Word: spiralled
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Last year Harvard had a payroll of more than $150 million, but that had to cover 11,500 full-time employees as well as part-time workers. Daniel D. Cantor, director of personnel, points out that an inflationary spiral causes employee morale to topple because the depressed economy spills over into the workers' lives and job performance. Still, Wickenden says she doesn't sense any waves of discontent because of tight money; in fact, she says that in ten years of working in the personnel office at the Ed School, "I don't remember anyone leaving because they weren...
...price that every American pays for these failures is a decade-long inflation that is the most pernicious price spiral since the Korean War, and certainly the most alarming one in the nation's history. Because competitiveness and efficiency have declined, and productivity growth, that most basic yardstick for measuring a nation's economic vitality, has slowed, the real cost of producing goods has jumped. Meanwhile, to keep demand up, the Government has created money and credit at far faster rates than businessmen can turn out products and services. The result: too much money chasing too few goods, which...
...quick fixes have lastingly slowed the spiral. Temporary cuts in Government spending, coupled with a tight rein on monetary growth, as Richard Nixon tried in 1969, brought on recession and aggravated unemployment, but inflation stayed strong. Freezing wages and prices, as Nixon did in 1971, merely built up pressure for huge price increases later...
...harvests in the citrus belt. Government economists also argue that price gouging by foreign oil producers is exogenous. True, but only partly so. Not only did inflation in the industrial countries encourage the 13-nation OPEC cartel to quintuple its prices in 1973-74, but the accelerating U.S. price spiral provides the cartel with its only excuse for raising its prices still higher...
Last week was one for the record books-literally. From the statisticians at the Labor Department came official confirmation that over the past six months the U.S. has experienced the steepest spiral of inflation it has had in nearly 30 years. Not since the Korean War price explosion of 1950-51 has double-digit inflation gripped the economy so relentlessly for a full half year. But no sooner had Jimmy Carter named his new economic team of Treasury Secretary G. William Miller and Federal Reserve Chairman Paul Volcker than the grim news was out: living costs had spurted...