Word: wyss
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Republicans insist, however, that the economy needs a balanced budget in seven years, even if it causes pain. "The major, major difference between the President's budget and ours," Domenici said, "is the almost total lack of restraint on entitlements in the President's [program]." Concurred David Wyss, the chief financial economist at DRI/McGraw Hill: "If you do not get those cutbacks in entitlement programs, you're not going to get the budget balanced or keep it balanced...
...more precisely, work throughout the $6 trillion U.S. economy is skewing more sharply than ever along educational lines. "We're getting the good jobs and the bad jobs, but the middle jobs we're losing," says David Wyss, an economist at the DRI/McGraw Hill consulting firm. "Take something like health care. It pays great if you're a doctor or a nurse, but in both cases you need a special degree. Without one, there aren't any good wage jobs in that sector. Those who aren't well educated are still flipping hamburgers at McDonald's or working as janitors...
...invasion of other financial companies eager to make loans has caused deep damage to the banking industry. "The banks are clearly losing the franchise of lending to business," says David Wyss, senior financial economist for DRI/McGraw-Hill, a large economic consulting firm. "That should be scaring them because this is where their real profits...
...near as severe as it was at the depth of the 1981-82 recession, and the contraction in the gross national product (so far 1.4%) has been far less sharp. "Ten years ago we would have thought this was paradise, and now we're whining about it," says David Wyss, chief economist for the consulting firm DRI/McGraw Hill...
...recent wave of megamergers will only accelerate the trend. BankAmerica's $4.5 billion acquisition of Security Pacific will reportedly eliminate 10,000 white-collar jobs, or 11% of the companies' total work force. "People who get laid off when banks merge don't get rehired," says David Wyss, an economist with the consulting firm Data Resources. "That is a permanent, structural change...