Word: downturn
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Contemplation and Search. The freshmen who are now becoming sophomores are described by academics all over the country as the quietest class in years. In part, they have seen it all in high school; in part, the economic downturn pressures them to do well academically in order to justify their family's investment and later get a good job. Some of today's freshmen seem less susceptible to peer-group pressure than their predecessors...
...HAVE been enjoying ourselves immensely this spring. Guessing games and puzzlers are always fun and just when things seem to be on the downturn along comes another challenge. We were right about the Ali-Frazier fight, although we did not wish it that way, but we were wrong about the bust of Women's Lib at the architecture building. And now another guessing game is at hand...
...effect is ironic, because the 1970 recession was the nation's mildest in this century. But the reason is plain: the downturn's jolt to Americans' accustomed confidence was far greater than its blow to their pocketbooks. Almost two-thirds are now telling pollsters that the state of the economy is their biggest concern. Unemployment has been lower than during any previous recession; yet three out of four Americans expect rising unemployment and economic difficulties this year. "The notion that things will be better tomorrow has received quite a shock," says Economist George Katona...
...disproportionate impact for several reasons. In the Eisenhower years, when recessions recurred, expectations of continued prosperity never rose too high. But after nearly a decade of rising employment and prosperity, any downturn was bound to be jarring. The vastly increased coverage of economic news made more people aware of the recession, even if it did not affect them directly, than were aware of the deeper, frequent downturns of the 1950s. Much of the political rhetoric of the last decade, moreover-"the new economics," "the Great Society" -bred hopes that the economy could be controlled and that Government intervention could ensure...
...quickly as most Americans would like. By dampening Americans' personal expectations, the recession has served as well to moderate their demands on the nation. The public is willing to admit that national priorities must be set and that some desirable goals will require time to attain. The downturn has re-emphasized the virtues of hard work and self-reliance and has brought about a modest revival of the puritan ethic. None of this means that recessions are desirable. The goal of rising prosperity is not only a fundamental part of the American credo; it is absolutely essential...