Word: downturn
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Dates: during 1950-1959
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...designed mainly to head off massive antirecession pump-priming by the Government, the President took gentle pleasure in a sort of I-told-you-so: "The events of the last 18 months show again the considerable capacity of our economy to resist contractive influences and to hold a downturn within fairly narrow limits...
...dollar G.N.P. climbed sharply. For the next eight quarters, from mid-1955 to mid-1957, prices jumped around 6%; in that time the constant-dollar G.N.P. leveled off (see chart). The economy was barely expanding at all, though the current-dollar G.N.P. soared to a new high. When the downturn came in mid-1957, prices went on rising. Result: the current-dollar G.N.P. fell off only 4½%, the constantdollar G.N.P. 5½%. Since the upturn in mid-1958, Commerce said, recovery has been taking place "in a setting of overall price stability." Hence, in the main, recovery gains...
...wildly inflated credit that brought on the 1929 crash. When consumer credit rose to a record $44.8 billion at the end of 1957, many an economist wondered uneasily whether history would repeat itself. Would credit, which had helped speed the postwar boom, bring on and accelerate an economic downturn? Now that the recession is waning, the answer is in. The credit structure not only surprised the experts but showed strengthening timbers that no one ever suspected...
...believes that the credit structure is earthquake proof. If the downturn had lasted six months longer, it might have shaken down many of the props that held up the credit structure...
...half said they intended to vote Democratic this fall." The reason: "Overburdened with debt for new homes and autos as many of the younger workers were, and with little seniority to hold their jobs, they have been perhaps the one element in the population hit hardest by the economic downturn...