Word: runaways
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...most effective political weapon. The day after that inconclusive and sometimes acrimonious summit meeting with Speaker O'Neill, Reagan took to prime-time TV to urge Americans to tell Congress that "this is no time for politics as usual-that you too want an end to runaway taxes, spending, Government debt and high interest rates." Although he bogged down slightly while reeling off a slew of figures and his red marker pen failed him as he tried to make a point with a chart, the President smoothly presented his central argument. The Democrats, he said, "want more and more...
Societies from ancient Rome to Weimar Germany have suffered the consequences of such runaway prices. That kind of inflation usually tears apart the very fabric of a nation. When its currency no longer has any meaning, a country often loses its sense of values. Saving and planning for the future seem foolish; speculators prosper. Says Henry Wallich, a governor of the Federal Reserve: "Inflation is like a country where nobody speaks the truth...
...Runaway prices have dogged and bedeviled every President since Lyndon Johnson, who helped unleash the price spiral in 1965 by financing the Viet Nam War almost entirely out of federal deficit spending, without raising taxes. Richard Nixon's clumsy efforts to stop inflation by a 90-day wage and price freeze, and later by various "phases" of economic restraint and stimulus, merely made the problem worse. Gerald Ford's jawboning efforts, epitomized by WIN (Whip Inflation Now) buttons, gave the impression that Washington had few ideas on how to cope with price increases. Under Jimmy Carter, inflation reached...
There is no doubt that the current recession has been a major factor in controlling runaway prices. With unemployment at the postwar record high of 9%, and interest rates hovering in the middle teens, people have simply been spending less. This has forced everyone from producers to wholesalers to retailers to slash prices in order to sell their products...
...larger loans to keep from going broke. At the same time, the governments of foreign countries like Brazil and Poland are asking for new credit on top of the billions they already owe U.S. banks. Most important of all, the U.S. Government borrows billions every month to finance its runaway deficits. All these loan demands taken together give a powerful boost to interest rates...