Word: trillion
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Dates: during 1970-1979
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Last week-much later than had been previously expected-the sheer momentum of the mighty but misfiring U.S. economic machine lifted the annual rate of G.N.P. over the $1 trillion-a-year mark. Despite the tarnish that inflation placed on that achievement, President Nixon appeared for ceremonies at the Commerce Department's new gross national product clock-a brightly lit and buzzing electronic gadget that ticks off the nation's estimated economic growth at the rate of $2,000 a second. Said Nixon: "We hope to keep it moving, and perhaps move it faster in the years ahead...
...Economists foresee relatively high unemployment, coupled with about a 3)% rate of real economic growth and close to a 4% rate of inflation. That would make for a total of something more than 7% growth in the gross national product, lifting it from $977 billion this year to $1.045 trillion or $1.055 trillion next year...
...Administration wants more. It is hoping for a 6% spurt in real growth for the year-or an astronomical 8% if measured from this year's strike-depressed fourth quarter to next year's fourth quarter. That unlikely rate of gain would lift the G.N.P. to $1.060 trillion. Beyond that, Nixon is aiming to go into the 1972 elections having achieved both reasonably full employment and reasonably stable prices. Almost all economists outside the President's immediate circle agree that such a feat is nearly impossible in such a short time...
Metcalf estimates that Lake Michigan contains 10,000 Ibs. of dissolved DDT. About 50 trillion insects leave the lake annually, each one containing .0000001 gram of the pesticide. If 10% of the bugs were trapped and burned every year−and no more DDT was sprayed around the watershed−the lake could be free of the pesticide in a decade...
Gambling is an irrepressible instinct and a national passion, Loeb warns, so there is no acceptable alternative to Government control. Unless gambling profits are channeled into public coffers, he demonstrated statistically, "organized crime will have a trillion dollars 15 years from now, which means those people will own the country...