Word: economists
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Dates: during 1980-1989
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...being driven from their land in growing numbers at a time when much of the rest of the U.S. is enjoying prosperity. Some 20,000 farms have been auctioned off since 1981, and the toll is rising. "There will be a bloodbath of farm foreclosures this year," says Washington Economist John Schnittker, a former Under Secretary of Agriculture...
...places as Canada, Europe and Argentina. By 1983 U.S. agricultural sales abroad had tumbled, and land values, which serve as collateral for loans, were dropping fast. The price of Midwestern acreage fell 15% last year and is expected to decline an additional 8% this year. Notes George Irwin, chief economist for the Farm Credit Administration: "The security supporting farmers' loans is disappearing at the same time as the income to repay those loans...
More recently, Regan startled even his harshest critics with his proposal for the most sweeping reform of federal tax laws since World War II. Among those who have endorsed the proposal are Economist Joseph Pechman of the Brookings Institution and Consumer Advocate Ralph Nader--a following that prompted Regan to quip, "What have I done wrong?" The President has not embraced the whole package, but he did call it "the best proposal for changing the tax system that has ever occurred within my lifetime...
...roots of Japan's import phobia run deeper than its regulations. The Japanese are picky and often do not trust the quality of American products, much less Asian imports. Says Eric Hayden, an economist and a director of the Bank of America in Tokyo: "The Japanese are not going to take South Korean machine tools or Malaysian cars or Indonesian airplanes. Japan doesn't import that kind of stuff. The Japanese produce it, and better than any of these countries...
...revival of the U.S. economy has played a large part in influencing French views. Says Paul Horne, Paris-based chief economist for Smith Barney, Harris Upham & Co., a U.S. brokerage and investment house: "The U.S., with its strong recovery, its capacity for creating jobs, its enduring technological lead, has become the focus of fascination in the French economic world." At the same time, many French people have become disenchanted with the Soviets. Says Francois Lagrange, a senior counselor in the French Premier's office: "They cannot provide a high standard of living. They do not make marketable inventions. They cannot...