Word: ratings
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Dates: during 1970-1979
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PRICES. Inflation will abate, but not soon enough or substantially enough to cheer about. Recessions are usually slow to take the steam out of prices, and a tight money policy requires months to produce results. In fact, high interest rates will continue to add to inflation until they start to curb overall demand, and then prices are expected to taper off. Despite rising unemployment, wages and benefits stand to accelerate. They increased about 8% this year, or much less than the rate of inflation, and workers can make a strong case for more, just to catch...
...Board of Economists expects the cost of living index, which has been rising at a 13% rate for months, will be going up at a pace of 9% or a bit more next December. The economists admit, however, that they and almost all the other experts have grossly underestimated inflation's staying power in the past several years. Cracks Otto Eckstein, head of Data Resources, Inc.: "I have been predicting the inflation rate for maybe 20 years, and I must have got it right about three times...
...rise to 7.7% by the final quarter of 1980. That will be not nearly as severe as the recent peak of 9% in May 1975. Most board members agree that unemployment will hit a high around Election Day in November, which will hurt Jimmy Carter, and that the jobless rate again will start declining as the economy picks up at year's end. However, one member, Consultant David Grove, who has long been pessimistic about the job situation, predicts that the worst will come in the second half of 1981, when he sees unemployment...
...most discouraging aspect of rising oil prices, said Okun, is that the recession will only temporarily and modestly constrain inflation. At very best, the rate of price increases will come down to 8%. After the 1974-75 recession, inflation was 5%, which at that time was considered "intolerable, horrible and unacceptable." Indexing, which automatically raises wages and pensions along with the price index, is not a cure but a disease that institutionalizes inflation, added Okun. He estimates that "if all payrolls were indexed instead of the roughly 15% that are now, the consumer price index would have risen more than...
Many other factors have combined to pump up the proceeds. First-rate works of art are in short supply, and becoming ever more scarce, as the auction catalogues-if not the sales figures-sadly reflect. The prizes go mostly these days to citizens of nations that do not extract excessive taxes from the wealthy: Switzerland, France, West Germany, Japan and the Arab countries. Americans remain very much in the market, however, thanks in part to U.S. tax laws that permit a collector to deduct contributions from his taxable estate if he has willed his treasures to a museum. The museums...