Word: buildups
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Dates: during 1980-1989
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After the crackle and roar of the Reagan Administration's $2.4 trillion military buildup, defense spending is in a steady decline. The Pentagon budget is still staggering in size -- more than a quarter of annual federal outlays. But in fiscal 1990, for the fifth year in a row, defense spending will grow at a slower rate than inflation. Adjusted for inflation, the $295 billion spending request that Defense Secretary Richard Cheney has submitted for 1990 is 15% smaller than the 1985 budget...
While soft-landing scenarios provide reassuring reading, some economists think such forecasts belong on the fiction shelf. If U.S. economic history is any guide, a soft landing is a long shot. That kind of gentle slowdown occurred only once before, in 1967, when the military buildup during the Viet Nam War fueled a demand for capital goods...
...tremendous buildup of business debt during the long expansion leaves the economy even more exposed to the effects of a recession. Since late 1982, corporate debt has more than doubled, from $1.1 trillion to $2.2 trillion. Investors in junk bonds, the high-yield securities that account for $225 billion in debt, could be among the first to feel the pinch. According to a study conducted for a group of junk-bond issuers by the economic consulting firm Data Resources, 1 out of every 8 will default if the economy falls into a soft landing. A major recession could produce...
While Pakistan's history of antagonism with India has created strong popular support for a nuclear buildup, some observers say that Bhutto will pursue a policy of reconciliation with her country's historic rival...
That fear intensified last week as the Administration appeared to be in a muddle over one of the most pressing ecological issues: global warming. James Hansen, a top scientist in the National Aeronautics and Space Administration, was all set to brief a congressional committee on how the buildup of carbon dioxide and other gases in the atmosphere could create a greenhouse effect and produce severe climate changes. Hansen believes this greenhouse warming may have already started...