Word: seniors
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Dates: during 1970-1979
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Many economists fear the legislation could be a staggering blow to the economy, which is already burdened with an unemployment rate of 6.9% and inflation of 6.5%, and is expected to face some trouble in 1979. Said Thomas Dernburg, senior economist for the Congressional Joint Economic Committee: "The vote was an amazing mental flipflop. No one would consider raising the income tax with the economy in this state...
...Senior executives at Chrysler are well aware of the consequences should their new models be viewed unkindly by the public. Product-Planning Chief Hal Sperlich is both cautious and cocky. "We are heading for an encounter of the third kind that can have tremendous consequences for us," he admits. Then comes the characteristic salesman's caveat. "Chrysler is the last of the big three to build a small car, and as my colleagues at Ford used to say, 'Last in, best dressed.' " Maybe. First sales results will be available in February, and if they are good...
...people working, but no great reduction in unemployment. Inflation will speed up from its current pace, and that and other factors could set the stage for a downturn in 1979 or 1980. But for the next twelve months, TIME'S board members unanimously agree with Arthur Okun, a senior fellow of the Brookings Institution: after 2% years of recovery from the 1973-75 recession, "there is one more year of good news in this expansion...
...nothing to do here." Agrees Joel Gray, executive vice president of the Doral Hotel: "Gambling can return Miami Beach to a point of prime destination." In other words, Gray thinks casinos will lure many more travelers. But these optimists have forgotten the need for fresh capital. Says Morton Ehrlich, senior vice president for planning of Eastern Air Lines: "You don't put a casino in the basement of a hotel that's falling down." And Miami Beach boosters are having great difficulty raising new money these days. Says one hotelkeeper: "We are ready to build a new hotel...
Arthur Heming, associate director of the General Sciences Division of NIH, the division that originally gave the grant to Thomas, wrote a letter Wednesday to Henry C. Meadow, senior associate dean for administration at the Med School, explaining the NIH decision...