Word: tip
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Dates: during 1970-1979
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...Tip...
...names and faces involved in the Mass primary today, the ones you're sure to recognize both belong to Thomas P. (Tip) O'Neill, Congressional representative of the 8th Disctict (including his home turf, Cambridge) and Speaker of the House. Tip has been pretty busy this year in Washington, what with restoring Uncle Joe Cannon's post to its former grandeur and fending off charges of involvement in Koreagate. You've seen his, uh, craggy Irish face splashed all over newspapers and magazines...
...Arthur Okun, a member of TIME'S Board of Economists, proposed a variant: cuts in income taxes for both companies and their workers if wage increases are held to 6% and price boosts to 4%. Proxmire's bill would authorize the Administration to try either type of TIP...
Both are denounced by conservatives who oppose any interference in the free market. Government officials' main fear is that a monstrous bureaucracy would be needed to monitor hundreds of thousands of wage and price boosts. For that reason, the Administration favors Wallich's TIP over Okun's: watching just wages would be easier than keeping tabs on prices too. Weintraub suggests that policing could be simplified by confining TIP penalties to the 2,000 or so biggest U.S. companies...
...TIP, reports TIME Economic Correspondent George Taber, seems a strangely radical idea to come from Wallich, a Republican professor of economics whose pin-striped blue suits and slow, heavily technical speech make him seem the embodiment of fiscal traditionalism. But as a child in Berlin he lived through the insane German inflation of 1923-24. Once his mother gave him 105 billion marks to buy a ticket to a swimming pool that had cost 15 pfennig to enter not long before. But she miscalculated; by the time Wallich got to the pool, the price had risen to 150 billion marks...