Word: dismally
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Dates: during 1970-1979
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...their 30s or early 40s, admit to many more questions than answers and are sometimes unfairly dismissed by their more traditionalist colleagues as "N.C.s" (Neanderthal Conservatives). Hardly Neanderthal, they are instead moderate, pragmatic economists of the late 1970s who are bringing fresh air, and fresh hope, to the dismal science. Says Rudolph Penner, head of tax-policy studies at the American Enterprise Institute: "The exciting ideas are now coming from the under-40 crowd, and they are saying that Government is not efficient...
...other incentive economists, Feldstein argues that the Government is trying to do too many things that it either cannot do efficiently or that people can do better for themselves. That, of course, is a direct affront to Keynesian doctrine. Beginning in the mid-1930s, Establishment pillars of the dismal science have propagated Keynes' captivating notion that governments could tame beastly economies, making them stand up and jump through hoops. His prescription succeeded in lifting Western countries out of the 1930s Depression that had been triggered by an almost complete collapse in demand both in the U.S. and in Europe. Keynes...
...Britain, Margaret Thatcher's Tory government was swept into Office in May on a tide of popular fury at the dismal results of Labor rule and is now rapidly unwinding much of the high-tax, nationalized welfare state. Income tax rates have been reduced from a top of 83%, to 60%; a third of Britain's nationalized North Sea oil industry has been put up for private sale; and the government now has plans to sell off its shares of other state industries, including British Airways...
...economy's efficiency is showing the most alarming decline. Output per hour worked in private business dropped at an annual rate of 2.8% in this year's first quarter and 3.8% in the second quarter. Only the U.S.'s highly efficient farms stopped a much more dismal performance; not counting them, private productivity from April to June dropped at a 5.7% rate, the worst plunge since statistics keeping started more than three decades...
...more than discipline may be needed. While conditions on the honky-tonk strip helped to spark the riots, a more basic cause was the trainees' anger over their dismal housing. They derisively call the aging barracks "Idi Amin's Castle" and the "Haven for Thieves." There is little privacy, toilets frequently do not work, and locker doors are so flimsy that thefts of cash, clothes and cameras are common...