Word: sky-high
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With that offhand explanation, Mike Di Salle last week issued Ceiling Price Regulation 7, a new step in the fight to stabilize sky-high prices. The order wiped out the general price freeze for about 200,000 retail items and substituted instead a system exhumed from the tomb of World War II's OPA. The new plan, "retail margin control," specifies that dollars & cents price margins may be no greater than those prevailing Feb. 24. The plan applies to clothing, shoes, furniture, rugs, bedding-in short, about 75% of the things department stores sell-and affects some...
...direct controls could not have much effect so long as food prices-which make up 40% of the Government's cost-of-living index-were uncontrolled. And they would be uncontrolled until Congress changed the Defense Production Act, which forbids control of farm prices until they reach the sky-high level of parity. Until then, there was little that Stabilizer Valentine could do about food prices. Even the Administration seemed to see the folly of trying to control everything but food. At year's end, President Truman announced that for the time being, the nation would go along...
...ship I am ashamed to be aboard . . . We are blockade running [to] Communist China. We are hauling thousands of drums of oil and gasoline . . . and steel armor plate, tools and parts to the damned Reds . . . If you guys sight us you ought to blow this [ship] sky-high even though she flies the American flag...
...Huber uncorked a surprise. He jumped to his feet and offered an amendment calling for a corporate excess profits tax. Without bothering to ask for details, the House promptly gave its approval by a standing vote. When House Republicans later found that Huber's amendment would restore the sky-high 80% maximum tax (and the same basis for computing it) as in World War II, they forced another vote, and the amendment was tossed...
Once the U.S. had accepted the idea of pensions on a broad scale, private industrial plans spread rapidly, notably during World War II when the sky-high excess-profits tax made it possible for an employer to put $1,000,000 into a pension fund at a net cost of only $150,000. Today U.S. corporations have 13,000 retirement plans covering some 7,000,000 workers. On their own initiative, Americans have individually bought annuities that will pay them at least $750 million annually in their declining years, and are adding to this prospective income at a rate...