Word: slowdowns
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...before, Nixon blamed "the errors of the past" for much of the present and prospective difficulty. On top of previous deficits, last year's cut in the income tax surcharge -now due to expire altogether on June 30-curtailed revenues available to the Government. The slowdown in the economy, plus falling corporate profits, will curb the normal growth of tax receipts...
...Economic Advisers, forecast both less inflation and less growth for the economy this year than last. Gross national product should rise about 5½% to $985 billion, the CEA predicted, compared with the too swift 7.7% expansion during 1969. The trick, of course, is to keep the anti-inflationary slowdown from growing into a grave economic slump. Last week, stock prices, often an advance indicator of broader economic trends, fell to their lowest level since November 1963 (see BUSINESS). Still, Nixon told his news conference at week's end: "I do not expect a recession to occur." Thanks...
...Czechoslovaks realize full well that they have brought on much of their own misery. In protest against the 17-month-old Soviet occupation and the repression of the liberal reformers, the workers have gone on what amounts to a nationwide slowdown. Official exhortations to work harder and decrees threatening malingerers with fines and prison terms simply have not worked. Rather than buckle under to the wishes of the Soviet-backed regime by increasing production, an astonishing number of Czechoslovaks have chosen to thwart the government, even if it brings discomfort upon themselves...
...only way to stop inflation, President Nixon's economists have tirelessly insisted, is to follow a deflationary policy that will produce a slowdown in business. They have now achieved the slowdown. Indeed, the U.S. may well be in the early stages of a recession -but inflation seems to be speeding up. In December, when industrial production fell for the fifth straight month and housing starts slumped to the lowest point in two years, the consumer price index jumped at an annual rate of 7.2%-its fastest advance since last June. Millions of Americans are suffering from...
...partner in Brown Bros. Harriman, makes the extreme proposal that Nixon should appeal for a six-month voluntary freeze on all wages, prices and dividends. He argues that inflationary psychology has become so deeply ingrained that it will not be wiped out by a business slowdown "unless it reaches the disastrous scale of a depression...