Word: painlessness
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Dates: during 1980-1989
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Millions of Americans declare fewer exemptions on payroll deductions than they are entitled to and thus pay too much in taxes all year long. They view overwithholding as a form of painless forced saving by Uncle Sam. This year's exemption increase has exaggerated the effect. But those dollars were worth 13.3% less because of inflation, and the taxpayers have forgone perhaps an additional 10% or so interest in a money market fund...
...most painless places to live are those where the rise in prices has been more than matched by the rise in incomes. It takes a Chicagoan just 75¼ hours to earn enough to buy the survey's basket of goods and services. For the same items, a Londoner must work twice as long. Prices for a great many things are simply lower in the U.S. than they are elsewhere. For instance, a cartful of 39 supermarket items that costs $135 in Los Angeles and $172 in New York sells for $225 in Zurich and an appalling...
...please most of the voters most of the time by avoiding the difficult choices among defense and social priorities. By trying to have both, it is likely to ensure only higher prices and lower growth. During the twelve years that inflation has been building up, Presidents have looked for painless, quick solutions that would get them past the next election. Carter now anticipates that national attention will remain focused on foreign concerns and off inflation. Says Economist Okun: "The President is running for re-election as military Commander in Chief. He has good reason to hope that nobody pays much...