Word: runaways
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Nonetheless, the Reagan Administration was happy to claim credit for the good news on inflation, which was the most concrete sign yet that the President was achieving his No. 1 economic goal of reining in runaway prices. Said Treasury Secretary Donald Regan: "We've turned the corner on inflation. It's further proof that the stage is set for economic recovery...
Compared with New York City, which has 525,000 people in 170,000 units, Chicago had runaway deficits ($42 per unit per month, vs. $4 in New York) despite receiving more generous federal subsidies ($131 vs. $112). The study found that costs for heating, elevator repairs and garbage disposal were excessive, and that $50 million in modernization funds was sitting in local bank accounts earning low interest. HUD Under Secretary Donald Hovde demanded the resignation of all five CHA commissioners, including the chairman, powerful Realtor Charles Swibel, one of the mayor's closest allies. Swibel, 55, was appointed...
Reagan and Congress have been forced to consider the proposal seriously as an alternative to a far more frightening prospect: a constitutional convention called to pass a balanced-budget amendment, which could turn into a runaway meeting that might attempt to rewrite basic provisions of the Constitution. Congress is required to call such a convention when petitioned by the legislatures of two-thirds of the states; so far, 31 of the necessary 34 states have done so. Never before in U.S. history has there been such a convention, and there would be no legal way to prevent it from reconsidering...
...government of President Shehu Shagari has belatedly taken some steps to curb spending and slow the runaway growth of the corrupt and bloated Nigerian bureaucracy. The Shagari government in December proposed a 12% cutback in government spending from 1981 levels. Additional austerity measures included the restrictions on the use of official cars by ministers and civil servants, a government-wide clampdown on foreign junketing, and a ban on unauthorized international telephone calls...
Thus as the current recession has gathered momentum, many a family has suddenly discovered itself a potential casualty in the very inflation fight that people pressed Washington to undertake in the first place. Instead of fretting over the perils of runaway prices, workers everywhere now agonize over losing their jobs. A New York Times/CBS News poll published last week found that 32% of those questioned regarded unemployment as the most serious problem currently facing the country, vs. only 15% who saw inflation as the No. 1 villain. Even so, the public commitment to battling inflation remains astonishingly high...