Word: budget
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Dates: during 1980-1989
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...week, economists ranging from the very conservative Martin Feldstein to the very liberal John Kenneth Galbraith wrangled about the size and composition of deficit cuts but not at all about their necessity. In this view, the U.S. has about come to the end of its ability to cover giant budget and trade deficits by borrowing from foreign investors. The stock-market crash served as a warning of what would happen if the foreign capital is ever withdrawn; thus the nation must reduce its dependence on overseas borrowing for the long-term health of the economy, at whatever cost in immediate...
Many American experts now believe that was a serious mistake. The dollar, its real value undermined by budget and trade deficits, has continued to attract more sellers than buyers. Central banks have spent something like $90 billion this year buying greenbacks to prop up the price. Worse, the Federal Reserve was forced into the high-interest-rate policy that proved to be poison to world stock markets. And still the Louvre values could not be sustained. ( Last week the dollar fell to new lows against the West German mark and Japanese yen; foreign governments seemed willing to buy only enough...
...leaders, however, attach one enormous condition, and it brings economic arguments full circle. They will not risk overstimulating their economies and inducing a new round of inflation for the sake of enabling America to continue living beyond its means. They will insist on a meaningful slash in the American budget deficit. The fear of inflation is particularly strong in West Germany, which was still raising interest rates shortly before Black Monday, to the intense displeasure of the U.S. German Finance Minister Gerhard Stoltenberg last week hinted at what would be required to get Bonn to change course. Said he: "What...
DESCRIPTION: Five suggested areas for budget cuts...
With outlays estimated at $217 billion this fiscal year, Social Security programs represent the largest expenditure in the federal budget after national defense. But when congressional leaders and Administration officials huddled last week to hunt for $23 billion in savings, Social Security was clearly untouchable. "Everything is on the table," President Reagan told the nation before the meeting, "with the exception of Social Security...