Word: priced
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Dates: during 1960-1969
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...when, the overexuberant economy will be brought under control again by tight money, higher taxes and a surplus in the federal budget. Last week Paul W. McCracken, chairman of the White House Council of Economic Advisers, admitted that a full year of tight money might be needed to slow price inflation. That would mean that the swift rise in the U.S. cost of living may not begin to slacken markedly until January. The date represents a considerable stretch in the Administration's former timetable for halting soaring prices. As recently as June, the White House was promising such signs...
...economic confusion continued last week. The consumer price index for July rose at an annual rate of 6% . That was down from a 7.2% rate in June, but little comfort can be taken from the fact. The 3.6% rise in prices between January and July was the greatest for the period since 1951. But a special Federal Reserve Board study shows that businessmen plan little increase in spending for new factories and equipment during the rest of this year. Such outlays have been a major source of inflationary pressure, and for all of 1969 the Reserve Board expects capital spending...
...group's goal, says Blough, is to achieve "stability" in the construction industry-an obvious euphemism for forming a united front of big corporations to stiffen contractors' resistance to union demands, even at the price of construction delays...
...rates are "not a goal" of the Board's policy. He implied that he would be happy to see the economy lose enough steam to let rates fall. Still, there is scant chance that the Fed will ease its squeeze on money any time soon, if only because price increases are proving so difficult to arrest...
...order new factories built, and will pay almost anything to get them finished on time. Such corporations urge contractors to pay heavy overtime, and if the projects are struck, says George Cline Smith, a Manhattan construction economist, the company often will tell its contractor: "Settle-we will pay the price...