IS THAT SOMETHING IN THE AIR A RECESSION?

AS EXPERTS ARGUE ABOUT HARD AND SOFT LANDINGS, POLITICIANS FROM CLINTON TO ARMEY HEAD FOR SHELTER

It was just their routine Tuesday strategy session that brought House Republican leaders to the offices of Newt Gingrich last week. But from the way majority leader Dick Armey was talking, it could have been one of the economics classes he used to teach. His subject: Recent Signs of Recession in the U.S. Economy. One by one he ticked off the signals: payrolls falling, investments soft, inventories high. "The economic indicators suggest to me that I may be living with my worst fears,'' he told them. "If you have a recession in 1995 or '96, the voters are likely to connect...

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