Word: downturning
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Dates: during 1980-1989
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...this election, Texas was a district unto itself. With unemployment at 8.3%, higher than in Frost Belt states like Massachusetts and New Hampshire, Texans were feeling the brunt of a national economic downturn for the first time in more than two decades. Democrats came out in droves to help Populist Attorney General Mark White ambush Republican Governor Bill Clements. White roused the voters not only over the economy but also with the somewhat spurious charge that the Governor should be held accountable for high utility rates. The Texas G.O.P. took a "shellacking," said the defeated Clements...
...kept undermining every economic advance, and the rates of both price increases and unemployment rose irregularly but seemingly inexorably. Democrats who assail the Republican President for inducing a slump conveniently forget that Jimmy Carter all but openly engineered a recession in 1980 as a means of reducing inflation. That downturn, however, was too short to accomplish much...
Bankers contend that they are now in better shape than they were in the aftermath of the 1973-75 recession. That downturn cost the banks $10 billion in losses on loans to speculative real estate ventures that went bust. This time around, the banks were more cautious about land deals. Says Willard Butcher, chairman of Chase Manhattan: "We mightn't be the brightest guys in town, but we aren't dumb enough to do it twice...
Bafalis may be concentrating on the wrong issues anyway. According to a poll by the Miami Herald, the voters' biggest concern is the economy. And there Graham clearly has the edge. Under his administration, Florida has expanded beyond a tourist-based economy vulnerable to every economic downturn. Some 122,000 new jobs have been added to the state's economy, most of them in high-technology areas that have proved virtually recession proof. As a result, for the first time ever in a recession, Florida's unemployment rate is running below the national average...
...last 30 years. Just this winter, there were 17 separate industrial actions. What is different is Prime Minister Margaret Thatcher's renewed attempt to break the union's power grip on the country's services. She's risking economic disruption in the mids of a nation-wide economic downturn...