Word: upturns
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...normally brings. It was partly because Washington, like many another section of the U.S., had gone through a dismal winter, strangled by heavy snows, pelted by freezing rains, chilblained and miserable. But what set Washington apart in its eagerness for spring was the Administration's expectation of economic upturn that would bring the U.S. out of a recession that would be forever associated with bleak Winter...
...Spring came-and greeting it along a wide Atlantic Coast belt was the most disastrous, dispiriting snowstorm of all (see The Weather). Foul March weather, climaxed by last week's crushing blow, was almost certain to cause snowbound distortions in the seasonal economic figures, move back the expected upturn by as much as a month. Now the Administration needed still more time to examine the economy before moving toward an antirecession tax cut or an all-out public-works program. On March 21, the day Washington had so anxiously awaited, a top Administration economist gazed out a window...
...income groups, i.e., those groups which tend to spend almost all their income. Such a tax cut would be fed into the economy almost immediately. It would stimulate demand for goods and services, afford the best hope for stopping the current economic recession, and help to start an economic upturn. Public works are too slow. And even if taken off the shelf quickly, and even if built in the right localities, public works generally do not directly employ those who have lost industrial jobs...
...Bottom? When will the economy turn up again? At first the crystal-ball-gazers looked for an upturn starting at midyear. Now they have put the turn farther off, barring a tax cut that might give the U.S. a fast boost. Most economists agree with harvard Economist Sumner Slichter, who says: "It will be six months before the economy shows much pep." They think the recession will reach bottom soon, may be there even now. Then, say economists, it will rock along on a relatively even keel for six months or more before turning gradually upward...
What labor has not learned is that just as businessmen must suffer from reduced business and lower profits, so labor must also bear some of the cost of a business downturn. Businessmen fear that the U.S. will not be on solid ground for an upturn until the wage spiral is broken, and productivity, which has not been rising as fast as wage rates, catches up. Said Industrialist and longtime Federal Reserve Chairman Marriner Eccles: "Organized labor has already jeopardized its interests by pricing many of its goods and services right out of the market...