Word: economist
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Dates: during 1980-1989
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...Bush Administration last week acknowledged the economy's weakened position when it predicted growth of only 2.7% for the year, down from the Reagan Administration's five-month-old projection of 3.5%. The White House forecasters, looking through the rose-colored glasses favored by most Administration economists, calculate a growth rate of 2.6% for 1990, but a consensus of 52 economists surveyed by the Blue Chip Economic Indicators holds that the economy will grow at a rate of less than 1.5% during the final half of the year and at about the same sluggish pace in 1990. Says Norman Robertson...
Despite concerns that the expansion will falter, most economists believe a modest slowdown is necessary to suppress inflation, which had grown particularly stubborn in the past two years. Consumer prices rose at an annual rate of 5.9% during the first half of 1989, up from 4.1% last year. "The economy was running too fast for its own good," says Francis Schott, chief economist for Equitable Life Assurance. "It was working itself up to an inflationary frenzy...
Opponents retort that the states are selling not dreams but delusions. As early as 1776 the economist Adam Smith complained in The Wealth of Nations that "in the state lotteries, the tickets are really not worth the price." Today, in one popular form of lottery, a bettor picks six out of 54 numbers; the odds of getting the right six are 1 in 12.9 million...
Dean of the Faculty Spence, a widely respected economist specializing in industrial organization, has devoted much of his first five years in office to reforming FAS's age-old tenure system...
While the bailout plan may reassure S & L depositors, the tough capital requirements will spell trouble for many marginal thrifts. James Barth, chief economist of the Federal Home Loan Bank Board, which regulates S & Ls, estimates that 674 thrifts, or almost one-fourth of all federally insured U.S. savings institutions, would fail to meet the new capital standards. As a result, many thrifts would be forced to liquidate or combine with healthier institutions...