Word: slowdowns
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Dates: during 1960-1969
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...stark, unyielding figures. In the budget for fiscal 1968 that Lyndon Johnson is sending to Congress this week, bound in a subdued, rust-colored cover, the priorities are baldly stated. The President calls for a sizable increase in defense spending to sustain the Viet Nam war, with a complementary slowdown-though not an actual decrease-in Great Society spending...
...economic experts on whether he should raise taxes: he insisted on signed memos of opinion from every person he consulted, both inside and outside the Administration. All agreed that a tax boost was in order. Some non-Administration economists argued that the crimp on income could brake the business slowdown to the danger point. But Johnson also asked for an average 20% rise in Social Security benefits. It was an unexpectedly large increase that will pump some $4.1 billion into the economy and may in fact bring enough new money into the market place to offset the drain...
Just at a time when he is beginning to enjoy a modicum of affluence, however, the Spanish worker is being pressed by inflation, which is running at a rate of about 5% a year, and by a slowdown of the general boom that Spain has enjoyed for the past seven years. Production lines no longer operate day and night, overtime has been reduced, and many factories have been forced to lay off some of their working force. Result: a wave of strikes aimed at maintaining the standard of living to which the workers have only recently become accustomed. Once...
...slowdown's most disturbing effect is rising unemployment. Even though the jobless rate is low by U.S. standards, the number of unemployed has jumped from 120,000 to 330,000 over the past year, may rise to 600,000 by spring. "A disaster has not happened yet," says Federal Unemployment Insurance Chief Anton Sabel. "It's the trend that begins to worry...
British Prime Minister Harold Wilson's deflationary policies have claimed an unexpected victim: the Fleet Street press. Troubles have been building steadily, but because of the overall slowdown, ad linage has dropped an estimated 25% from last year; only five of the eleven London dailies are still making a profit. This month the Guardian was forced to announce an austerity program: to save $1,400,000 next year, it will lay off 36 writers and editors and cut back other departments as much...