Word: boom
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Dates: during 1990-1999
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Chris Santella was feeding his infant daughter last Tuesday evening in the living room of his town house in Rochester, New York, when he heard the boom. "It was like someone slammed a door hard enough so that it shook the house," he explained. At first he thought it was his water heater blowing up. When no gushers of water followed, he waited until the child was asleep before looking out his door and catching sight of the blasted-out window in a town house 25 ft. away, the one rented by a woman named Pamela Lazore-Lanza. A bomb...
...would be just too fast to keep up, so output is likely to drop back in early 1994 -- but hardly as much as it did early this year. The consensus forecast is 3% in 1994, but a few brave souls are beginning to mutter 3.5%. Which would be no boom, but maybe something better: a pace that could be sustained for a long time, keeping incomes and employment growing without igniting a new surge of inflation (currently running at a 20-year low of 2.8% this year...
More important politically, steady noninflationary growth would help Clinton's re-election chances as almost nothing else could (not even a boom, which might fall flat by 1996). So, why doesn't the Administration do more bragging? One reason is that Clinton does not want to sound insensitive to the troubles of those still suffering from the hangover of hard times. Thus, in a speech to the centrist Democratic Leadership Council Friday, the President proudly listed almost every upbeat statistic, but also took care to remark, "We have a long way to go. We are still dealing with stagnant incomes...
...careful" with their money. No more: they have just finished remodeling their basement and now plan to equip it with a new refrigerator, couch and stereo. Tim Sheehy, president of the Metropolitan Milwaukee Association of Commerce, comments, "You wouldn't get anyone in Milwaukee to say there's a boom because of the memory of the last recession. But there's a feeling all of a sudden that 'I've got money to & spend, I can make that purchase, I can get that couch.' It's a slow, steady growth that creeps up on you, and you look back...
...pent-up buying power that fear of the future kept people from unleashing. If they keep spending now, that will raise the possibility of a beneficial circle: more sales, more production, more hiring, more income, still more sales. The circle may not spin fast enough to produce a boom -- but who wants one anyway? Moderate, steady growth is better...