Word: offing
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Dates: during 1970-1970
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The combination of price rise and job fall-off has stirred more confusion and concern among Americans than any other economic issue since the Great Depression. The two situations are certainly not comparable. The U.S. economy is basically strong; its sluggishness this year has been induced by governmental tax, spending...
Economists share that unease. All the textbooks that they have studied and written indicated that the rate of price increases should have moderated by now.
Yet members of TIME'S Board of Economists, meeting last week, could see only an unsatisfactory improvement on the price front next year. The board's majority forecast is that unemployment throughout 1971 will average about as high as now, reaching a peak of 6% or more during some months...
(8 of 11) veteran workers tend to slough off and slow down, figuring that they will not be fired. All this raises employers' costs. They kick up prices, and encounter little resistance. Since jobs are plentiful and incomes high, consumers are willing to pay almost any price.
The idea that unemployment is necessary to curb inflation is often regarded by politicians as too shocking to be uttered out loud. During the 1968 campaign, Richard Nixon promised to stop inflation while throwing exactly three Americans out of work?the three members of Lyndon Johnson's Council of Economic...