Word: leveling
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Dates: during 1970-1970
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...another matter, Agnew did promise relief. Faced with complaints that Republican Governors have trouble making their voices heard in the White House, the Vice President promised to spend more time serving as Nixon's intermediary in state-level politics. He was assigned that job by the President in February 1969, but has spent little time fulfilling its duties. Pledged Agnew: "We will strengthen our efforts at liaison...
...last week for the once-in-a-decade Conference on Children. Among the proposals they urged on President Nixon were the establishment of a National Institute for the Family; universal daycare, health and early learning services in which parents would play a major role; the creation of a Cabinet-level Department of Family and Children; and an in dependent Office of Child Advocacy. There was also a lavish list of demands?though more modest than the one ten years ago?covering everything from prevention of child injuries to reforming the judiciary system...
...Almost one-quarter of the nation's industrial capacity lay idle, creating a large gap between the actual and the potential growth of the economy, if its resources of manpower and plant had been fully utilized.* Retail sales foundered, and corporate profit margins retreated to their lowest level in twelve years. The nation's real output of goods and services declined about .2%. That happened because the 5.3% price inflation more than offset the 5.1% growth of gross national product...
...which Federal Reserve Chairman Arthur Burns calls "more widespread and more intense" than at any time since World War II. Unprofitable products were dropped, inefficient factories closed, research projects curtailed, advertising budgets pruned. It was the year of the layoff. Labor hoarding gave way to payroll paring at every level. Liaison men, coordinators and other functionaries with fuzzily defined duties proved to be particularly vulnerable. Layers of superfluous executives, built up over the euphoric years, were fired or pushed into early retirement. As part of one hold-down, the assistant controller of a Pittsburgh steel company daringly recommended that...
...monetary dial at "full stop" in mid-1969. Between then and February of this year, the board squeezed the nation's money supply so severely that it rose at an annual rate of only .2%. The effect was to throttle bank lending, drive interest rates to their highest level since the Civil War, and ultimately to slow down business in general...