Word: fact
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Dates: during 1970-1979
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Signs of economic slowdown are beginning to appear. Indicators as disparate as factory operating rates and farm income slipped a bit in January. Most important, housing starts plunged 20% from December to January, and a further decline was signaled by the fact that building permits dropped 18%. A housing slump could lead the whole economy into decline, because the demand for so many other products-building materials, furniture, rugs, cars-bounces up and down along with sales of houses. Furthermore, millions of American families have socked large sums into their houses, and if they see that the market is softening...
...economy's decline will kill all chances of reducing the federal budget deficit from $37 billion this year to the $29 billion that Carter projects for the fiscal year beginning in October. The Board of Economists expects the deficit in fiscal 1980 to bulge to $45 billion. In fact, says Alan Greenspan, head of the economic consulting firm of Townsend-Greenspan, "Carter has a better chance of bringing in the budget below $30 billion this fiscal year than next." One reason: tax receipts this year will be up because the economy was much stronger than expected this winter...
...year, the long bearish stock market should rise. The time is not yet at hand, warn TIME'S economists, who recommend putting investment money into high-yielding Treasury bills until the recession bites. Even then, the bulls may not let out a full-throated roar. Warns Pechman: "The fact that we are suggesting that late this year may be a time to buy equities does not mean that equity prices will go through the roof." But, says Beryl Sprinkel, "the cheapest assets in this world today are U.S. stocks...
...might lie: not in the exploitation of chance and random effects, like Masson or Ernst, still less in exoticism and neurosis, like Dali, but in hallucinatory ordinariness. One of the obsessions of surrealism was the way inexplicable events intruded into everyday life. With his dry, matter-of-fact technique, Magritte painted things so ordinary that they might have come from a phrase book: an apple, a comb, a derby hat, a cloud, a birdcage, a street of prim suburban houses, a businessman in a dark topcoat, a stolid nude. There was not much in this list that an average Belgian...
Mick Jones, who writes most of the Clash repertoire with Strummer, hopes that their music can be "an il lumination." Such an ambition might seem unsuitably lofty but for the fact that the group comes from a tradition that uses music not only as an outlet but as a force, an effective instrument of social change. "The record company's making out we're politicians, and that's a load of stuff," sneers Strummer, but Jones may cut a little closer when he recalls the title of his school song, Servants of the State...