Word: spiralling
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...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...
Since 1965, prices in the U.S. economy have been heading one way. Sometimes rapidly, sometimes slowly, they went relentlessly upward. Yet last week the Labor Department reported that the economy's 17-year inflationary spiral had, for one month at least, finally been broken. During March, inflation as measured by the Consumer Price Index actually went down instead of up. This turned a trend of what economists call disinflation, or slowing price rises, into outright deflation, or falling prices...
Runaway prices have dogged and bedeviled every President since Lyndon Johnson, who helped unleash the price spiral in 1965 by financing the Viet Nam War almost entirely out of federal deficit spending, without raising taxes. Richard Nixon's clumsy efforts to stop inflation by a 90-day wage and price freeze, and later by various "phases" of economic restraint and stimulus, merely made the problem worse. Gerald Ford's jawboning efforts, epitomized by WIN (Whip Inflation Now) buttons, gave the impression that Washington had few ideas on how to cope with price increases. Under Jimmy Carter, inflation reached...