Word: digital
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Dates: during 1970-1979
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...surprise surge in money growth was precisely what happened last spring. This is a big reason why inflation shows no signs of abating. Ironically, even as then Fed Chairman and now Treasury Secretary G. William Miller was proclaiming a clampdown on monetary growth and pointing proudly to double-digit nationwide interest rates as evidence that the Fed was making it costly to borrow funds, the money supply itself was about to explode...
Managers, secretaries and production workers are painfully aware that when they get a pay raise, the extra dollars that they take home after taxes rarely begin to cover the increased costs they must bear. In the past year, as a result of the ravages of double-digit inflation, real incomes have fallen on average by more than 4%. What is less obvious is that the squeeze on purchasing power has become as much of a problem for employers as for employees...
...active workers will have to increase their pension contributions. A congressional Joint Committee on Tax study has estimated that individual contributions will nearly double, from this year's $11.3 billion to $21.9 billion in 1984. Cutting back the growth of pension fund benefits in an era of double-digit inflation will be difficult but inevitable. Without some moderate increase in the burden on current workers combined with some decrease in benefits for current and future retirees, the fate of many pension programs is grimly clear. Says Richard Roeder, a pension analyst in Detroit: "For the Hamtramcks of this country...
...dominant determinant of the current business cycle. The economy is entering recession because the previous boom bounced against the supply constraints of industrial capacity and energy. It was not just Iran which created the gas lines but a more permanent use of energy beyond available supplies. Indeed, the double-digit inflation was created before the recent round of oil troubles, originating in a general shortfall of industrial capacity and renewed food troubles...
Such cutting seems to become more imperative each month. The Government reported last week that consumer prices rose 1% in July, which is an annual rate of 13.1%, and thus extended the present stretch of double-digit inflation to a full seven months. At the same time, the spending power of Americans has continued to decline. Mostly because of inflation, but also because taxes have been creeping upward, the actual buying power that people have been getting from the money in their paychecks has declined by nearly 4% over the past twelve months. So more and more, almost...