Business: Outlook '81: Recession

Reagan confronts low growth, high inflation and steep interest rates

"I think that we are at a very major watershed in this country. The chips are down. We either make a significant turn at this point, or we are going to be fighting economic stagnation for the next decade."

The speaker was Republican Economist Alan Greenspan, but the sentiment was shared by each of his colleagues on the TIME Board of Economists, which gathered last week to examine the economic outlook for 1981. To a man, the board agreed that the weakened U.S. economy simply cannot...

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