Word: growths
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Dates: during 1970-1979
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...reality." Part of the new reality is that inflation is Public Enemy No. 1, that it is persistent and pervasive, and that it has built up such terrifying momentum in the U.S. as to be unstoppable, for the moment, unless the nation reduces the roughly 4%-per-year economic growth rate that it had come to consider normal...
...output of goods and services, discounted for inflation-probably rose only 3.8%. But consumer prices jumped so rapidly that in December they are likely to average 9.5% higher than at the end of last year. Result: the President, who began the year trying to prod the economy to faster growth, shifted gradually to a tight-budget policy and proclaimed wage-price guidelines that stop just short of mandatory controls. When even those measures failed to stop inflation and the sickening plunge of the dollar, President Carter on Nov. 1 welcomed a sharp increase in interest rates that normally would have...
...mild and brief, lasting only two or three quarters and at worst dragging real G.N.P. down at an annual rate of only 1% to 2%. All this will dent inflation-but only a bit. To ensure that inflation will continue to decline even after the recession ends, economic growth will have to be held below the old 4% norm for some years to come...
Even most of the liberals on TIME'S board accept this harsh conclusion, though they add that if the wage-price guidelines can be made to work, the Administration and Federal Reserve Board will not have to crack down quite so hard on growth. Several argue forcefully that the Government should not try to head off the recession or aim at a vigorous expansion once it ends. "It would be a horrendous error to try to fight the recession by anything other than minor palliatives," says Democrat Eckstein, who heads Data Resources Inc., the nation's leading economic...
PRODUCTION. Real G.N.P. next year will average a mere 2% higher than in 1978, and most of the growth will occur in the first quarter. By spring, or summer at the latest, output will turn down. Housing, as willingness to risk recession in order to reduce U.S. inflation...