Word: upturning
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Dates: during 1970-1979
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...chorus of confidence is swelling across the U.S. After months of gloom and fear instilled by the worst slump since the 1930s, the nation's leading economists and the chiefs of its major corporations are now almost unanimously saying that the recession is ending and that an upturn is on the way. Both the timing and the strength of the recovery are in sharp dispute. A sprinkling of optimists asserts that it has begun already and will gain speed rapidly. A few pessimists expect the economy to bump along close to its recession lows for many painful months before...
...most economists, the question no longer is whether but when the upturn will begin. Robert R. Nathan, who is head of his own economic consulting firm, expresses a gloomy outlook; he warns that the economy must still undergo severe readjustments, most notably in further inventory reductions. "To get too gleeful now is like saying, 'Great, we don't have cancer, just a serious infection.' " Nathan expects that if an upturn does take place this year, it will not occur until the fourth quarter...
...only four months ago. The main worry is that if the recovery fails to reduce the disastrous unemployment rate, now at 8.7%, Congress will institute new spending programs, which in turn would fuel a resumption of inflation. "We have literally sown the seed for the upturn," says Murray Weidenbaum, a former Assistant Secretary of the Treasury. "Let's not flood it with more federal spending...
Even as the U.S. waits expectantly for an upturn in its slumping economy, recession in much of the rest of the non-Communist world is deepening. Though some nations are hoping for the beginning of the end of hard times later this year, no abrupt reversal of the worldwide drop in production and rise in unemployment seems likely, largely because the slide is so widespread. The situation underscores the perils raised by the growing interdependence of key industrial countries. In an era when heavy world trade, the operations of multinational companies, and massive flows of money across international borders have...
...will insist on voting permanent programs such as the farm-support bill, rather than short-term stimulation measures that can be revoked when recovery makes them unnecessary. In that event, the public and private sectors of the U.S. will be placed on a collision course that would reverse the upturn and perhaps leave the nation worse off than it was before the recovery began...