Word: rated
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Dates: during 1980-1980
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...billion to $50 billion that Reagan's advisers are recommending for fiscal 1981 would require a complete halt to any growth in nondefense spending. Since 1947, those politically popular expenditures-which include Social Security, aid to education, and employment training-have increased at an average rate of 5.3% annually. Said Eckstein: "The question is, Can Reagan effectuate this revolution...
During much of the presidential election year, economic events were not determined by the White House or by Congress, but by the Federal Reserve. Indeed, in the opinion of many observers, "the Fed was the only game in town." When inflation roared to an annual rate of 18.2% in the first quarter and bond markets collapsed following Jimmy Carter's proposal of a fiscal 1981 budget with a $ 15.8 billion deficit, the Fed hit the brakes hard. It imposed credit controls on consumer borrowing and clamped down on bank lending. The prime rate, which began the year...
Business, however, ran into a wall. Between April and June, the economy declined at an annual rate of 9.6%, the fastest drop since World War II. But then, with the arrival of summer and the acceleration of Carter's re-election campaign, credit controls were loosened and money became less restricted. The prime rate fell to a low of 11% in July. Yet, after November's presidential election and a new burst of inflation, the Federal Reserve Board once again tightened money, and interest rates began another steep rise, quickly passing the spring's historic interest rate...
...signed statement, Chairman James E. Stewart complained: "The interest rate policy of the Federal Reserve System is driving the economy of the United States into self-destruction." Russell M. Rockwell, the owner of Rockwell Equipment Co. in Hamilton, Ohio, says sharply: "I don't think the Federal Reserve knows what it's doing. It's like a two-year-old kid squeezing the kitten to death, and he doesn't realize he's doing...
...Humorist James Thurber wrote The Thirteen Clocks, just as, a decade before, Oxford Don J.R.R. Tolkien had written The Hobbit, and before him, another Oxonian, Lewis Carroll, had produced the Alice books. But seldom have parents and children been offered such a multitude of first-rate works (see box) along with the customary flood. Such volumes are candidates for two librarians' awards of growing importance in the industry: the Randolph J. Caldecott Medal, named for a prominent 19th century illustrator and given "for recognition of the most distinguished American picture book for children"; and the John Newbery Medal, named...