A Season of Scare Talk

The early promise of Reaganomics gives way to mounting gloom

The term is both so vague and so loaded with terrifying memories that it has been informally banned from serious discussion of the U.S. economy for most of the past 30 years. But it cannot be suppressed altogether: it popped up toward the end of the 1973-75 business slump, and has surfaced again in the past few weeks. This time though, it is not just the inveterate calamity howlers of economics but some highly respected business analysts who are saying out loud the dread word,...

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