Word: nomics
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...Governors should let his hair down. It was the realization that just a year ago, any such whoop-de-do would have been unheard of: California's woes were nothing to make fun of. The state was still dazed by natural calamities and demoralized by an eco-nomic slump. Since last summer, though, the surfing state has been riding a wave of sustained recovery. And the buoyancy has helped carry Wilson into the front rank of potential contenders for the Republican ticket. Finally he has something to sing about. Says political consultant Joseph Cerell, a Democrat: "Wilson pulled...
...have seen in more than a decade." Labor officials denounce the tactic as union busting. Says Bruce Simon, general counsel for the Air Line Pilots Association: "It was not the intent of the framers of the bankruptcy code to enable renegades like Continental Air Lines to wage eco nomic warfare by destroying our system of collective bargaining." The Supreme Court is now considering the issue in a case involving a small New Jersey building supply company...
...Says John Sawhill, Deputy Secretary of Energy under President Carter: "The soaring OPEC prices were in effect an excise tax on the world economy. A drop would be precisely the reverse - an enormous shot in the arm." Agrees Walter Heller, chief economic ad viser to President Kennedy: "The eco nomic tonic would be worldwide. If best comes to best, and we see $20 to $25 oil again, we could use part of the economic bonanza to tide over the banks and the Mexicos until economies recover...
...worse than the 1973 and 1979 oil shocks, the book says, because it would come on top of the damage done by those setbacks. The study estimates that the previous jolts have cost the U.S. and its major trading partners a total of $1.2 trillion in lost eco nomic growth between 1974 and 1981. In addition, the increased prices have dou bled unemployment rates and nearly tri pled the pace of inflation. The shares of their gross national products that Western economies spend on energy have also tri pled. Writes Yergin: "Thus, an oil price rise of any given magnitude...
...exports and give new strength to the American dollar. Said Heller: "One of the upbeat aspects of a downbeat economy is that real exports will improve." The return to stable economic growth in the U.S. is likely to be slow and arduous. Any quick moves to provide eco-nomic shock treatment would probably only result in another round of inflation. The two sickest sectors of business, housing and autos, do not appear to be near immediate recovery. Guest Panelist Marina Whitman, chief economist for General Motors, forecast a modest pickup in car sales during the summer and then stronger sales...