Word: money
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Dates: during 1960-1969
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...their favor which the McCarthy movement didn't have this year. The key factor is time and commitment born in the anger of the past year's outrages by the regular Democrats. If they can set up an effective national organization, which they appear to be doing, then the money and political expertise which the different state organizations need can be readily provided. With intelligent leaders like Lowenstein, Bond, Michtel Harrington, Adam Walensky, and the Rev. Channing Phillips, the NDC appears to have a wealth of talent unequaled in past American political insurgencies...
...Will the U.S. economy continue to expand in the year ahead? One reliable clue can be found in capital spending, the money that businessmen invest in new plant and equipment. This year's outlay will reach about $64.5 billion, and until recently, forecasters had expected little if any gain in 1969. Behind the pessimism were two negative portents: capital spending fell by an annual rate of $2 billion in this year's second quarter; and in the third quarter, the nation's plants were producing at 83.3% of capacity, a five-year low. Even so, economic signals...
...giant in influence. Started in 1946 by President Truman, the council rose to real power when John F. Kennedy appointed Walter Heller to be chairman in 1960. Heller was the leading advocate of the Keynesian "New Economics"-the policy of flexibly adjusting taxes, Government spending, and the money supply to influence the economy -and he sold Kennedy on the idea of cutting taxes to stimulate business and employment. His successors, Gardner Ackley and Arthur Okun, have acted as important policymakers within the Johnson Administration. President-elect Nixon says that he will give "a major role" to the council...
With that observation in mind, McCracken will probably emphasize the utilization of adjustments in the money supply to stimulate or restrain the economy. One of his thorniest economic problems, of course, will be inflation. Any concerted drive to stop the price spiral would involve deflationary steps that could increase unemployment. McCracken would probably be willing to see the jobless rate rise slightly above the current 3.6% in order to cool the feverish economy. But he is unlikely to tolerate the 5%-plus rate that some economists and businessmen think is nec essary. In a recent speech, he noted that...
...power, visionary Demasiado goes on scheming for American (or Russian) money to build a dream capital in the jungles of his country. Aspinwall goes on fighting to prove that honesty, if not justice, will prevail in political affairs. As the author records in lean, reportorial prose, in any struggle to salvage both dignity and power from such a situation, the winner takes nothing. Well, almost nothing...