Word: next
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Dates: during 1990-1990
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...gross national product will shrink at an annual rate of 2.5%, after adjusting for inflation, in the fourth quarter, and show smaller declines in the first half of next year, according to TIME's panel. (The economy grew at an anemic 1.4% rate in the July-September quarter.) The downturn would meet the official definition of a recession, which is at least two straight quarters of falling GNP. The panel said the U.S. appeared likely to resume slow growth by mid-1991 as the Federal Reserve Board lowers interest rates to stimulate business activity. That scenario would amount...
...that is if everything goes well, which is no sure thing. The economists in the TIME forum warned that the U.S. faces a minefield of unprecedented risks that could worsen the recession and prolong it through next year and beyond. Chief among them is the threat of a drawn-out war in the Persian Gulf. That could push the price of oil, which closed at $25.92 per bbl. last week, well past the $41.40-per-bbl. peak that it hit in October. Another serious threat is the possibility of a crisis in the U.S. banking system, which is awash...
...Investigation When Charles Stuart, 30, the manager of a Boston fur shop, reported the slaying of his pregnant wife by a black mugger in October 1989, police unleashed a massive manhunt, and racial tensions in Boston worsened. In January, Stuart's brother revealed that Stuart was the murderer. The next day Stuart took his own life...
...West has placed all its hopes for a new world order on Gorbachev. French and German authorities last week even urged that aid be accelerated, arguing that at this critical time for the survival of perestroika Gorbachev needs all the help he can get. But what if the next figure to follow Shevardnadze to a podium and announce that a triumphant right has left him no choice but to resign were Mikhail Sergeyevich Gorbachev...
...state budgets were pushed into the black by a buoyant economy that kept tax revenues pouring in just fast enough. In a pinch, states could unveil a new lottery, nudge up the sales tax or practice the kind of creative accounting that shifts one year's outlays into the next. But with the economy slumping and voters raising a fuss at the very whisper of new taxes, the assumptions of the '80s are not working anymore. Now 29 states are facing budget deficits. That may be business as usual in Washington, but most states are obliged by their laws...