Word: slowdowns
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...Friedman's analysis, a predictable slowdown in the economy began about nine months after the Federal Reserve started tightening up on the growth of money supply at the beginning of 1969. After that lag, Friedman calculates, it takes an average of still another six to nine months more before reduced output -and increasing joblessness-begin to affect prices. *Last week the Commerce Department reported that in 1970 the nation's real output of goods and services fell by .5%, but prices rose 5.3%, the steepest one-year advance since 1951. Even so, Friedman tirelessly maintains that the momentum...
Investors, executives, blue-collar workers and just about everybody else agree that the U.S. economy has been suffering through a recession. But most of President Nixon's aides have avoided that word, preferring to describe their engineered economic slowdown as an "adjustment" or a "recedence." The semantic tug of war might seem to be only an academic matter, but it could have important political consequences in the 1972 election. Nixon figures that the last recession cost him the presidency...
Capitulating to growing public anger and to popular support for the Conservative government's hard-line stand against inflationary wage increases, the 125,000 Electrical Trades Union (E.T.U.) workers abandoned their crippling power slowdown. While the E.T.U. power men did not give up their demands (a $13.92 increase over current average weekly earnings of $57.60), they submitted to adjudication of their wage claims by a Special Court of Inquiry charged with formally taking the national interest into account...
...success in preserving his hard line has for the moment given pause to imminent inflationary wage claims by other nationalized public workers, including employees of Britain's railway, post office and waterworks. It has also increased his personal popularity. A Gallup poll taken during the E.T.U. slowdown indicated that 45% of the populace approved of Heath's performance as Prime Minister, while 42% were dissatisfied-a dramatic reversal of the 39% v. 45% showing last month...
Spasm of Cost Cutting. When 1970 began, few corporate chiefs foresaw a slowdown as great as the one that occurred. They reacted with a spasm of cost cutting, which Federal Reserve Chairman Arthur Burns calls "more widespread and more intense" than at any time since World War II. Unprofitable products were dropped, inefficient factories closed, research projects curtailed, advertising budgets pruned. It was the year of the layoff. Labor hoarding gave way to payroll paring at every level. Liaison men, coordinators and other functionaries with fuzzily defined duties proved to be particularly vulnerable. Layers of superfluous executives, built up over...