Word: boom
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During the global boom from 1972 through early 1974, prices doubled and tripled for these and other commodities, fanning inflation in the U.S., Europe and Japan. Now prices have collapsed, largely because recession has cut world demand (see chart). The declines have helped slow the increase in living costs in most industrialized nations but have also reduced the export earnings of some developing countries. Many of their leaders are echoing the cry of Venezuela's President Carlos Andrés Pérez for a "new economic order" based on higher materials prices, and they are insisting that...
...commodity price slump and the industrial world's growing reluctance to pour money into countries where nationalization is a threat will reduce investment in raw materials production enough to leave supplies short when demand rises again, perhaps triggering a price explosion even worse than in the last boom...
...before they find the jobs they want. Says he: "An awful lot of people are going to end up in nonmanagerial, nonprofessional jobs, and the situation is not going to get any better until the 1980s." College enrollments, already dropping as a result of the end of the baby boom, may well begin to fall even faster as students become aware that a college degree is no longer an automatic passport to a good...
...President, has sold 2½ million copies. Margaret Truman Daniel's affectionate memoir will be filmed this fall. James Whitmore's theatrical impersonation, Give 'Em Hell Harry! (TIME, May 12) is playing to S.R.O. audiences all across the country. A singularly ardent fan of the Truman boom is Gerald Ford, who recently assured Mrs. Daniel, "Everyone who knows me knows how I feel about your father."* Such high-level boosterism has given the country a sudden fit of Trumania. In addition to the books, there are Truman T shirts, bumper stickers and even a song...
...comfort to the Indigent aged. In 1966 the Federal Government began to pay for nursing-home care through Medicaid, a federal-state program that last year spent $4.4 billion of its $12.7 billion budget on the elderly. The sudden gush of cash set loose a nursing-home boom as many entrepreneurs, many of them interested only in the bottom line, rushed into the business...