Word: rate
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Dates: during 1970-1970
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...growth gap is measured in terms of constant dollars at the 1958 rate, in order to discount the effects of inflation...
...Nixon Administration wants more. It is hoping for a 6% spurt in real growth for the year-or an astronomical 8% if measured from this year's strike-depressed fourth quarter to next year's fourth quarter. That unlikely rate of gain would lift the G.N.P. to $1.060 trillion. Beyond that, Nixon is aiming to go into the 1972 elections having achieved both reasonably full employment and reasonably stable prices. Almost all economists outside the President's immediate circle agree that such a feat is nearly impossible in such a short time...
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...
Gung-Ho for Growth? Whatever the numbers, the President has to decide on which of two policies to emphasize. Should he aim for a modest rate of economic recovery, risking a continuation of high unemployment? Or should he strive for a faster snapback, risking more inflation later? Every sign now indicates that the President, prodded by Chief Economist Paul McCracken and Budget Boss George Shultz, has made a decision to go for speedy, job-creating growth. It remains to be seen whether John Connally, Nixon's surprise choice for Secretary of the Treasury, will alter the strategy. Though...
This year the American consumer has been saving at an unprecedented rate of 7.3% of his income, and banks have tried to attract more deposits by offering gifts like appliances, luggage and wigs for women. The average American family has a fat $7,610 put away in savings accounts. Usually, a lot of money begins to burn a hole in the consumer's pocket, and a splurge of spending begins. But the usual consumer psychology may have changed. Last week George Katona, a consumer expert who heads the University of Michigan Survey Research Center, reported that the consumer...