Word: slowdowns
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...slowdown was started by Democratic Senator Gary Hart of Colorado, who wrote a letter to Budget Committee Chairman Edmund Muskie urging him to set up a task force to study both the economic and environmental impact of Carter's $141 billion energy program. It was too vast and too complicated, Hart argued, to be approved without extensive research. "We ought to understand what all this means," he said. Muskie agreed and took the argument to Senator Henry Jackson, who wanted an omnibus energy bill as soon as possible. Despite Jackson, the Hart-Muskie view prevailed, and Jackson...
...that the gross national output of goods and services dropped at a 3.3% annual rate during the second quarter, meaning that the recession has almost certainly begun. G. William Miller, the Treasury Secretary-designate, also warned that the energy aggravated slump would be deeper and longer than the mild slowdown of six to nine months that the Administration has so far forecast. Miller's projections: unemployment rising from last month's 5.6% to 8.3% of the labor force next year, inflation continuing to roar at a double-digit pace in excess of 10% at least through...
...increase in oil prices-approximately 60% since January-will send the developed nations into their worst economic slowdown since the first round of OPEC price gouging touched off the 1974-75 recession. So says the Organization for Economic Cooperation and Development in its semi-annual forecast covering 24 member nations of the industrial world. In the next twelve months, predicts the OECD, their economic growth will average 2%, down from 3.7% last year; their inflation will rise from 7.9% to 10%; and their unemployment may swell from 5.25% to 6%, a postwar record of 19 million people out of work...
...solution that is only to be described as better than nothing. They will be difficult to enforce, and OPEC can, if it chooses, foil them by cutting production again. At best, the limitations will hold a bad situation steady while the world goes through a painful period of inflation, slowdown or recession, conservation and conversion to alternate fuels...
...continuing climb in oil prices could make that slowdown longer and deeper...