Word: slowdowns
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Dates: during 1970-1979
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Safe Guess. The extraordinary disclosure suggested that the miners' slowdown, the three-day week, the strike and even the election all might have been averted, since it lent strong justification to the miners' main argument that they had fallen behind other workers in pay. On election eve Heath is expected to get more bad news when the January trade figures are released. The Labor Party's shadow Chancellor, Denis Healey, has predicted that they will be "hair-raising"-a fairly safe guess...
...airline has been fighting through more turbulence than American Airlines: in the past two years it has been buffeted by two scandals (involving alleged kickbacks from the airline's magazine printers and illegal campaign contributions), a pilot slowdown, the fuel shortage and a financial downdraft that last year brought it a record loss of $48 million. Searching for a new president to steady the controls, chairman C.R. Smith reached completely outside the airline industry and picked a newspaper executive Albert V. Casey, 54, president of the Times Mirror Co. of Los Angeles...
Some Fine-Tuning. Lifting controls may produce another run-up in prices this spring. But Administration economists are betting that an economic slowdown will help lower the inflation rate to something like 4% or 5% in the second half of 1974. In fact, a major concern of economic policymakers this year will be to keep that slowdown from turning into an outright recession. Unemployment is already climbing-from 4.8% in December to 5.2% in January -and the fuel shortage is causing layoffs and production cutbacks all over the country...
...pressed their demands by refusing to work overtime. That job action reduced production in the nationalized coal industry by nearly 40 per cent, throwing an already faltering economy even further out of whack. Heath's enactment of a three-day work week was more a reaction to the miners' slowdown than to anything else...
Despite the current economic slowdown, Nixon is offering what he calls "a budget which will continue a posture of modest restraint." The slowdown is cutting into personal incomes and profits and thus into the tax take. Revenues will be lower than if the economy were closer to full employment, and the budget is dropping deeper into the red. The deficit is expected to swell from $4.7 billion this fiscal year to $9.4 billion next year. Many economists outside the Government predict larger deficits, as high as $20 billion. For all of Richard Nixon's conservative fiscal views, his budgets...