Word: nationalizations
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Dates: during 1970-1970
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...business, 1970 was the year of the hangover. The nation suffered the painful consequences of the economic overindulgence that began in 1965 when Lyndon Johnson expanded both welfare programs and the war in Viet Nam without benefit of a tax increase. That policy resulted in one of the longest, most severe inflations in American history: five years of accelerating price increases. In the so-far unsuccessful struggle to contain that inflation, the U.S. in 1970 stumbled into a recession that Richard Nixon had promised to avoid...
...fifth recession since World War II-and the mildest-but it interrupted the greatest advance of prosperity that the nation had ever known. The shock of unexpected reverses left deep psychological scars on businessmen, workers, shareholders and politicians. Almost every segment of the population felt aggrieved. Reflecting the uncommon discontent, Brooks McCormick, president of International Harvester Co., said: "The nicest thing about 1970 is that it's over...
Most statistical indexes slumped. Falling in every month but two, industrial production sank 5.3%. 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...
...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...
...costs, meager traffic growth and huge outlays for jumbo jets. A sensitive indicator of the U.S. economy, airline traffic goes into a dive whenever business in general weakens. This year companies reduced business travel, presidents moved back to the tourist-class cabin, and families postponed faraway vacation trips. The nation's twelve major airlines expect to lose as much as $125 million before taxes in 1970; Trans World Airlines alone will show a deficit of up to $65 million. The industry predicts even bigger losses in 1971 and 1972, although it has made stringent economies. The number of flights...