Word: carterized
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Dates: during 1970-1979
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...conservation, one vital policy for the U.S. is to boost the use of coal and the production of syntheic fuels, including shale oil. The U.S. could be producing as much as 6 million bbl. of "synfuels" a day by 1990, equal to about 75% of all current imports. Jimmy Carter wants the financing for his own more modest synfuels program to come from his proposed windfall profits tax; it would be levied on the increased revenues that U.S. oil companies have been earning since price controls on oil began to be phased out last June. But Congress must now wrestle...
...expected to rise to 7.7% by the final quarter of 1980. That will be not nearly as severe as the recent peak of 9% in May 1975. Most board members agree that unemployment will hit a high around Election Day in November, which will hurt Jimmy Carter, and that the jobless rate again will start declining as the economy picks up at year's end. However, one member, Consultant David Grove, who has long been pessimistic about the job situation, predicts that the worst will come in the second half of 1981, when he sees unemployment...
Although President Carter will face tremendous political pressure during election year to curb prices, board members felt that he would not try to impose mandatory wage and price controls, and that any attempt to do so would be disastrous. With the exception of Beryl Sprinkel, who figured that there is almost a 50% chance that the President will go for controls, most board members gave that prospect only a 20% to 40% chance. Carter first would need congressional authority and, as the debate raged on Capitol Hill, businessmen would rush to raise prices to get in under the wire. Further...
Many of TIME'S economists detect that the Administration is cutting big and small federal programs extremely sharply to hold down the budget deficit and take some heat away from rising prices. Still, Carter's aides are probably underestimating the size of the deficit. A recession would pull down tax receipts and increase federal spending on unemployment compensation, food stamps and other social programs. While the White House officially maintains that the 1980 deficit will be about $30 billion, some of TIME'S economists expect it to approach $50 billion. The problem will continue into fiscal...
When the two first met in 1977, Jimmy Carter and Margaret Thatcher did not particularly take to each other. But much has happened to both since that first frosty encounter. Last week, as Britain's Prime Minister made her first official visit to the U.S., the two stood side by side on the White House lawn beaming with a newfound, very special relationship. On Carter's part, it was first of all sheer gratitude for the most forthright, unequivocal support he has received from any ally; and in the gloom of a dark December her message rang especially...