Word: spiralling
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Geometry is all very well, but it works better if it is combined with wit: witness George Sugarman's whirling yellow-green Square Spiral, which sends the eye circling dizzily through the empty hole of its central vortex. John Anderson has built an immense symmetrical flower-like wood carrousel, calls it Baroque. Minimal forms still massively demand their unrewarding space, but they are countered by weirdly eccentric shapes that are frankly frivolous, at least unpredictable. California's William Geis, the gutsiest of the out-of-town recruits unearthed by the traveling scouts, displays Perusal...
There is reason to expect that next year demand will taper and the price spiral will slow. The tax increase is finally beginning to take effect: the after-tax income of the average American, which rose at an annual rate of $36 in this year's first quarter, increased $20 in the second quarter and only $4 in the third quarter. On Jan. 1, the taxpayer will be hit with an increase in Social Security taxes; the maximum payment, for people earning $7,800 a year or more, will go up from $290 to $374. On April 15, millions...
Nixon has quite a bit of room for some mildly deflationary measures because unemployment is so low. Encouragingly, economists of the Johnson Administration believe that the wage-price spiral eventually can be restrained by permitting unemployment to climb back to a politically acceptable rate of about 4%, and letting it hover there for a while. But, warns Arthur Okun, the outgoing chairman of the President's Council of Economic Advisers: "If ever there is going to be a year of bliss for the American economy, it will...
...week to decide the fate of the country's liberal economic program that once was an integral part of Dubcek's now defunct reforms. Czechoslovakia's economy is in deep trouble; productivity has lagged far behind wage increases, and prices are in a wild upward spiral (120% for furniture, 60% for clothing). Russia, which aims to fasten the nation's industry more securely than ever to its own economic needs, last week proffered a sizable hard-currency loan. As usual, Soviet help would come with plenty of strings...
With that observation in mind, McCracken will probably emphasize the utilization of adjustments in the money supply to stimulate or restrain the economy. One of his thorniest economic problems, of course, will be inflation. Any concerted drive to stop the price spiral would involve deflationary steps that could increase unemployment. McCracken would probably be willing to see the jobless rate rise slightly above the current 3.6% in order to cool the feverish economy. But he is unlikely to tolerate the 5%-plus rate that some economists and businessmen think is nec essary. In a recent speech, he noted that...