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California is a country-size economy by itself, accounting for some 14% of America's total GNP. The main threat to the state's prosperity comes from looming defense cuts, which would have a sizable impact on Southern California's aerospace industry. Economists predict that unemployment in California will rise from 5.1%, vs. the current 5.3% U.S. average, to 7.4% in 1992, largely as a result of defense cutbacks. Meanwhile, the median price of a Los Angeles home reached $224,000 in the third quarter of 1989, up 18.7% from the previous year. Says Stephen Levy, director of the Center...

Author: /time Magazine | Title: Boom And Gloom | 1/15/1990 | See Source »

...valediction to his dead master, To the Memory of Cole, 1848, with its rose-wreathed cross on a mountainside between two emblems -- the tree stump (death) and the evergreens (posthumous fame) -- carries the Claudean stereotype into America. The billows of pink and white cloud on its far horizon predict the grand effects that Church's later work would seek as it moved from Claude to a closer model, Turner...

Author: /time Magazine | Title: Art: Blockbusters of An Inventive Showman | 1/8/1990 | See Source »

Even so, pharmaceutical profit margins are on the rise, often by substantial amounts. Some stock analysts predict that earnings for major U.S. drug companies will climb as much as 15% annually over the period from last year to 1991. Although prescription drugs account for less than 10% of health-care costs in the U.S., pharmaceutical expenses are growing at twice the rate of other medical expenditures...

Author: /time Magazine | Title: The Price Isn't Right | 1/8/1990 | See Source »

Among the most respected critics is Andrew Solow, a statistician at the Woods Hole Oceanographic Institution's Marine Policy Center in Massachusetts. Solow asserts that the computer models used to predict the greenhouse effect are so weak that they cannot even account for the modest 0.5 degrees C warming that has occurred over the past 100 years. "We all believe in the physics of the greenhouse effect," says Solow, "but to say almost anything about timing, the magnitude of change or its geographic distribution is more than...

Author: /time Magazine | Title: Environment: Endangered Earth Update Now Wait Just a Minute | 12/18/1989 | See Source »

...scientist believes lack of computing power -- as well as ignorance about such critical factors as the interactions between the oceans and the atmosphere, and the impact of clouds on surface temperatures -- limits the ability to predict the greenhouse effect. "It's possible that Washington will see 96 days of temperatures over 100 degrees F in the year 2010," he says, "but it's also possible that the U.S. will be economically impoverished because it unilaterally imposed draconian measures in anticipation of a greenhouse warming that never arrived...

Author: /time Magazine | Title: Environment: Endangered Earth Update Now Wait Just a Minute | 12/18/1989 | See Source »

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