Word: bergsten
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Dates: during 1980-1989
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...fact, so-called real interest rates which reflect the cost of borrowing minus inflation, have actually increased slightly during the period because inflation has fallen faster than interest rates. Says C. Fred Bergsten, director of the Washington-based Institute for International Economics: "Interest rates must drop by two more points. It is critical for the U.S. and world recovery...
...denies that the strong dollar is stunting growth in the U.S. Nearly one-sixth of the economy depends on exports. It is estimated that each $10 billion in the trade deficit increases the jobless rate by .7%, or more than 500,000 people. C. Fred Bergsten, director of Washington's Institute for International Economics, believes that "the trade deficit is the biggest single factor pushing the economy down." Building new trade barriers, however, would only sap the economy further by propping up sickly industries, raising prices for consumers and inviting reprisals from other countries...
...already hard hit. Since January steel shipments from West Germany, Japan and other competitors have jumped 45%. Foreign companies have now captured 17.5% of the American steel market. .Other industries expected to be hurt by rising imports include autos, apparel, machine tools and consumer electronics. Former Treasury Official Bergsten fears that unless the dollar weakens, up to 1 million Americans will lose their jobs...