Word: spiralled
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Dates: during 1980-1989
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Recession. The word no longer seems adequate to describe the relentless turmoil that is shaking the world economy. More and more politicians, businessmen and economists are beginning to have a few haunting fears that this economic decline could spiral out of control, leading to a breakdown in the economic system. Said Canadian Prime Minister Pierre Trudeau at the recent Versailles economic summit: "We are moving from crisis to catastrophe." Warns Paul McCracken, former chairman of the Council of Economic Advisers under President Nixon: "The world economy is balanced on a knife-edge and could easily plunge into another...
...West was strongly susceptible to this price spiral because of the institutions that had evolved during the postwar prosperity. Power had become more concentrated in large corporations, labor unions and lobbying groups ranging from the Gray Panthers in the U.S. to the National Federation of Farmers' Unions in France. Explains Economist Mancur Olson of the University of Maryland: "In stable, democratic societies, special-interest groups accumulate over time, and they push to raise prices, wages or government spending. They can only serve their member by trying to win a larger slice of the social pie." In aiming to shield...
...interest rates; that in turn could hold back any recovery from the present severe recession. If no budget passes, Congress will have to fund the Government either by a series of "continuing resolutions" or by passing spending and tax bills piecemeal, with no overall plan. Either way, deficits could spiral out of control...
...year in office, he urged patience on his New Right supporters, who wanted fast action on politically charged social issues like permitting prayer in public schools. The Administration needed time, said the President and his men, to concentrate on more urgent economic problems. With the economy's downward spiral beginning to erode Reagan's political base, the President moved last week to regain some good will with a constituency that is vital for him. At the same time he moved to diminish the anger of another group, which has never trusted...
...historic news came as no surprise. The gloomy April results had been expected for several weeks, as the economy continued to spiral downward. The unemployment rates for adult males, women who support families, teen-agers and blacks were already at record levels and they went still higher...