Word: steams
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Dates: during 1970-1979
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PRICES. Inflation will abate, but not soon enough or substantially enough to cheer about. Recessions are usually slow to take the steam out of prices, and a tight money policy requires months to produce results. In fact, high interest rates will continue to add to inflation until they start to curb overall demand, and then prices are expected to taper off. Despite rising unemployment, wages and benefits stand to accelerate. They increased about 8% this year, or much less than the rate of inflation, and workers can make a strong case for more, just to catch...
Bill Bradley, New Jersey Democratic Senator and former professional basketball player, on senatorial privileges: "I prefer to eat lunch in the Senate dining room than sweat in the Senate steam bath. I have had my share of sweating...
...worldwide effort to save the Cambodian people from mass starvation continued to gather steam last week. A group of Western nations asked U.N. Secretary-General Kurt Waldheim to declare the sprawling refugee camps along the Thai border to be internationally supervised "safe havens," protected by the force of world opinion. Private relief efforts were also gathering momentum. On the day after Thanksgiving a DC-8 cargo plane carrying $1.5 million worth of canned meat, baby formula, antibiotics and other supplies landed at Phnom-Penh's Pochentong Airport. It had been chartered by Operation California, an organization headed...
...closed. Until 1975 the Ruseokeo textile plant on the outskirts of the city employed 600 workers making cotton cloth. With help from OXFAM, the Oxford-based relief agency, it has since reopened, but only half of its looms are being used. Reason: a lack of spare parts for the steam boiler that drives them. Complains Manager Tiv Chhivky, 45, "I don't know what parts to ask for. We want to reconstruct, but we don't have the money...
...least two years after most of its competitors had already done so. The company by the end of 1981 will shut down 15 older plants and mills in eight states, laying off 13,000 of its 100,000 steelworkers. Among the closings: the Youngstown Works in Ohio where a steam engine installed in 1908 still drives one of the rolling mills. U.S. Steel's earnings will be hit by the plant closings, which could cost as much as $600 million, mainly in pension benefits to workers. But Chairman David Roderick indicated that further closings may be necessary unless productivity...