Word: hellers
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...trade gap greatly worsened what would otherwise have been a normal slowing after a period of rapid expansion. Such pauses for breath frequently aroused fears of a slump during the economic recoveries that occurred in the 1960s and '70s. Recalled Walter Heller, a University of Minnesota economist and the chief economic adviser to Presidents John Kennedy and Lyndon Johnson: "I remember Kennedy being terribly worried in 1962 that there would be a recession, and on the basis of very much the same kind of thing we are looking at here. We assured him that that would...
...Knows, Heller...
...show the signs normally visible just before a recession. Business inventories are generally low, consumers are still spending, and corporations continue to invest. Experts think the economy is simply shifting from the torrid pace of this year's first half to a more sustainable growth rate. Says Walter Heller, chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson: "This is a lull, but not a lull that has come to stay." Concurs Alan Greenspan, President Ford's chief economist: "As best I can judge, it's just a pause...
...Knows, Heller...
...Knows, Heller...