Word: prices
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Dates: during 1970-1970
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...campaign continues. By last week, advertising in Weekender had dropped 40%, from 1,000 square-column inches per issue to only 600. Editor Suzanne Snyder, 26, and Publisher John McCann were forced to raise the price five cents a copy. She and the paper's two staffers cut their salaries from $80 to $27 a week. "When you've been economically squeezed to a point where you don't have enough to eat," she says, "you begin to think enough is enough. But by that time you're ready to plan the next issue...
...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...
...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...
...automakers, 1970 was the toughest year in at least a decade. Buyers spurned big models in favor of less profitable compacts, minicars and fast-increasing imports (now 15% of the U.S. domestic market). Restive dealers grumbled over what they considered to be excessive factory control, reductions in their price markups, and the "dumping" of unwanted cars on their sales lots. Discontented customers demanded more reliability and easier repair-at a time when management found it increasingly hard to maintain quality output in their plants, in great part because of worker unrest. The eight-week strike against General Motors made...
Nixon has tried redefining his targets to make victory easier. A year ago, his closest economic aides said that they were aiming to reduce the rate of inflation to 14% or 2% by the end of 1971. Now they say that 3%, or perhaps a bit more, would represent price stability. Until lately, Administration officers have defined "full employment" as a 4% rate of joblessness. Recently they began talking of getting down to "the 4% zone," and at his last press conference, Nixon implied that anything "lower than 5%" would be a commendable showing...