Word: post-world
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...reported last week that unemployment inched down to 8.3% of the labor force in September, from 8.4% in August, continuing the slow reduction that economists have expected. A darker side to the figures: the number of workers jobless for 27 weeks or longer rose by 155,000 to a post-World War II high of 1.6 million...
Sooner or later, however, governments must act to curb inflation?and risk recession?by curtailing spending and restricting the growth of money supply. Many economists indeed blame all post-World War II recessions on overly zealous anti-inflationary policy. But that criticism obscures a vital point. In a society that operates by private decision-making rather than central command, governments must make difficult judgments on the exact mix of tax, spending and money-supply policies needed to nudge businessmen and consumers into the "right" decisions on how much to buy, build and borrow. Inevitably, the fallible humans who run treasury...
America's post-World War II baby boom has swollen the traditional crime-prone age bracket (14 to 24) as never before?and possibly never again. In 1950 there were 24 million young Americans in this age group. A decade later it was 27 million, and now it is 44 million; the bulge will not disappear until the 1980s...
...cure." Even after that, in his mind, going back to the old era of hell-for-leather growth would only start "an endless cycle of inflation and deflation." His long-run goal is for the Japanese economy to expand at about a 5% annual rate-only half the average post-World War II pace...
...board members are slightly more optimistic; Otto Eckstein forecasts a jobless rate of 7.7% by the end of 1976. Even that would mean that after a year and a half of recovery, the unemployment rate would be as severe as it was at the bottom of the worst previous post-World War II recession...