Word: stimulus
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Dates: during 1970-1979
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...Although temporarily eclipsed last spring after his $50 rebate proposal was dumped, Schultze has regained his influence. Says one Administration aide: "Charlie's forecasts of economic progress land on the President's desk at the top of the pile." Currently, Schultze is urging a new stimulus program to keep the economy from lowing down late next year...
...eventually pay for itself in fuel savings and are not waiting for the tax incentive that is included in the Administration's energy program, now tied up by congressional wrangling. (A 25% personal income tax credit on the first $800 outlay spent for insulation would be granted.) Another stimulus to insulation demand is the yearlong boom in housing (TIME cover, Sept. 12), which depletes supplies rapidly. Says an O-C spokesman: "We have warehouses that normally contain a six-day supply. They are down to a one-day supply now. The stuff is going directly out the door from...
...which more than 90% of all Italians belong. In a conciliatory open letter to an Italian bishop-quickly dubbed "the Berlinguer encyclical"-the Communist leader has provoked an unprecedented dialogue with the church by proffering assurances that his party not only respects religion but sees it as a possible stimulus toward building a true socialist society. Criticizing religious "intolerence" in Eastern Europe, Berlinguer said-heresy of Communist heresies-that Marxism was not an "ideological creed" but an analytical method, and that his party was "lay and democratic, and as such not theist, atheist or antitheist...
Whether the timing is right for such stimulus to the economy is highly debatable. Prime Minister James Callaghan a few weeks ago told the Labor Party conference in Brighton that Britain is on the verge of an era of prosperity that "will eclipse anything seen since we became an industrial power 200 years ago." In his speech last week, Healey optimistically forecast that inflation would fall to a single figure. At present, inflation, though down, is still running at a high annual rate of 16.5%, and some unions are pushing for wage boosts going beyond the government's guideline...
Nonetheless, there is an economic grand design of sorts. It proceeds from the assumption that the economy is in a delicate balance between inflation and unemployment, and so needs gentle treatment. The idea is to feed in just enough stimulus to maintain moderate growth, without accelerating inflation-at the price of a very gradual decline in unemployment. Says one White House adviser: "That's the hardest thing in the world-not to yank the economy around. It doesn't give anybody very clear signals," expansionary or deflationary. It also is not a very inspiring vision for the country...