Word: nationalized
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Dates: during 1970-1979
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Inflation, the nation's inescapable mugger, has been ripping off Americans' buying power at a painful 13% annual rate for the first three months of the year. Now the rampage is waning, but it is far from over. That is the conclusion of the TIME Board of Economists, which met in Manhattan last week to examine the future course of business. Board members cautioned that, although the rapid rise in prices will slow, inflation will continue at a punishing double-digit pace into summer and remain a burden for at least the next two years. Says Joseph Pechman...
...offs" and "guideline violations." Jimmy Carter's relations with Big Business, never warm or close, have become even cooler and more distant as the President and his lieutenants have poured out inflammatory business-bashing rhetoric. The assaults are particularly troubling because they come at a time when the nation can ill afford more divisiveness. "Every big businessman is wondering when it will be his turn," says Forrest Rettgers, chief lobbyist for the National Association of Manufacturers. "Carter is shooting at oil now, but who will be next...
...from 1.2% in March. The real volume of retail sales has declined during most of the year so far, and car sales are falling. The index of leading indicators has dipped for three straight months. From March to April, industrial production dropped 1% and housing starts fell 2%. The nation's savings banks had a record net outflow of $1.1 billion last month. Since savings banks provide much mortgage money, the pace of new housing starts is likely to slow even further in the months ahead...
...which now average about 8 million bbl. daily; mandatory limits would probably result in gasoline rationing. Okun and other board members would increase Government financing of efforts to develop alternative energy sources. A multibillion-dollar effort would not only pay off in increased fuel supplies, but also bolster the nation's bargaining clout with OPEC; the cartel would recognize that its monopoly could not last forever. In any event, the nation must try to exploit all its energy options, including nuclear power...
...Andel is an ardent advocate of the free enterprise system and fully enjoys its rewards. He is chairman and co-owner of Amway (a contraction of American way) Corp., one of the nation's most successful private firms, which is engaged in what he calls "in-the-home selling." In this its 20th year, Amway expects to retail $750 million worth of cosmetics, vitamins, jewelry, home-care products and some 4,000 brand-name appliances and other items direct to customers through catalogues by a network of 300,000 door-to-door salespeople. Amway's achievements are evident...