Word: pinching
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Small as it is, Carter's program will pinch consumers further before it yields its desired effects. On March 14, the President authorized the Federal Reserve Board to curb consumer credit, on the theory that heavy borrowing has fueled inflationary buying. The Fed immediately issued tough guidelines. Last week banks, department stores and other lenders began setting up rules to stay within the guidelines. Samples from Manhattan's Citibank, the second largest bank in the U.S.: no new Visa or Master Card credit cards; cash advances on existing cards to be limited to $300, vs. a previous maximum...
...balance next year's budget, the murky world of finance held the spotlight because the most immediate effects of the Carter program would be felt by banks and other savings institutions. The President's decision to use the Federal Reserve to slow the growth of credit would pinch every sector of the economy from department-store dishware to heavy-industry assembly lines. Some bankers even feared that a credit crunch, when almost no loan money would be available, could hit by summer. That would doubtlessly slow the economy, which is still lurching forward unsteadily at a 2% annual...
...billion. The security and peace of mind that comes from feeling that their money is safe in these banks have been crucial factors in encouraging oil sheiks to go on pumping and selling more crude than they really need to. This in turn has helped keep the global energy pinch from getting any worse than it already...
...Security, Medicare and payment of interest on the national debt, gobble up an increasing share of federal money. Many of these are entitlement programs for which Congress has passed laws establishing the level of benefits that each person receives. Indexing social programs so that recipients will not feel the pinch of inflation has made them still more expensive. In a maddening vicious circle, Social Security benefits increase because of inflation, causing higher federal spending, larger deficits and eventually more inflation. Then Social Security must be increased, starting the chase anew. Warns Budget Boss Mclntyre: "If we attempt to inflation-proof...
...nation's energy outlook does seem somewhat brighter than it did last autumn, when fears of heating oil shortages and a squeeze on gasoline supplies brought almost daily warnings from the Administration of a looming energy pinch. Increased conservation by homeowners, along with an unseasonably warm winter, have helped to reduce heating oil consumption. It has dropped by at least 10% from last year throughout the Northeast, the region that uses the most fuel. Even more important has been the drop in gasoline use. Last year prices rose 35%, to a current nationwide average of approximately...