Word: sluggish
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...long-awaited package contained few surprises. It aimed to give the sluggish economy a moderate and, its designers hoped, a noninflationary stimulus. In this fiscal year (ending Sept. 30), $12 billion to $16 billion would be injected into the economy-$10 billion to $14 billion in tax cuts and $2 billion in job programs. For fiscal 1978 (beginning Oct. 1,1977), the package calls for $8 billion in tax reduction and $5 billion to $8 billion in spending for jobs. How much is actually spent will depend on how the economy is doing...
...report charged that the EPA had failed to protect the public against poisonous pesticides used to control insects, rodents, weeds and funguses. Said Senator Edward Kennedy, the subcommittee chairman: "I find it incredible that a regulatory agency charged with safeguarding the public health and environment would be so sluggish to recognize and react to so many warnings over the past five years. EPA has failed the consumer and the farmer, as well as the pesticide industry...
...Christmas results constituted fresh evidence that consumers are starting to spend again and the sluggish economy is perking up. Other bits of news have pointed the same way. Reflecting a rise in investor confidence, the Dow Jones average of 30 industrial stocks pierced the 1000 mark last week for the first time in three months and closed out the year at 1004.65. The Government's index of ten leading indicators posted a 1% gain in November, its best showing since June. Detroit reported new-car sales up 32.5% from a year earlier in the middle third of December...
Londoners tooling along the Thames in their Toyotas, Parisians strolling by the Seine listening to their Sonys-innocent signs, it would seem, of the healthy bustle of global commerce. But to European officials worried by sluggish growth and high unemployment in their home economies, the omnipresence of Japanese products is a clear and present danger to production and jobs. In 1970 countries in the European Community bought $300 million worth of goods more than they sold in trade with Japan. In 1975 the trade deficit was more than $3 billion, and in '76, reckons the nine-nation group...
Trade Deficits. For the U.S., a 10% OPEC increase would inflate oil import costs by about $3.5 billion and add about 20 per gal. to the price of gasoline and other fuels. That would put a further drag on the already sluggish U.S. recovery, since an oil price hike, like a tax increase, reduces the amount of money consumers and businessmen have available to spend on other things. The impact of an OPEC boost will be muffled by the fact that the U.S. produces almost 60% of its oil, and most domestic oil is still under price controls...