Word: tight
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Dates: during 1970-1979
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...credit and savings; also, they will have to pay much more for oil-related goods and services as varied as food and rents (tractors and furnaces burn fuel). So consumers will be obliged to buy less of almost everything else, notably cars, appliances and other durable goods. Squeezed by tight money, the construction rate of new homes and apartments could go as low as 1.2 million by March. As demand wanes, businessmen will further reduce production and inventories. But by late fall or early winter, their shelves and warehouses will be fairly empty, and they will have to stock...
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...
...which begins next October. Says Joseph Pechman of the Brookings Institution: "It is a very dismal budget outlook, and there is going to be a real fight. I don't think Carter can get spending much below $610 billion and, even at that, he has got to be tight on everything...
...site to site, the marginal farmer who drives to a supplemental job in town. But food production would not be set back; to run their equipment, farmers long ago shifted largely from gasoline to diesel fuel, and they are almost certain to be exempted from any tax increases or tight rationing...
...each performance. It was, at first, a flashy, frightening and finally exhilarating thing to see. Drummer Keith Moon blew up his drum kit, and Townshend rammed the neck of his guitar into his amp, while Daltrey slammed his microphone against the stage and Entwistle held tight to his bass, playing stubbornly on like a shipwreck's lone survivor trying to keep dry in a leaking lifeboat. There was too much discussion about how all this was rock's reflection of Pop art, happenings and autodestruction, how the demolition was an action critique of material values. But until the destruction came...