Word: prospectively
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Dates: during 1980-1989
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Liberal economists argue that fears of a too rapid recovery are overblown. Says Heller: "We have lots of headroom for expansion and no prospect of revived inflation for quite a long stretch ahead." Heller points out that wage costs, a central element of inflation, are still declining. Harvard Economist Otto Eckstein challenges the common assumption that the money supply is expanding too fast. He notes that M2 and M3, two broader measures of money that include various types of savings accounts, are growing within their target ranges. The narrower M1 figures, he adds, may have been distorted by the swift...
...controls are in prospect, but the length and strength of the current expansion will depend upon how well the White House, Congress and the Federal Reserve Board contain prices. If they succeed, the recovery could be a long waltz instead of a brief flashdance...
...that he would settle for 7%), no tax increases at all and an actual reduction of $6.4 billion in domestic spending. White House staffers are talking of lobbying against the compromise budget resolution on the Senate and House floors, and they have a strong chance of defeating it. The prospect so worried New Mexico Republican Pete Domenici, head of the Senate conferees, that at week's end he backed away from putting the compromise in final form and instead scheduled further meetings with House conferees to consider changes that might lessen White House opposition...
...U.S.S.R., Reagan wrote: "I hope that together we can find ways to promote peace by reducing the level of armaments." In testimony delivered before the Senate Foreign Relations Committee, Secretary of State George Shultz also struck a note of tentative conciliation. "We do not accept as inevitable the prospect of endless, dangerous confrontation with the Soviet Union," he declared. "We now seek to engage the Soviet leaders in a constructive dialogue...
There is speculation that if the economic crunch continues, Iraq's military leaders and party officials might band together and ask Saddam Hussein to resign. But it is also possible that the prospect of an Iraqi collapse would so worry Saudi Arabia and the other gulf states that they would substantially intensify their efforts to keep Saddam Hussein afloat...