Word: acceptance
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Dates: during 1970-1979
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...works both ways--we have a good rapport with Cambridge, and that is due to the fact that we're constantly assisting them...They accept it and appreciate it," O'Hare says...
...this year. The Administration's 1979 target is 3%, a rate that would keep inflation from getting worse but might not be enough to prevent unemployment from rising above its October level of 5.8% (down slightly from 6% in September). Privately, however, Administration officials indicate that they would accept a growth rate of 2%, which would certainly mean more unemployment, even though the U.S. would probably not technically be in a recession...
Robert Triffin of Yale University: "The new program gives convincing evidence that the U.S. will fight inflation, but recession is a serious danger. We may have to accept an interim period of this unpleasantness...
Consultant David Grove: "There may be no way to break the back of inflation without recession. We aren't capable of fine tuning." but recession is a serious danger. We may have to accept an interim period of this unpleasantness...
Administration officials do not accept the forecasts of a recession. Last week Treasury Secretary W. Michael Blumenthal speculated that next year's growth in G.N.P. would be about 3% or more. "It may be a shade above that for a quarter or two," said he, "or a shade below." Added William Cox, deputy chief economist at the Commerce Department: "I still feel we're not likely to have an outright recession next year. There are several elements of strength in the picture." He cited increased business investment and the improving balance of trade. "There's a reasonably...