Word: downturning
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Dates: during 1980-1989
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...measures proposed in the Reagan budget are adopted. That gigantic number is also optimistic: the CBO assumed no new recession for the rest of the decade. Charles Schultze. chief 'economic adviser for Jimmy Carand now a senior fellow at Washington's Brookings Institution, estimates that if another downturn occurs and nothing has been done in the meantime to close the budget gap, the deficit could top $350 billion by the late 1980s...
...lets the money supply grow fast enough to accommodate the deficit, inflation will probably be rekindled. Volcker has pledged that he will not give up the progress against inflation that the U.S. achieved at the cost of a deep recession. Because of his tough monetary stance and the economic downturn it generated, the increase in the Consumer Price Index dropped from 12.4% in 1980 to 3.8% last year, the lowest level since 1972. But inflation concerns stirred a bit last week when the Government reported a .6% increase in wholesale prices in January, the sharpest rise in 14 months...
Indeed, a slump by gulf standards might look like prosperity to much of the rest of the world. Signs of the downturn's unusual nature are apparent everywhere. "Recession!" shouts the ad in the Khaleej Times, a daily newspaper in the United Arab Emirates port city of Dubai. "Gold watches at half the actual price!" That is unlikely to mean a steal, however, since the Girard Perregaux timepieces normally cost...
...downturn has stoked social unrest in a country already notorious for its extremes of wealth and poverty. Half the population receives only 12.6% of the national income. By contrast, the richest 10% get 51% of the income. Most laid-off workers are receiving no more than one month's severance pay, and the government provides no unemployment benefits. In April, thousands of laid-off metalworkers shouting, "Queremos empregado!" (We want employment), stormed through the streets of São Paulo, looting shops and supermarkets...
...lending has been approved almost routinely, although not without more or less standard gripes from politicians who have reservations about most forms of foreign aid. But Congress will now be asked for support at a time when domestic unemployment is above 10%. Americans are suffering through the worst economic downturn since the Great Depression, and domestic industries are thought by some to need federal assistance...