of the money supply; since midyear, it has permitted no growth at all. Ironically, Friedman's principal complaint is that the Federal Reserve is overdoing the restraints in its effort to cure inflation. "If the board continues to keep the growth of money at zero for another two months, I find it hard...