Word: public
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Dates: during 1970-1979
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...radio stations all over the country, pushing the product, offering occasional sweeteners that can range from free T shirts to gram bottles of coke. But, says Radio & Records Editor and Publisher Bob Wilson, "gifts alone can't get a record played more than a couple of times if the public doesn't like what it hears...
...economic and political thought has gone through a wrenching change. In the words of Economist Otto Eckstein, a member of TIME'S Board of Economists: "1978 was the year in which our nose was rubbed in the new reality." Part of the new reality is that inflation is Public Enemy No. 1, that it is persistent and pervasive, and that it has built up such terrifying momentum in the U.S. as to be unstoppable, for the moment, unless the nation reduces the roughly 4%-per-year economic growth rate that it had come to consider normal...
That a mild recession in 1979 would appear almost desirable would have seemed farfetched a year ago. That was before the experience of 1978, a watershed year in which popular, academic and political perceptions about the economy all swung far to the right. Public fury about inflation turned the citizens' mood against taxes, spending, deficits and government in general. Liberal economists, who had tirelessly insisted that federal policy should be aimed at stimulating demand and closing loopholes in the tax laws, began talking instead of the urgent need to encourage capital accumulation and private investment. Congress passed...
...expected deficit for fiscal 1979 has now been reduced from the original $60.6 billion to $38.9 billion, and in fiscal 1980 the President has pledged to shrink it to $30 billion or less. To do so while also increasing defense spending he will have to cut some civilian programs-public service jobs, antipollution grants, subsidized low-income housing-and give up or delay some new initiatives. National health insurance? Not until 1983. Welfare reform? Under current plans, no money for it. Members of the Board of Economists fear that even if Congress accepts all this shrinkage, a recession nonetheless will...
...Carter replaced him with CAB Chairman Alfred Kahn and proclaimed formal guidelines with some teeth. The rules: labor should hold wage and benefit increases to an average 7% annually, and companies should raise prices half a percentage point less than they did, on average, in 1976-77. The penalties: public denunciation of violators, and loss of Government contracts for companies that raise wages or prices too fast...