Word: slowdown
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...made public, the outlines became clear after a series of high-level White House meetings late last week. The Stockman plan would demand sacrifices from a broad range of citizens in order to uphold Reagan's campaign pledge not to raise taxes, cut Social Security or countenance much slowdown in the U.S. military buildup...
Spending. Reaganauts are agreed on their goal: to reduce the deficit from the current 5% of gross national product to what is regarded as a manageable 2% of G.N.P. in 1988. With tax increases ruled out by the White House and the economy now in a slowdown, precluding a rapid expansion of revenues at present tax rates, there is only one means to dry up red ink: spending cuts even more drastic than the Administration won in 1981. Stockman's recommendation, faced with these all but absurd options, was to slash estimated outlays by $45 billion the next fiscal...
...swiftness of the economic slowdown caught the Federal Reserve by surprise. In the spring, growth was going like a greyhound, and an acceleration of inflation seemed a real possibility. As demand for loans surged, the Reserve Board let the prime rate creep up from 11% in March to 13% by the end of June. Volcker kept the prime at that lofty level all summer in hopes of easing the economy onto a slower, more sustainable growth path...
Auto sales may give a spark to the economy. Much of the production slowdown in the third quarter resulted from strikes against General Motors by U.S. and Canadian workers. The walkouts and quotas limiting Japanese auto imports have intensified the current demand for cars. The automakers reported last week that sales...
Meanwhile, though, the slowdown is causing deficits to shoot up again. Budget Director David Stockman now estimates that, if nothing is done, the shortfall will rise from $175 billion in fiscal 1984, which ended Sept. 30, to $210 billion in the current financial year and only slightly less in 1986. And these calculations assume renewed growth in the economy that the deficits themselves could all too easily retard. For example, a major cause of the current slowdown is the excess of U.S. imports over exports, estimated at a gargantuan $130 billion this year; this trade deficit is aggravated...