Word: priced
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Dates: during 1960-1969
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Nixon's men themselves seem increasingly unsure about whether their policy is working. Labor Secretary George Shultz said last week that if price rises do not slow markedly in another three or four months, the Administration may have to curb credit and spending still more. The President moved in that direction at week's end by ordering a 75% slash in federal spending on Government office buildings, rivers and harbors and flood-control projects...
...show that the money supply, which is defined as cash in circulation plus demand deposits in commercial banks, has grown since the end of 1968 at a 1.5% annual rate, or 1% for the year so far. Under the prevailing theory that money supply controls economic growth, and ultimately price levels, that would seem gradual enough to portend a slowdown soon in the pace of inflation...
...avoid stirring anew the industrial strife that upset the government's economic plans during the student riots of 1968. In fact, the burden assigned to ordinary Frenchmen was relatively light and aimed primarily at restricting credit. Car buyers will have to put down 50% of the purchase price instead of the present 30% and pay off the remainder in 18 months instead of 21. For house hold appliances and furniture, the down payment will be 40%-up from 30%-and the term will be shortened from 18 months to 15. To encourage consumers to divert their money into savings...
Businessmen received far less gentle treatment. The price freeze imposed with devaluation will be continued in slightly modified form. Bankers will now have to pay an "exceptional" tax on profits, based on their increased earnings from checking-account deposits. Industries that depend on imports-which are more costly after devaluation-will be allowed to raise their prices only 0.6% this year and 1.25% in 1970. Any further increases will have to be announced a month in advance and negotiated with the government...
Government Example. Giscard suavely sought to appease industry by promising that the government would set an example of restraint. The 1969 deficit will be cut from $1.26 billion to $722 million, he vowed. Planned price increases by government-run gas and electricity utilities will be canceled. Military conscripts will be released a month early to swell the ranks of labor. And for the long term, the Finance Minister relayed a pledge from Premier Jacques Chaban-Delmas: so long as he is in office, government spending will rise no faster than the gross national product...