Word: spiralling
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...browbeat industry and unions but to deal with the inflationary plague that is spread by the Government. Certainly wage and price restraint is important, and Stage II is better than outright controls. But excessive Government spending, towering deficits and ever multiplying regulations are also fundamental causes of the price spiral. Says Pfizer's Pratt: "We have told the President, as most companies have, that we will abide by the guidelines. But what the Government itself is doing is a big part of the problem." In short, the nation would benefit tremendously if Washington were to adopt and obey some...
...spiral staircase leading to the ambassador's office on the second floor of the American mission in Tehran is lined with photographs of the Shah posing with every U.S. President from F.D.R. to Jimmy Carter. In the ambassador's own living quarters, there hangs a lacquered painting of a peaceful Vietnamese peasant scene with a simple inscription: "To my friend Bill Sullivan." The signature is that of South Viet Nam's ex-President Nguyen Van Thieu...
Along the 150 members of the international press aboard Khomeini's flight was TIME Correspondent Bruce van Voorst. "Shortly after takeoff, the Ayatullah climbed the spiral staircase to the jumbo jet's lounge section, removed his turban and sandals, curled up on several Air France blankets and slept for 2½ hours," reported van Voorst. "His personal security guard, suffering from a toothache and numb from aspirins, sat at the bottom of the steps. At sunrise, somewhere over Turkey, the Ayatullah said prayers, then was served an omelet for breakfast. When the captain announced that the plane had flown into Iranian...
Meanwhile, Chancellor of the Exchequer Denis Healey had grim warnings for Britons about a new inflationary spiral. If wage increases sought by public service employees and other striking workers average 15%, the country could expect double-digit inflation by summer, reaching 13% by year's end (current rate: 9%). The wage hikes could add $6 billion to the cost of public services in Britain, which the Labor government might have to offset by raising taxes and cutting government expenditures by $3 billion. If so, the number of unemployed in the country could rise from about 1.5 million...
There is a tremendous backlog of demand for capital goods building up, but businessmen will be willing to buy and build only when they see that inflation has been curbed. They believe, with much justification, that Government spending is one of the root sources of the inflationary spiral that hurts all Americans. For both psychological and substantive reasons, narrowing the deficit and bringing the budget into balance are vital steps in slowing the rise in prices. During the '60s and early '70s, the budget exploded with a mass of social programs that were perhaps innovative and needed...