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Despite these daunting problems, TIME's board sees several signs that the U.S. economy has almost hit bottom and is poised to begin the long climb back. The decline in mortgage rates from 17% in March to less than 14% has triggered a sharp rebound in housing. The number of new homes started in November rose 27% from October's pace. Car sales are also up, buoyed by low-cost financing deals being offered by the automakers. In the first ten days of December, 13% more American-made autos were sold than during the same period a year...
...other hand, Greenspan argued, doing away with indexing would take the pressure off Congress to bring Government spending under control. He and other conservative economists have long insisted that the steady climb of income tax rates caused by inflation has undermined incentives for Americans to save more of their earnings. Conceding that some kind of tax increase may be inevitable, Greenspan suggested that Congress consider the value added tax (VAT), a form of national sales tax used by many West European nations. Unlike the progressive income tax, the VAT would not discourage savings and investment...
...problems that De la Madrid confronts at home are even more nightmarish than those that worry bankers abroad. Inflation, which stood at 60% as recently as August, has reached nearly 100% and is expected to climb further next year. The peso has lost more than three-quarters of its value against the U.S. dollar in the past ten months. In a country that reveled in growth rates of 8% or higher for four years, the economy has come to a virtual standstill. Next year will be even worse: gross domestic product is expected to decline 2% or more. The unemployment...
...word classic instantly adheres. Karla Kuskin, author of 27 exemplary children's books, had an inspired idea: Why not follow an orchestra as it prepares for performance, not in the pit, but two hours ahead of time? Flutists and cellists, horn players and harpists, men and women climb in and out of tubs and showers, underwear and outerwear, cabs and buses, on their way to the place where, at the finale, they make the most beautiful music this side of Carnegie Hall. Under the baton of Illustrator Marc Simont, every player is treated as an individual and set wittily...
...resulting movements were crude and jerky. Moreover, extending the program so that Nan can turn, sit, squat or climb steps will pose enormous difficulties. At present, the $200,000 system can only direct one foot to move in front of the other. Before it can be put to practical use, Petrofsky's 150-lb. device must be streamlined and miniaturized. "It's a mass of wires right now," says Wright State Technician Harry Heaton. "But it will eventually be a small microprocessor capable of being implanted pacemaker-style." Petrofsky says his system might be ready for commercialization within...