Word: businessmen
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Dates: during 1970-1979
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...alarming $30 billion this year, the dollar last week skidded sharply against the Japanese yen, the West German mark and the Swiss franc. "Economically," conceded a White House aide, "it's been a rotten week for the Administration. I mean it's bad enough to have businessmen and stockholders causing all sorts of commotion without having to worry about international money managers in London and Zurich...
...management of the economy. Says Du Pont Chairman Irving Shapiro: "I still think he is a man of great ability. But he let himself get diverted by political slogans rather than sticking to his knitting." Adds James M. Howell, chief economist for the First National Bank of Boston: "Businessmen thrive on certainty. The President has bitten off half a dozen big projects, and all of them generate a tremendous amount of uncertainty...
...Thus businessmen are unusually cautious these days in planning for the future. According to a McGraw-Hill survey, they intend to increase real spending -that is, after allowing for inflation-on new plant and equipment next year by only 3%. That would represent a sharp drop from this year's increase of about 8%, which economists consider insufficient. Indeed, the Administration had hoped for an 8% to 10% increase in capital spending next year to keep production growing, bring down unemployment and continue the nation's recovery from the deep recession...
...growing extent, the businessmen's pessimism is shared by the general public. A New York Times-CBS News poll released last week showed Carter's overall approval rating slipping to 55% in late October, down from 62% in July. Other polls detect an even deeper public malaise. Of the people surveyed by the California poll, only 29% thought Carter was doing a good job as President. The Har ris poll found in October that only 26% of the public approved of Carter's handling of the economy, down from 46% in May. Moreover, 54% of those surveyed...
This perception is shared by many businessmen and economists. General Motors Chairman Thomas Aquinas Murphy regards the economy as "in the midst of a balanced expansion." Both Murphy and Chrysler Chairman John Riccardo, in fact, predict that the 1978 model year (running from October 1977 to September 1978) will bring record sales of more than 15 million cars and trucks. (The previous high, set in 1973, was 14 million.) Irwin Kellner, economist at New York's Manufacturers Hanover Bank, agrees that the economy is "in fine shape." Adds Economist Herbert Neil of Chicago's Harris Trust: "A solid...