Word: cottone
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Dates: during 1970-1979
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Some Government agencies, he argues, give perverse incentives to export scarce goods like wheat and cotton, and to export credit, which allows rich countries to buy U.S. goods at less than market prices. Last year Reuss suggested the creation of a congressional price-supply ombudsman to act as watchdog over rising prices. Finally, he would finance a tax reduction for low-to middle-income Americans by, among other things, closing loopholes such as untaxed capital gains at death, hobby-farm deductions, and tax-exempt interest on bonds...
Meanwhile, the Tanzanian economy is sorely beset by failing crops, worldwide inflation and soaring petroleum costs. Because the government paid such low prices for basic agricultural commodities, farmers last year smuggled more than $50 million worth of sisal, cattle, cotton, cashew nuts and corn across the border into neighboring Kenya, where prices were higher, thereby depriving Tanzania of vital foreign exchange. The country's hard currency reserves, in fact, have fallen from over $100 million a year ago to only $11 million at present...
...himself over the years to do what he could to ease the nation's financial burdens. A dozen or so unsolicited contributions are received annually by the Treasury Department from individuals or their estates. In the 1960s, an 83-year-old spinster in Huntsville, Texas, left some valuable cotton and cattle land to the Government. The land has been sold, and the money is being paid in installments ranging from $11,200 to $124,365. For the past six years, one man has been sending in checks for what he calculates is his fair share of the debt: they...
Pressure for economic improvement is mounting; left-wing Cairo university students demonstrated again last week for better conditions, and some workers joined them. Sadat has ordered extra supplies of wheat, meat and cotton cloth to be distributed, but even that is not enough. "The real problem," one leftist intellectual Cairene told TIME Correspondent Wilton Wynn last week, "is the deterioration of the economy. These troubles are not plots masterminded by some Marxist. The real generalissimo is hunger." That is one generalissimo who could be defeated by a Middle East peace-but who would surely win if the area returned...
Rockefeller has been counseled by some to "practice up on greeting cotton queens and weeping discreetly at foreign funerals." That is probably good advice as far as it goes. A Vice President cannot make decisions or deliver significant policy pronouncements. But quietly counseling on the issues, mustering new talent and offering personal support in a hundred ways is possible. For the first time in two decades, and perhaps in history, the times and the men seem right to provide a new dimension in presidential stewardship...