Word: boom
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Dates: during 1980-1989
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...rates were slashed, Laffer said, the result would be a boom in work, saving and investment. The "supply side" of the economy would be so stimulated that before long the Government would gain more revenue than it lost through cutting taxes. To illustrate his point, as legend now has it, Laffer sketched a crude diagram on a cocktail napkin on the table.* It showed that if taxes went too high, the Government would take in less revenue because people would be working less. That first Laffer curve landed in a wastebasket, but it was destined to become...
...Federal Reserve, which controls the growth of money, has not let credit grow faster to pay for those deficits, so the Government's borrowing demands are pushing up interest rates. The result is the current staggering levels, which threaten to choke off the private investment boom that the tax cut is supposed to bring about. Says Oklahoma Democrat Jim Jones, chairman of the House Budget Committee: "My fear is that the program now put in place by the Administration is the equivalent of stepping hard on the gas at the same time as you slam on the brakes...
What most interests marketing people and admen about the baby-boom adults, though, is the collective size of their paychecks. In 1970 the mean annual income for a 25-to 34-year-old was $6,828. By 1980 that had almost doubled, to $13,201, or a nationwide total of $424 billion. By 1990 it could reach $1.2 trillion, equal to about half the entire U.S. gross national product last year...
Everywhere the baby-boom generation is being massaged for its money. Retailers, for example, have discovered that these people are laying aside the sloppy attire of the 1960s. And even the fall catalogue of L.L. Bean, the Freeport, Me., sporting goods store, offers dressy shirts and slacks. In the 1970s, one of Bean's big sellers was hiking boots; now it is plain-toe, lace-up shoes. Says Director of Product Management Charles Kessler: "We're seeing the dress-up tendency...
...should not if General Motors' calculations prove correct. The company has found that during the 1980s, the number of people in the 35-to-44 age bracket earning more than $35,000 should grow by 129%. As in many other businesses, Detroit knows that those baby-boom consumers will be fueling its sales for years to come. -By John S. DeMott...