Word: bosworth
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Over the past century, expansions have lasted four years on average, and the current recovery has not yet passed its second birthday. Most private forecasters agree that a downturn is not imminent. Said Economist Barry Bosworth of Washington's Brookings Institution: "The private economy is strong enough to ensure that the U.S. will not have a recession soon." Nonetheless, a slowdown in growth is probably inevitable. Many businesses overestimated what their summer sales would be and built up excess inventories. Companies will now moderate their production to get inventories more in line with sales. Data Resources, the Lexington, Mass...
...burden, both of which had nothing to do with supply-side economics. First, inflation pushed many people into the $50,000-and-up bracket. Second, 1982 was a recession year, and unemployment reduced the earning power and taxes paid by low-and middle-income groups. Says Barry Bosworth, a senior fellow of the Brookings Institution in Washington: "If you looked at other recession years, you'd see the same phenomenon. It has little to do with the tax cuts, and the figures are misleading...
...supply-side movement, however, has had very little impact on the thinking of mainstream economists ranging from liberals like Barry Bosworth of the Brookings Institution to conservatives like Alan Greenspan, who served as President Ford's chief economic adviser. Traditional economists admit that many factors influence interest rates and that the stance of the Federal Reserve is perhaps the most important. But most would argue that if all other factors are held constant, the higher deficits go, the higher interest rates will ultimately be. The proposition is as simple as the law of supply and demand: if the Government...
...smokescreen to cover its failed policies. "How do you measure structural unemployment?" asks Sar Levitan, an economics professor at George Washington University. "You pull a figure out of the air. Those who talk about it are playing with numbers to build up a justification for unemployment." Says Barry Bosworth, an economist who was director of the Council on Wage and Price Stability under President Carter: "We have an enormous number of jobless people who are fully employable. They were employed just a year or two ago. But now, in the midst of a recession, all the talk is about structural...
...Barry Bosworth argued that both the President and the Democratic leadership in Congress should move toward the political middle and be more willing to compromise. Said he: "The President has to quit being so ideological with respect to his economic policy, and the Democrats have to be willing to give in on some of those programs, certainly on the notion that Social Security cannot be touched...