Word: nationalizes
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Dates: during 1970-1979
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...says one Commerce Department economist, the nation has gone through "a punk quarter." Ice and snow so snarled transport, and the coal strike so curtailed electricity that national production showed little growth. Otto Eckstein, head of Data Resources, Inc., calculates that real Gross National Product rose only 1.5% in the first quarter. With the snow melted and miners back at work, Eckstein thinks real G.N.P. will show a catch-up surge of 7.5% from April through June. For the year, real G.N.P. is still likely to rise around 4.5%. The trick will be to keep inflation from speeding...
Collectively, the nation's states and cities ran deficits in four of the first six years of the 1970s; the red ink in recession-struck 1975 totaled more than $6 billion. But last year states and localities rolled up an aggregate surplus of almost $14 billion. Jimmy Carter, in his January economic message, put the figure much higher: almost $30 billion, which, he said, was "a drag on the economy." Governors and state legislators, worried that Congress would use the figure as an excuse to cut federal aid, protest that Carter improperly counted $15 billion in "social insurance" funds...
State and city leaders like to brag that the surpluses are due to sound financial management. It is not idle boasting, but an even more important reason is the nation's economic recovery, which has raised the take from income and sales taxes. During the recession, most states and cities cut spending deeply, and generally they continued to hold back during the early days of the rebound. Last year revenues surged far ahead of spending, giving the states especially the pleasant problem of what to do with the money...
Restrain Social Security Benefits. They are scheduled to rise fast in the years ahead. By trimming the benefits, the nation can also pare the scheduled increases in Social Security payroll taxes...
...weak and perilous course would be to surrender to inflation on the presumption that interest groups are just too strong and the nation's will is too weak to fight it. In fact, President Carter has given in to many of the constituencies, firing up inflation by calling for large jumps in welfare and urban spending, in farm subsidies and tariffs on imports as varied as sugar, TV sets and, just last week, CB radios. So long as the Administration appears to have round heels, self-seeking groups - from coal miners to steelmakers - will continue to press their inflationary...