Word: rated
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Dates: during 1970-1979
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Inflation, the nation's inescapable mugger, has been ripping off Americans' buying power at a painful 13% annual rate for the first three months of the year. Now the rampage is waning, but it is far from over. That is the conclusion of the TIME Board of Economists, which met in Manhattan last week to examine the future course of business. Board members cautioned that, although the rapid rise in prices will slow, inflation will continue at a punishing double-digit pace into summer and remain a burden for at least the next two years. Says Joseph Pechman...
...Inflation will run at an annual rate of 8% by next December, then slip to 7% by December 1980. A major reason for this slowdown is that the recent rate of price rises is unlikely to continue. In the first quarter alone, fuel jumped at an annual rate of 25%, and home financing, including mortgage rates, taxes and insurance, shot...
During the recession, TIME'S economists expect, the real gross national product will decline by only 1% or 2% before recovering next spring. Still, that will be enough to weaken loan demand and cause overall interest rates to turn down. The economists expect the banks' prime lending rate to rise from the present 11¾% to 12½% or 13% in early summer, and then decline, perhaps sharply. Thus, the stock market should rise later this year. Wall Street rallies often begin during recessions...
...board's forecasts add up to a difficult political challenge for President Carter. When he enters the first of the primary elections next February, joblessness will be rising and the rate of inflation, though declining, will still be high. If the recession is mild, White House aides insist that they will not follow the usual practice of trying to expand the economy in a bid for votes. Notes Democrat Heller: "The political advantage now seems to lie more in the successful assault on inflation than it does in all-out war on unemployment...
...managers commonly charge that middle-level White House staffers responsible for business relations do sloppy, second-rate work. Big Business's formal contact at the White House is Stephen Selig, 36, whose main credentials seem to be that he plays tennis with Presidential Adviser Jordan and that his father, a wealthy Atlanta real estate developer, was a longtime supporter of Carter's. Corporate leaders have had a hard time taking him seriously since his first meeting with them, when Selig turned up at an exclusive Washington club wearing a leisure suit...