Word: hellers
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...goods and services on average has jumped 7% in the first year of recovery. "This time it will be less than that," he says. That is putting the case very mildly; many private economists guess that the upswing will be only half as vigorous as it traditionally is. Walter Heller, a member of TIME'S Board of Economists, has compiled a self-mocking list of words that he has used so often to describe the expected recovery that even he is tired of hearing them. Some entries: reluctant, weak, wobbly, fragile and anemic...
Says Mickey Levy, vice president for corporate planning of Southeast Banking Corp. in Miami: "Every economic recovery the nation has had since 1949 has been accompanied by an ever increasing rate of inflation. I think that that kind of upward ratcheting will be broken this time around." Walter Heller, a liberal Democrat and sharp critic of Reaganomics, asserts, "I'm an optimist about inflation. I think that at last there has been a lowering of expectations," meaning that people no longer believe prices must rise faster and faster forever. Heller and others cite structural changes in the U.S. economy...
...national product after inflation doubled. We were able to do it because we had the flexibility to iron out the inevitable wrinkles in the business cycle. The amendment would destroy that ability and subject us again to the feast-or-famine mercies of economic panics." Explains liberal Economist Walter Heller: "When recession cuts revenues and boosts jobless pay, the resulting deficits help restore purchasing power and promote recovery. Trying to prevent such deficits by boosting taxes and slashing budgets would simply throw the economy into a deeper tailspin...
...Gore Vidal were suddenly to fall silent? Easy: No. In fact, there is something to be said for the idea. What if John Updike were to stop writing? A shame, but not a duster for American culture. Walker Percy? Joyce Carol Gates? Donald Barthelme? No. Philip Roth? Joseph Heller? William Styron? Truman Capote? John Gardner? John Irving? Norman Mailer? Stop It gets to be a pogrom. The mind flips through its card catalogue. Very few disastrous silences loom...
...Heller argues that a distinction should be drawn between Reaganology, a doctrinaire policy for a reduced federal role in society, and Reaganomics, which seeks to correct the U.S. economic course. Said he: "The President simply has to take the lead, which he is not doing with his feet set in Reaganology, and give some ground on the tax cuts and on the defense buildup, if we are to have any real chance for a success of Reaganomics...