Word: excessesâ
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Some other reasons for thinking that the business slowdown will not deepen into recession: averaging out quarterly swings, the 42-month-long expansion has been moderate so far, and has not produced the excesses???a too rapid pile-up of business inventories, for example?that can be corrected only by recession. Consumer buying has held up fairly well, business investment in new plant and equipment is picking up a bit, and both should be spurred by the tax reduction of $16 billion to $18 billion a year that Congress is about to enact. In 1979, though, that cut will just...
Perón will be best remembered for the successes?and excesses???of the nine years of his first two presidential terms, before a coup sent him into exile in 1955. A professional soldier and son of a moderately wealthy landowner, he rose to power as a champion of the exploited urban workers, the "shirtless ones" as he affectionately called them...
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