{"id":649,"date":"2011-12-24T18:08:18","date_gmt":"2011-12-25T01:08:18","guid":{"rendered":"http:\/\/gashler.com\/nlc\/?p=649"},"modified":"2013-12-31T23:12:22","modified_gmt":"2014-01-01T06:12:22","slug":"dollar-worthl-397-cents","status":"publish","type":"post","link":"https:\/\/gashler.com\/nlc\/?p=649","title":{"rendered":"Dollar Worth 39.7 Cents"},"content":{"rendered":"

\"Click<\/a>“The Consumer Price\u00a0Index now stands at 251.9\u00a0<\/span>which means goods and\u00a0<\/span>services that cost $100 in\u00a0<\/span>1967 now cost $251.90.<\/span>
\nStated another way, the
\n1967 dollar is now worth
\n39.7 cents.”
\nThat paragraph from a
\nweekend UPI news dis-
\npatch on the government’s
\nlatest economic report
\nspotlights sad effects of the
\ninflation which wracks the
\nUnited States economy.
\nThe government report
\nshowed inflation running at
\nan annual rate of 12.7 per-
\n– cent for September.
\n“On a compounded
\nbasis,” it said, “that is an
\nannual inflation rate of 12.7
\npercent, well under the 18
\npercent posted in the first
\nquarter of the year.”
\nThe Labor Department
\nreported a hefty rise of 1.6
\npercent in food costs,
\nwhich followed a 1.7 per- ‘
\ncent boost in August –
\nlargest increase in five
\nN years. The food price up-
\nturn resulted from the
\ndrought earlier this year, a
\ndepartment economist
\nsaid.
\nThe current devastating
\ninflation apparently is the
\nworst in at least the past
\nquarter century. A June
\nreport by the privately –
\norganized “Committee to
\nFight Inflation” led by
\nformer Federal Reserve
\nChairman Arthur F. Bums,
\nsaid:
\n“From an annual
\naverage rate of rise in
\nprices of 1.9 percent over
\nthe 11 years ending in 1967,
\ninflation accelerated to a
\nrate of 6.3 percent over the
\nnext 11 years ending in
\n1978; and then to a rate of
\n13 percent in 1979 and to
\nstill a higher rate in early
\n1980.”
\nAt that time the commit-
\ntee offered a series of anti-
\ninflation recommendations
\nand the very first one was a
\nbalanced budget. Yet, after
\n$60 billion in red ink
\nspending during fiscal 1980,
\nanother huge deficit is pro-
\njected for the current
\nfiscal year 1981. How big?
\n. That will be decreed at the
\npost-election (lameduck)
\ncongressional session sl-
\nated to start Nov. 12.
\nFigures of the office of
\nmanagement and budget
\nL for the period since 1958
\n‘ show red ink spending in
\nall but two years -‘ 1960
\nand 1969.
\nBalancing the federal
\nbudget may not, by itself,
\ncontrol inflation. But it
\nshould have become pain-
\nfully obvious to any
\nreasonable person that
\nconsistent deficit spending
\nis not the economic cure-
\nall its legion of proponents
\nhave touted it to be.
\nIt is equally clear that a
\nV balanced budget is only the
\nfirst step toward restora-
\ntion of economic sanity.
\nThe spendthrifts of both
\nparties in Congress must
\nlearn to say “no” to the in-
\ncessantly demanding con-
\nstituencies whose “free
\nlunches” have unleashed a
\nrunaway inflation monster,<\/p>\n","protected":false},"excerpt":{"rendered":"

“The Consumer Price\u00a0Index now stands at 251.9\u00a0which means goods and\u00a0services that cost $100 in\u00a01967 now cost $251.90. Stated another way, the 1967 dollar is now worth 39.7 cents.” That paragraph from a weekend UPI news dis- patch on the government’s latest economic report spotlights sad effects of the inflation which wracks the United States economy.… Continue reading Dollar Worth 39.7 Cents<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[8,21],"tags":[],"_links":{"self":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/posts\/649"}],"collection":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=649"}],"version-history":[{"count":0,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=\/wp\/v2\/posts\/649\/revisions"}],"wp:attachment":[{"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gashler.com\/nlc\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}