Word: spiralled
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...turned the recession around, now stands tottering on the brink of something disastrous called "inflation." But does it? The U.S. could indeed have serious inflation if fiscal irresponsibility at Government levels piled up national debts heavier than the economy can absorb. It might also have inflation if the wage spiral got out of hand, or if capacity to produce fell so far short of demand that prices suddenly shot up by 10% or 20%. It will not have "inflation" by any sensible definition of the word so long as the U.S. can manage its debts and prices rise...
Though the federal deficit will continue to be large, possibly running to $10-$12 billion next year, it will still represent less than 3% of the gross national product, hardly a harbinger of runaway inflation. The bothersome rise in the wage-price spiral will be slowed by several deflationary factors: widespread overcapacity in basic industries, a squeeze on profit margins, no recurrence of a labor shortage as working-age population rises. What the bank expects is a relatively stable growth pattern over the next five years, with prices rising a modest 1% or 2% each year. Any further acceleration...
Another major effect of long-term contracts is to nudge the price spiral higher. Long-term contracts boosted the steel industry's labor bill by 26? an hour last month; steel prices advanced soon after by $4.50 per ton at a time when many experts argued strongly for price cuts to stimulate the nation's economic recovery. Money-losing railroads were obliged to hike hourly wages by 12? last November, pile on 4? more in April, now are slated for a third 7? jump this November. Meanwhile, they fall deeper into the red, though both passenger and freight...
...businessmen expect the crisis to trigger a vast, Korea-like boom with accompanying inflationary spiral. Lebanon is not Korea; the U.S. is not in a war, and the Government is making no hasty plans for big stockpiles, material allocations or other controls. At the moment, the effect of Mid-East upheaval is more likely to show itself in a subtle, psychological change in the business climate rather than in any dramatic turnabout...
...least one big purchase they want to make-and many have more than one in the budget. The great danger, noted the survey, is that further inflation and continuing price rises may discourage future consumer buying. Compared with June 1957, when 42% were fatalistically resigned to a perpetual price spiral, only 28% of U.S. consumers now expect prices of household goods and clothing to keep on going up; the remaining 72% look for mixed movement, no change or a general decline. Thus price becomes an increasingly important factor. Concludes the survey: "Consumer desires and needs for durable goods, homes...