Word: economists
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Dates: during 1980-1989
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...over my dead body." That leaves drastic cuts in future spending, which Reagan has directed his budget team to prepare. Simultaneously, though, the President told them to keep hands off Social Security and military outlays. Add some truly uncontrollable items such as interest on the national debt, says Washington Economist Michael Evans, and in effect "70% of the budget is off limits to cuts before you even start...
...bishops heard from some 125 experts, ranging from theologians to business and labor leaders. Their testimony sometimes strongly influenced the letter. For example, committee members had been leaning toward a call for strong Government economic planning before hearing that approach sharply criticized by Marina von Neumann Whitman, chief economist for General Motors. After Whitman spoke, one panelist said, "Well, there goes the emphasis on central planning...
...that is history. The Administration now must keep the economy humming along. Says Rimmer de Vries, chief international economist of Morgan Guaranty Trust: "The top priority is to make sure the economic expansion continues." The U.S. recovery is about to celebrate its second birthday. Since World War II, the average upturn has lasted about four years, and so it is unlikely that the Reagan Administration will go through its entire second term without another economic dip, perhaps a sizable...
...Most economists, however, doubt that a new slump is likely any time soon. The economy does not now show the signs normally visible just before a recession. Business inventories are generally low, consumers are still spending, and corporations continue to invest. Experts think the economy is simply shifting from the torrid pace of this year's first half to a more sustainable growth rate. Says Walter Heller, chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson: "This is a lull, but not a lull that has come to stay." Concurs Alan Greenspan, President Ford...
...devastating to U.S. firms selling in foreign markets, since it pushes up the price of everything from General Electric jet engines to Caterpillar tractors. Since Reagan took office, the dollar has increased in value by 60% against the major world currencies. If the dollar remains high, says M.I.T. Economist Lester Thurow, "American industry will be run out of business, and the President will face enormous pressures for protection...