Word: boomingly
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Dates: during 1950-1959
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Despite the general economic boom, there has been no new inflationary spiral. For two years the cost-of-living index has held generally steady, is now only half a percentage point above the level of April 1953. The value of the dollar has been stabilized-an element of immense importance in the new mood of confidence...
Taking a look at the high tide of the nation's business boom, Presidential Economic Adviser Arthur Burns last week judged that it was time to sound a note of warning. Though the U.S. is in glowing financial health, he told a conference of economists at Pennsylvania State University, "it is important to prevent the confidence that generates prosperity from passing into the overconfidence that generates speculative booms...
Economist Burns served notice that the Eisenhower Administration is ready to curb credit in housing, the stock market or automobiles to nip any speculative boom. Burns also tossed off a veiled hint that the prospect of tax cuts next year depends on a sharp cut in Government spending. Said he: "Balancing the budget is imperative in a time of high prosperity." Signs of high prosperity seemed to be everywhere last week...
Around the free world the economic picture was bright. While the Iron Curtain countries try to cope with falling production, shortages of food and consumer goods, Britain, Italy, France and other free nations report thriving industry, booming stock markets and rising standards of living (TIME, May 10, 1954 et seq.). Last week the most up-to-date summary of just how well the world is doing was presented in Basel, Switzerland, in the 25th annual report of the Bank for International Settlements. Said the bank's General Manager Roger Auboin: "Nineteen fifty-four has been for the world...
...Auboin raised a flag of warning. Said he: "In most countries all the available manpower is by now fully employed, and, for this reason alone, it is unlikely that the recent rate of expansion can be maintained all along the line." (Britain has already tightened credit to restrain its boom.) To consolidate Europe's gains, each country must watch its national budget, keep a check on inflation, remove restrictions against international trade and currency exchange. Said Auboin: "There is no reason for complacency." Prosperity "will remain precariously based until the principal currencies of the world are again quoted...