Word: forecasts
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Dates: during 1970-1979
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...left him recommending substantially less stimulus for the U.S. economy this year than had the conservative Gerald Ford. Dropping of the rebate, higher-than-expected tax receipts and a continued failure of Government agencies to spend money as rapidly as planned have combined to reduce the Administration's forecast of the budget deficit in the fiscal year ending Sept. 30 by a startling $19.3 billion. That would make the deficit $48.7 billion -$10 billion less than the one projected in the budget left behind by Ford. An angry Senate Budget Committee last week called Carter's top economic...
...about where it would have been if this winter had been normal. So far as jobs and production are concerned, that is; the inflationary impact will be longer-lasting. IBM Vice President David Grove now expects a 6.4% rise in consumer prices this year, v. the 5.8% he had forecast before the cold struck...
Within a short time, the whole question of stimulus could turn out to be less crucial. Even if the unusual cold spell continues through February, as forecast, life should be getting back to normal in the spring. Plants will gradually reopen, people will return to work, and production in the last three quarters might go a long way toward making up for losses in the first. "Let's put it this way," says a top aide of the Council of Economic Advisers, "without the cold, we would have been in a lot better shape early in the year...
...temperatures plummeting and piling drifts high across roads. Winds up to 50 m.p.h. created low chill factors of -71° in Minneapolis and -45° in snow-buried Buffalo. Interstate highways from Wisconsin south to St. Louis were blocked. As crews worked desperately to clear passageways, the 30-day forecast brought no hope. The prediction was for more snow, extending even into the South and Southwest, and lower-than-normal temperatures throughout most of the eastern two-thirds of the nation...
...Washington Economist Gary Fromm, is that "the CEA cannot anticipate problems and prepare long-range analysis. Without a bigger staff, it has to shoot from the hip." Fromm has recommended doubling the staff, and Schultze has promised to consider the idea. At his present pace, it is difficult to forecast when he will have the time...