Word: slow
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Dates: during 1970-1979
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...steamship clerks' union. No one ever questioned Meany's dedication to the movement. The second of ten children of an Irish family in The Bronx, Meany became an apprentice plumber at 16. He soon proved as skilled at manipulating people as pipes. Stolid in appearance, sometimes slow of speech, he was easy to underestimate. But in any encounter, few rivals could match his wits or the forcefulness with which he pressed his views...
...showrooms. Reflecting this consumer boomlet, the Commerce Department guesstimates that the economy may have actually grown at an annual rate of 1% in the third quarter. But in the fourth quarter, which begins this week, the brief spending splurge is expected to fade, and the pace of business will slow sharply...
TIME's board predicts only moderate relief. The peak of inflation has been reached, but the road down will be slow. David Grove, a private consultant and former chief economist for IBM, foresees a 1980 inflation rate of 9.5%, or double the level of only three years ago. Says he: "Inflation will continue as long ahead as we can see." Okun maintains that the latest surge of inflation has placed the economy on a higher price plateau, where it will stay for years to come. Even after the recession is over, he predicts, prices will be increasing...
...first time, several of TIME's economists worried that the intransigent inflation might endanger the free economic system. Lower- and middle-income citizens have accepted the inequities of capitalism because they figure that they have an opportunity to get ahead. If inflation and slow growth rob people of the chance to save and advance, they may be tempted to veer sharply left or right...
...gold frenzy continues to weaken the buck, OPEC might again move to lift its dollar-denominated price of oil sharply. Uncertainty over just what the greenback will be worth in months ahead would slow much trade that is negotiated in dollars. Beyond that, economists disagree about whether gold itself poses any threat. Many believe, as Economist John Maynard Keynes said, that gold is just a "barbarous relic," a commodity like pork bellies that should have no more monetary impact than wampum beads. Yet in this real world, the bullion boom could ultimately prove highly inflationary...