Word: nationalizes
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Dates: during 1970-1979
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Jimmy Carter, who gained power in Washington as a political outsider, has renewed his 1976 campaign charge that the nation's capital is an "isolated" city, out of touch with the rest of America...
Every year, according to the U.S. Justice Department, the Philadelphia police shoot an average of 75 people, which contributes heavily to the force's image as one of the toughest in the nation. This reputation is a source of pride to Mayor Frank Rizzo, who was a cop for 28 years. On a visit to Italy in 1977, he declared that the best way to deal with criminals is "spacco il capo," which can be loosely translated as "break heads...
Nobody is apt to look back on the 1970s as the good old days. The economy's most disruptive decade since the Great Depression has borne the stagflation contradiction of no growth amid rampaging inflation, the can't do trauma of receding productivity in the nation that was long the world's cornucopia, the reality of an energy shortage in the land of supposedly boundless resources, and the debauch of a dollar that once was "as good as gold...
...future. Their fundamental warning: America has been living off, and eating into, its capital stock. Many of its factories and machines have become outmoded; its old industrial cities have become rundown; its work force has become less productive; real growth has swung low while demand has remained high. The nation is, in short, losing its economic edge in the world, and the hour is late?very late...
...price that every American pays for these failures is a decade-long inflation that is the most pernicious price spiral since the Korean War, and certainly the most alarming one in the nation's history. Because competitiveness and efficiency have declined, and productivity growth, that most basic yardstick for measuring a nation's economic vitality, has slowed, the real cost of producing goods has jumped. Meanwhile, to keep demand up, the Government has created money and credit at far faster rates than businessmen can turn out products and services. The result: too much money chasing too few goods, which...