Word: swollenness
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...more surprised by the underwriting debacle than the companies themselves. Their reserves, which determine how much new business they can write, were swollen as the companies entered the 1970s. But when the stock market began plunging early in 1973, the companies saw their portfolios wither and their reserves drop 22%, to $21 billion by the end of 1974. At about the same time, inflation was racing ahead to record levels, sending claims costs soaring, a condition that was worsened by an unusually high number of tornado and fire losses...
Calcutta presents a harrowing vision. The destitute, the skin-and-bones starving, the leprous and the dying seem to be concentrated there as nowhere else in India-or the world. Their numbers, swollen by past waves of refugees from Bangladesh, grow daily. At least 200,000 of them live in the streets, building tiny fires to cook their scraps of food, defecating at curbstones, curling up in their cotton rags against a wall to sleep-and often to die. Out of this scene of unremitting human desolation has come an extraordinary message of love and hope. Its bearer...
...Swollen Inventories. Instead, the worst was over by late spring. The economy's vaunted "built-in stabilizers" began to work. For example, as incomes fell, Government tax collections were automatically reduced while outlays for unemployment compensation and welfare soared, thus causing the Government quite unintentionally to pump more money into the economy. Also, Administration policy turned around completely in January. President Ford late in 1974 called for a 5% surcharge on upper-level incomes; by his 1975 State of the Union speech he was instead advocating big tax reductions. The eventual result was enactment in March of $22 billion...
...spring. By May, retail sales began to move up smartly; by June, unemployment began to drop slowly. For the second quarter, real G.N.P. squeezed out a gain at an annual rate of 1.9%. That ballooned to 13.2% in the third quarter, as businessmen at last cleaned out swollen inventories and began filling orders from new production. The sell-off gave the economy a one-shot lift; the rate of production growth is widely expected to drop back to about 5% in the current quarter-an anticipated development and no cause for alarm...
...years. The Hague government is rapidly trying to unload the vestiges of its old colonial empire−an anachronistic embarrassment. Beyond that, The Netherlands has grown tired of the strife that has racked Surinam since the Hindustanis lost the 1973 elections. A tide of mostly Hindustani immigrants has swollen The Netherlands' Surinamese population from 60,000 to 140,000; they have come to take advantage of the citizenship−not to mention the lavish welfare system−that the Dutch offer all their colonial subjects. At first the newcomers were warmly welcome. But the tolerant Dutch are troubled...