Word: spurts
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Normally, the news that the U.S. economy scored its biggest spurt in 15 years would be cause for rejoicing. Now, nothing is normal, and last week's report that the gross national product jumped $16.9 billion in the year's first quarter, to a record annual rate of $714 billion, gave Washington's economy watchers an acute case of the jitters. It heightened fears that the economy is inflating too fast and that President Johnson may have to hike taxes to slow things down...
...half-percent rise in the crucial consumer price index for February, caused largely by spiraling meat, milk, poultry and vegetable costs. It was the largest increase for any February since 1951, and it came after several other monthly rises and on the heels of an even greater spurt in the monthly wholesale price index...
...before the bishop bothered to bring him to trial. Usually the prisoner was beaten by his jailers; often he was put to the rack. A nasty bishop named Boner once held a prisoner's hand over a candle flame "till the sin ews burst, and the water did spurt into the dean's face." Accused heretics not infrequently died of mistreatment before they could be executed, and quite often went insane. But according to Foxe they seldom recanted...
...import spurt would be easier to tolerate if exports were keeping pace. Export growth has been stunted by several factors: dock strikes in the U.S., the slowing of business expansion in Europe and Japan, Britain's 10% sur charge on imports, and the worldwide plunge in commodities prices, which the underdeveloped nations depend on to earn foreign exchange. And, despite denials from U.S. officials, many businessmen suspect that the "voluntary" cutback of U.S. loans abroad has also hurt the nation's exports by drying up dollars in Europe...
Tougher Than Usual. The possibility of an inflationary steel settlement was only one cause for concern as the U.S. basked in its 54th straight month of prosperity. Even more disturbing was the anticipated spurt in defense spending to pay for the expanding war in Viet Nam. So far this year, President Johnson has demanded only $2.4 billion in supplementary funds to fight the war, but that figure is virtually certain to top $5 billion by the end of the current fiscal year; it could soar as high as $12 billion a year thereafter. In addition, congressional eagerness to expand Administration...