Word: slowdown
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Workers whose jobs are cyclical, seasonal or subject to the whims of the market feel vulnerable even without receiving a pink slip. Some benefits, like health insurance, may be tied to the number of hours logged, and so, in a slowdown, workers suddenly find themselves without coverage. Mayo Gonzales, a 57-year-old carpenter in Ontario, Calif., did not amass the 250 hours he needed this year to keep his benefits. "At my age -- at any age -- it's very important to have insurance because anything can happen," he says. "This is one of the worst slowdowns I have seen...
...Word Most Desperately Avoided Federal Reserve Chairman Alan Greenspan called it a "meaningful downturn." Chief White House economist Michael Boskin dismissed it as a "lull." President Bush described it as a "slowdown." But by the end of the year, everyone saw it for what it was: a recession...
...nationwide economic slowdown has deeply cut into revenues from state corporate and income taxes while also leading to cautious consumer spending that reduces the take from sales taxes. Meanwhile, outlays have been rising sharply for bridge and highway maintenance, prison construction and new schoolrooms for the second wave of the baby boom. The stiffest increases have been in health-care costs. Medicaid spending by states rose 18.4% in fiscal 1990 alone. Thus many of them are struggling with the prospect of big budget cuts and higher taxes, or drawing on reserves. "It's going to be batten down the hatches...
...Bush Administration also chose its words carefully. White House spokesman Marlin Fitzwater said the U.S. was in a "slowdown," while President Bush called the economy "sluggish." Meanwhile, the Commerce Department reported that the GNP grew a weak 1.7% in the July-September period, down slightly from the previous estimate. Most of the growth came before Iraq invaded Kuwait...
Only it lacked the national television audience, the March Madness aura and just about everything that makes a ballgame between a slowdown team and an up-tempo...