Word: socialized
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Dates: during 1970-1979
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...they spend, borrow and pay off, Americans are saving less of their incomes than in a decade-only 5.1%, which is down from the 1973-75 average of 7.6%. This may be due in part to a feeling that people need not worry about their old age because Medicare, Social Security and private pensions will take care of them, but the attitude represents a basic change in consumer psychology. When inflation ran high in past years, consumers reduced their borrowing and increased their savings out of fear of bad times ahead. This helped fight inflation by braking an economy that...
...biggest battles will rage over defense and social welfare spending. Together, the Pentagon and Health, Education and Welfare take about 60% of the budget. OMB is recommending defense spending of $122 billion, an increase of just under 9% from current levels and therefore not enough to offset inflation, which has been running at 91/2%. A defense budget of that size would not honor Carter's NATO pledge of last spring to increase U.S. defense expenditures by 3% above inflation. Last week, however. Carter repeated that promise, suggesting that he could end up overruling the recommendation of his own budget advisers...
Unfortunately, budget trimming by OMB seems small when weighed against the remorseless growth of federal expenditures that are mandated by law. Such "entitlement programs" as Social Security. Medicare and federal pensions account for nearly two-thirds of the budget, and in HEW they claim 89c of every dollar. Social Security alone costs $104 billion. Unless the growth of benefits is slowed, the whole Social Security system?as well as the budget?will be in deep trouble. Says Alice Rivlin, director of the Congressional Budget Office: "If you're really concerned about the growth in Government, then you have...
...feels that the healing process has already taken hold. "If a kid is in trouble, word now gets back to us. A lot of trust between faculty and students has been built up." Many of the youngsters seemed to need assurance that they would not kill themselves. Says School Social Worker Robert Klopfer: "Even though they had no real intention of committing such an act, the boundaries between thoughts and actions are blurred under such circumstances. Many kids were frightened...
...Mantle, Whitey Ford and Phil Rizzuto stopped by to check out the fancy footwear. "It's just a sideline," cautioned Martin, who has a commitment to manage the Yankees again in 1980. To keep in touch, he has roped in all the Yankees to come to a social at the store next month and has even issued a welcome, pardners, to the Mets...