Word: downturn
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Dates: during 1950-1959
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...best advertised recession in history was also turning out to be the hardest to recognize. Said the National City Bank of New York, in its monthly business letter last week: "Those who have looked to the fall season as a testing period for predictions of a business downturn will find little in the record of October to support pessimistic projections . . . The date of the much advertised 'recession' must again be postponed." Agreed the Chase National Bank: "Business as a whole is still extraordinarily good...
...never to be used if a nicer word can be found. Thus, a whole new vocabulary has evolved. In the new jargon, a recession can be a "rolling readjustment," a "correction," a "slippage," an "easing," a "mild dip," a "downswing," a "normal adjustment," a "leveling off," a "slight downturn," a "lull," a "return to normalcy" or a "thingumajig." These euphemisms, of course, also defy definition. What, for instance, is a "return to normalcy," when for decades no one has known what economic normalcy...
...called a recession. To Nathan, depression means 7,000,000 to 8,000,000 unemployed (v. 1,200,000 today); recession means 4,000,000 to 5,000,000 unemployed for six to 18 months. Another New-Fair Dealer, Economist Leon Keyserling, describes a recession as a "short-run downturn of moderate or even large proportions." The Commerce Department's Under Secretary Walter Williams talks darkly of the time when "soft spots merge and a breakthrough is imminent." Treasury's Deputy Secretary Randolph Burgess is precise. A recession exists, says he, only when gross national product falls...
...building of ten dams, which could rival lower Colorado's Hoover (Boulder) Dam project, distribute water and power to Colorado, Wyoming, Utah, Idaho and New Mexico. McKay hopes Congress will authorize construction of the two projects for 1954 to 1955, as a hedge against a business downturn. Total cost: $2.5 billion...
...Look. He spoke as chief of the world's mightiest nation, and he spoke to the nation and to the world. "The state of the Union," he said, "continues to be good." Abroad, "the greatest danger has receded." At home, "we have met and reversed the first significant downturn in economic activity since the war." In his flat, Missouri twang, and in simple, homely terms, the President restated U.S. aspirations for itself and for its friends...