Word: economists
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Dates: during 1980-1989
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Henry Kaufman's grim predictions have made the Salomon Brothers chief economist Wall Street's leading doomsayer. But his assessment of the economic problems that President Reagan must tackle in his second term is widely shared by economists and business leaders. After a first term in which he presided over historic cuts in taxes and social spending combined with a major military buildup, Reagan now must confront the largest and most menacing budget deficits in U.S. history. Along with them have come woes ranging from an unprecedented international trade gap (an estimated $114 billion) to jitters about interest...
This year alone, Japanese investors have salted away $25 billion in American bonds. Fortunately for the U.S., that cash is financing a large chunk of its budget deficit. Yoshino cited a light hearted suggestion by Chicago Economist David Hale that the U.S. and Japanese economies should get married. "After all," Yoshino said, "the Japanese propensity to save would help the American eagerness to spend and borrow...
...Asian Nations, the standout is Singapore, which is expected to end the year with an 8.6% growth rate. Exports of garments and electrical machinery have been brisk, and the government has stimulated the construction industry through heavy spending on public housing and Singapore's new rapid transit system. Economist Narongchai forecast that growth will remain in the 8% range through...
While Singapore shoots forward, the Philippines sinks. Bernardo Villegas, executive director of the Center for Research and Communication in Metro Manila and a guest economist at the TIME meeting, traced the Philippines' troubles back to 1983. Because of excessive government spending, the country was suffering from 10% inflation and a serious trade deficit. "The Philippines," said Villegas, "was like a patient in an intensive-care unit...
Villegas expects the Marcos regime to survive the uproar, but the economist predicted that a weakened government will be forced to restrain public spending and agree to economic reforms. Marcos may have to dismantle the sugar, coconut and grain monopolies headed by the President's cronies. If substantial reforms go through, Villegas predicted, the Philippines could climb back to a 1% growth rate by the end of next year...