Word: thurow
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...like autos and steel and have plunged into the minimum-wage realm of floor mopping and hamburger flipping. By failing to halt the middle-class shrinkage, the argument goes, the U.S. could allow itself to become a two-tiered society of rich and poor. Declares M.I.T. Economics Professor Lester Thurow: "Wherever one looks, one now finds rising inequality...
Another group that is swelling the ranks of the low-income class is single parents, according to M.I.T.'s Thurow. Unwed mothers and divorcees from middle-income families often slide into the lower class when they try to get by on their own. Reason: they may have the double burden of child custody and a lack of marketable job skills. Carol Kuypers, 32, of Harper Woods in suburban Detroit, earns $13,500 as an accounting clerk, or about 61 cents a week over the limit for getting federal food assistance. The unmarried mother of a 15-month...
...much the dollar's fall will do for U.S. trade remains to be seen. Lester Thurow, a professor of economics at M.I.T., cautions that the weakened currency is no panacea. Says he: "The dollar is nowhere near a low enough level to solve the trade-deficit problem." Allan Meltzer, a professor of political economy at Carnegie-Mellon University, is more sanguine. He comments, "I have no problem believing that the export surge is coming." Not surprisingly, neither Meltzer nor anyone else is willing to predict the precise timetable for a turnaround in the balance of trade...
...been living beyond its means for too long, and the other industrial nations have become too heavily dependent on trade with America for their growth. The crucial challenge that faces governments is to correct that imbalance, and some of the economists doubted that it will be met. Said Thurow: "Everybody is right: the U.S. ought to do something to balance its trade deficit and its federal budget faster than it is, but we are not going to do it for political reasons. The Americans are right that the Japanese and Germans ought to stimulate their economies and grow faster...
...would be persuading the whole country to accept an additional burden that in the short run appears to help only the J.R. Ewing types. "Most Americans seem to have little sympathy or understanding for the plight of the U.S. oil industry," says Sam Nakagama, a Manhattan economic consultant. Thurow concurs: "If you impose a tax on New England to subsidize Texas, there would be a big fuss...