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It links late-70s inflation and the subsequent recession to restrictive monetary policy, fiscal deficits, and adjustment to long-term structural change. The discussion highlights credit pressures under high interest rates and the dollar’s effect on exports and import-competing industries, then notes a modest business improvement indicated by leading economic 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major economic factors does the document cite for the late-70s inflation and early-80s recession?","Question",{"text":112,"@type":113},"It cites restrictive monetary policy and a fiscal approach that tolerated very large deficits, compounded by difficulties adjusting to long-term structural changes.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How does the document describe the effect of high interest rates and the dollar on the U.S. economy?",{"text":117,"@type":113},"It says credit pressures became enormous under very high interest rates and that an over-valued dollar undermined export trade and import-competing industries.",{"name":119,"@type":110,"acceptedAnswer":120},"What improvement does the document note in the business scene?",{"text":121,"@type":113},"It reports rising leading economic indicators for seven months, suggesting continued improvement in the coming months.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},440771,1790971330,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":14,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":44,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":144},1099514068035,"https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c","Commonwealllh  \nLXXVII·No.22  \nMay 30,1983  \n\n| JUNE 3   | \"The Economic and  \u003Cbr>Financial Outlook”  \u003Cbr>FRIDAY FLASHES—May 20  \u003Cbr>Leland S.Prussia  \u003Cbr>Chairman of the Board  \u003Cbr>Bank of America  \u003Cbr>Global recovery will depend largely on  \u003Cbr>our own domestic economy and its  \u003Cbr>recovery.The United States accounts for  \u003Cbr>25 percent of the total national product of  \u003Cbr>the world economy,about two-thirds of  \u003Cbr>the global official foreign exchange re-  \u003Cbr>serves are held in U.S.dollars and about  \u003Cbr>three-fourths of all Euromarket loans  \u003Cbr>are denominated in U.S.dollars.  \u003Cbr>The inflationary boom of the late 70s  \u003Cbr>was followed by the worst recession of the  \u003Cbr>past generation.The underlying causes  \u003Cbr>of it were a restrictive monetary policy  \u003Cbr>and a fiscal policy prepared to tolerate  \u003Cbr>very large deficits.This was compounded  \u003Cbr>by serious difficulties in trying to adjust  \u003Cbr>to long-term structural changes in our  \u003Cbr>economy.  \u003Cbr>As a result,credit pressures became  \u003Cbr>enormous under a regime of very high  \u003Cbr>interest rates,while the dollar became  \u003Cbr>vastly over-valued and thereby under-  \u003Cbr>mined both the export trade and many  \u003Cbr>import-competing domestic industries.  \u003Cbr>At the same time the Federal Reserve  \u003Cbr>applied brakes to monetary policy,the  \u003Cbr>administration pushed the most massive  \u003Cbr>tax cuts in history and a huge multi-year  \u003Cbr>increase in military spending through  \u003Cbr>Congress.Trying to balance the budget  \u003Cbr>under these circumstances was like trying  \u003Cbr>to square the circle.  \u003Cbr>We can expect a series of budget defi-  \u003Cbr>cits in the $200 billion range for some  \u003Cbr>years unless we take a significantly dif-  \u003Cbr>ferent approach to managing fiscal affairs.  \u003Cbr>Modest Improvement  \u003Cbr>However,with the lifting of at least  \u003Cbr>some of these policy constraints,we have  \u003Cbr>seen a decided improvement in the busi-  \u003Cbr>ness scene.The index of leading economic  \u003Cbr>indicators has been rising for seven  \u003Cbr>months,presaging continued improve-  \u003Cbr>ment in the months to come;the Dow  \u003Cbr>Continued on page 157   | JUNE 9  \u003Cbr>Current  \u003Cbr>Affairs  \u003Cbr>Forum  \u003Cbr>Rollin Post  \u003Cbr>Political Specialist  \u003Cbr>KRON-TV  \u003Cbr>\"Campaign  \u003Cbr>Financing and  \u003Cbr>The Merits of  \u003Cbr>Political Action  \u003Cbr>Committees'”  \u003Cbr>Thursday,4:30—6:00 p.m.  \u003Cbr>Commonwealth Club office,Arcade.  \u003Cbr>$2:00 charge incudes wine reception,  \u003Cbr>4:30—5:00 p.m.Call(415)362-4903 for  \u003Cbr>reservations.  \u003Cbr>Current Affairs Forum offers yet an-  \u003Cbr>other view of campaign financing.Top  \u003Cbr>political analyst,Rollin Post,has closely  \u003Cbr>followed our elected officials and their  \u003Cbr>handling of important political issues.\"I  \u003Cbr>want viewers to understand what the  \u003Cbr>politicians are doing,and why,\"Post ha  \u003Cbr>commented.  \u003Cbr>Recently,Post received the Broadcast  \u003Cbr>Preceptor Award for his outstanding con  \u003Cbr>tribution to broadcasting.  \u003Cbr>Carl E.Rosenfeld  \u003Cbr>William T.O'Leary   |\n| --- | --- | --- |\n| 52nd Annual  \u003Cbr>Literature  \u003Cbr>Medal Awards  \u003Cbr>Luncheon  \u003Cbr>Dr.William  \u003Cbr>J.Bennett  \u003Cbr>Chairman  \u003Cbr>National Endowment for the  \u003Cbr>Humanities  \u003Cbr>“The Written Word  \u003Cbr>as Vocation”  \u003Cbr>Noon,Friday  \u003Cbr>Gold Ballroom,Sheraton Palace Hotel  \u003Cbr>Advance Tickets—$12 for members,$15  \u003Cbr>for guests.Please see Advance Ticket Sale  \u003Cbr>Procedure,back page,for ticket  \u003Cbr>reservation information.  \u003Cbr>Literature extends and refines the hu-  \u003Cbr>manities'tradition through new ideas  \u003Cbr>and works.This importance in mind,the  \u003Cbr>Commonwealth Club of California is  \u003Cbr>pleased to announce the 1982 Literature  \u003Cbr>Auards.  \u003Cbr>The National Endowment for the Hu-  \u003Cbr>manities provides support for scholar-  \u003Cbr>ships,education and public actitivies in  \u003Cbr>the Humanties.Creating a more suppor-  \u003Cbr>tive cimate for those working in that  \u003Cbr>field,it can provide a framework for a  \u003Cbr>human public policy.  \u003Cbr>Beverly Hayon  \u003Cbr>Quarterly Chairman   |  |  |\n\ns  \n-  \nINSIDE:Is the Economy Recovering?;156-157.","cbCaiau8KJe6ccRt","https://ap.wps.com/l/cbCaiau8KJe6ccRt","pdf",2871029,"English","# JUNE 3 - Friday Flashes—May 20\n## Economic and Financial Outlook\n# JUNE 9 - Current Affairs Forum\n## Campaign Financing and Political Action Committees\n# 52nd Annual Literature Medal Awards Luncheon","[{\"question\":\"What major economic factors does the document cite for the late-70s inflation and early-80s recession?\",\"answer\":\"It cites restrictive monetary policy and a fiscal approach that tolerated very large deficits, compounded by difficulties adjusting to long-term structural changes.\"},{\"question\":\"How does the document describe the effect of high interest rates and the dollar on the U.S. economy?\",\"answer\":\"It says credit pressures became enormous under very high interest rates and that an over-valued dollar undermined export trade and import-competing industries.\"},{\"question\":\"What improvement does the document note in the business scene?\",\"answer\":\"It reports rising leading economic indicators for seven months, suggesting continued improvement in the coming months.\"}]","Commonwealllh - LXXVII·No.22 - May 30,1983 - FRIDAY FLASHES—May 20 | PDF",1790693304,23]