Word: new
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Dates: during 1960-1969
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There is no guarantee that welfare benefits will continue to outpace price inflation. The inflation-squeezed middle class is raising an increasing clamor about the cost of welfare, and many politicians are listening. In New York City, welfare benefits were cut back by the state legislature an average of 8.5% in July. One welfare rights organization figures that a typical welfare recipient now has only 66? a day to spend on food; in Harlem, it costs almost that much to buy a quart of milk and a loaf of bread...
...Modest in scope, but significant in impact," said Richard Nixon of the foreign-trade proposals that he sent to Congress last week-and so they were. While his message reaffirmed the nation's 35-year-old commitment to freer trade, the President sought only minor new authority to cut tariffs. In effect, he promised that any Nixon Round of trade negotiations would consist only of hard-headed international horse trading...
Nixon requested tough new powers to retaliate against countries that erect "unfair" barriers to American exports, or unfairly subsidize their own foreign commerce. Nixon also asked Congress for changes in current law to make it easier for industries, companies or groups of workers that have been hurt by imports to win relief through temporary import restrictions. "To be fair to our trading partners does not require us to be unfair to our own people," he said...
Much of Nixon's tough new trade policy bears the imprint of Commerce Secretary Maurice Stans, who calls it the first "fullscale attack" against "covert forms of protectionism which discriminate against American exports." In a talk last week to the National Foreign Trade Convention in Manhattan, Stans also promised U.S. exporters additional measures of practical aid. One would add some $750 million to the Export-Import Bank's funds. Exporters can now borrow only limited amounts at the bank's 6% interest rate, and must finance the rest of their sales with private loans...
...American Motors Corp. plant in Kenosha, Wis., which was settled last week, cost A.M.C. more than 30,000 cars. Another strike at a Chevrolet plant in Flint, Mich., has reduced General Motors' production by 4,375 cars a week, for nine weeks so far. Ford's new Maverick is selling at the rate of 400,000 a year but is drawing sales from the company's other lines. Ford salesmen believe, however, that this will be the year not of the compact but of the intermediate-size car-the first year that sales of intermediates will equal...