Word: midyear
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...Government grossly underestimates the severity of the recession (see following story). If all goes smoothly, the Democrats expect the Internal Revenue Service to get most of the rebates in the mail in May and all of them out by mid-June. The new withholding rates should take effect at midyear, thus sparking spending power in the second half...
...auto industry has a long way to come back if it is to help lead the general recovery that the President's economic advisers hope will begin at midyear. Sales totals released last week confirmed the obvious: 1974 was the biggest lemon the automakers have had since the recession year of 1958. The 7.5 million cars sold by the four U.S. automakers added up to a chilling 23% drop from 1973, a record year; even imports, which have survived past slumps in relatively good shape, were...
...endowed Venezuela at midyear trebled its national budget, to almost $10 billion, to take account of rising revenues. The Venezuelans are expanding their state-owned steel industry in the Orinoco backlands, paying to educate thousands of future leaders at U.S. universities and gaining great influence among Central American republics by promising them loans. Says Venezuela's President Carlos Andres Pérez: "This is our opportunity to create a new international economic order...
...Federal Reserve does put out more money, the credit-parched homebuilding industry should eventually revive, which will help producers of appliances, carpets and furniture; a quick tax cut would give the recovery more speed. And if inflation rates do turn down, as the economists expect, increased wages by midyear should be pushing incomes up faster than prices for the first time in more than a year. Okun warns, however, that the chances of this scenario's turning out to be too optimistic are greater than its chances of being too pessimistic. "I manage to squeeze out an upturn...
There are plenty of other drags on the economy. Interest rates were once expected to drop after midyear, but for the moment they are going up further. Short-term rates may drop a bit if the Federal Reserve really does ease monetary policy, but long-term rates, such as those on bonds, are likely to stay up until the investors who buy them can be convinced that inflation is abating. Last week, Northwestern Bell Telephone Co. sold $150 million in bonds at 10.14%, a record for any unit...