Word: slump
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Dates: during 1980-1989
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Best of all, many economists, including some who have very little sympathy for Reagan's economic policies, think that these gains are not just a temporary result of the current economic slump. They see signs that the inflationary cycle of the 1970s may really have been broken-although it took an exceptionally severe recession to finish it off. The drop in inflation, says Walter Heller, chairman of the Council of Economic Advisers under Presidents Kennedy and Johnson, "is in good part a fundamental change, a structural change." Adds Otto Eckstein, a member of TIME's Board of Economists...
...remains astonishingly high. In the same poll, respondents voted 53% to 32% to cancel the 10% cut in income tax rates already enacted to take effect July 1 if that should be necessary to reduce the gargantuan budget deficits that might reignite inflation on the upswing out of the slump...
...bullish than would seem possible in the midst of a deepening recession. In Pittsburgh Kahn found unemployment, to be sure, but also a labor force with half again as many white-collar workers as blue, an economic fact of life that has helped to cushion the deepening industry-wide slump in steel orders. In Houston (". . . the only place on earth where I have heard 'trillion' used in casual conversation ...") he learned that there are more branches of foreign banks than in any other U.S. city except New York. In Fresno, Calif., he found a county as agriculturally productive...
...major military contractors, the buildup will prove a bonanza. Many of them have excess factory capacity brought on by the recession, and they are already revving up unused production lines. Boeing, for example, which has been hard hit by the slump in domestic aviation, is at work on the cruise missile...
...most troubled of all the major carriers are Continental and Braniff, both of which are widely regarded by analysts as close to bankruptcy. At Braniff, sacrifices have become part of the job. Employees took a 10% pay cut in 1981 to help pull the airline out of its slump, and two weeks ago Braniff put its 9,500 employees on half pay for one week to save $8 million after its $94.8 million operating loss...