Word: 1980s
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...American cooking, start with her breakfast strata. Usually made from little more than dull layers of bread, cheese and eggs, in Lukins' hands the dish became a bold delicacy with prosciutto, arugula and pesto. The fact that her recipes contained ingredients most Americans had never heard of in the 1980s hardly mattered. Lukins, who died Aug. 30 of brain cancer at age 66, knew how to make things taste good...
...gave American women the information and confidence to master the French classics, Lukins freed them from the strictures of a single cuisine. In her best-selling Silver Palate cookbooks, co-authored with Julee Rosso, she borrowed flavors and techniques from around the world to create a sophisticated style that 1980s America, with its new prosperity and attention to food, was ready to claim as its own. The dinner party was never the same...
There is a limit on how big the government's borrowings can get before they start causing problems. But what's the limit? In the early 1980s, many smart people would have told you that deficits topping 3% of GDP would bring economic pain, as government borrowing crowded out private investment and investors demanded higher interest rates on Treasuries to compensate for our country's shakier finances. But during the Reagan presidency, deficits stayed above 4% of GDP for five straight years - and interest rates fell, and the economy boomed. (Hence Cheney's full statement to O'Neill: "Reagan proved...
...decade to allow competition, but it had to back down from this practice after phone companies threatened to sue. Worse, the FCC and the courts allowed SBC to buy both AT&T and Bellsouth in 2005 and 2006, creating a huge monopoly that rivaled AT&T of the 1980s. Lack of competition in the U.S. broadband market has lead to huge profits for companies like Comcast and Verizon, making U.S. Internet not only slow but also among the most expensive in the world...
...Hysteresis, Summers explained, could come from all sorts of shocks like this. And that may be what is playing out in the U.S. If you look at the three great job busts of the past 100 years - the 1930s, the early 1980s and today - you find an important difference. The Reagan recession ended with workers returning to jobs that were the same as or similar to the ones they had lost. But 1930s joblessness was structural. The jobs people lost - largely in agriculture - never came back. Workers had to move to the industrial sector, a transition helped by the demands...