Word: kudlow
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Dates: during 1980-1989
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...proudest legacies, defies all odds. During the past 130 years, the U.S. economy has suffered a recession on the average of once every 4.3 years. But the current growth period, now entering its seventh year, is by far the longest peacetime boom in U.S. history. The economy, says Lawrence Kudlow, chief economist for the Wall Street firm of Bear, Stearns, is "sound and reasonably well balanced...
Half of TIME's forecasters anticipate that the dollar will rise in value, and half expect the greenback to fall this year. The median prediction is for a decline from the current level of 125 yen to about 121. Estimates for the end of 1989 range from Kudlow's prediction of a robust 142-yen dollar to Wilson's forecast of a weakling 110-yen version. Says Wilson: "The biggest danger I see for the economy next year is a free-falling dollar...
Despite the risks, a vocal minority of economists offer a relatively bullish outlook. Among them: Yardeni, Kudlow, Nakagama and J. Paul Horne, the Paris-based chief international economist for Smith Barney. The optimists believe that the economy is not overheating and that significant progress has already been made in managing the budget deficit. Says Kudlow: "The important thing is that the deficit is coming down. It is the direction that is far more important than the level of the deficit." Echoes Nakagama: "The worst is behind...
...optimists, including Kudlow and Data Resources' Wyss, believe U.S. businesses will support the expansion by investing a healthy amount in capital improvements. The Commerce Department last week estimated that U.S. companies last year spent $426 billion on new plant and equipment, an increase of more than 10% from 1987. The Government predicts such spending will increase an additional 6% this year. Says Wyss: "Business investment will be one of the strong areas of the economy...
...affairs, to be sure. Every aspect of economic policy attracts similar expressions of right thinking. When Reagan was convinced that taxes had to be increased, after he had promised to cut them, he be gan referring not to taxes but to "revenue enhancements," a term apparently invented by Lawrence Kudlow, formerly of the Office of Management and Budget. The tendency seems to be spreading. A spokes man for Budget Director David Stockman won special recognition for declaring that the Administration was not considering a means test for Medicare but a "layering of bene fits according to your income." The poor...