Business: The Hesitant Recession

TIME'S economists see a milder downturn and still higher prices

An economy that stubbornly refuses to cool off, consumers who will not stop spending, prices that keep on rising and, looming on the horizon, the biggest new inflationary jolt of defense spending since the Viet Nam War.

That was the gloomy backdrop last week as TIME's Board of Economists gathered in New York City for a look at how the economy is shaping up in light of Jimmy Carter's proposed new budget for fiscal year 1981. The view ahead was hardly encouraging. At almost every...

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