Word: nationalizes
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Dates: during 1970-1979
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...P.R.I.'s middle-class supporters, who saw their savings and life-styles threatened. Mexico's support for a 1976 U.N. resolution equating Zionism with racism provoked a short-lived boycott of Mexican resorts by American Jewish tourists, thereby staggering an industry that is the nation's largest employer (460,000 jobs). Echeverria's unpopularity had its impact on the election of his successor. In an expression of discontent with the P.R.I., voters ignored the party's customary flamboyant campaign; only 50% of them bothered to cast their ballots...
People throughout the nation's Northern states are already gloomily pondering similar tradeoffs. Just about now, the owners of the 16 million houses, apartments and mobile homes-more than one-fifth of the U.S.'s housing-that use oil heat are getting their first big fuel deliveries. They are discovering with a dismaying jolt that the great '79 fuel crunch has moved from the gas station to the furnace room. Since January the average price of heating oil has jumped from less than 56? per gal. to more than 80?, an increase well in excess...
...ideal program would be very sharp fiscal and monetary policies buttressed at the outset by wage and price controls. The controls would be cosmetic, to convince people that the program is really going to work." Okun scorns this as the "trillion-dollar cure," meaning that it would cost the nation that much in lost production. He believes that such a solution would be "disastrous" because "it would have broad ramifications on the confidence in our whole institutional structure that would resurrect the darkest days of the 1930s...
...political leaders avoid the temptation to stimulate growth just to get elected, inflation will decline to perhaps 6% in 1981. No matter how high the cost of curbing the price plague, concludes Greenspan, some unpleasant medicine taken now will be less painful than other, tougher remedies forced upon the nation in the future. Says he: "The costs will be even more intolerable the longer we wait to come to grips with this problem...
...mission: take on the mighty Associated Press, a cooperative owned by its client newspapers and established more than half a century earlier. By late summer U P. had miraculously captured 369 U.S. papers as clients, and it looked as if Scripps' folly might soon overtake A.P. as the nation's premier wire service...