Word: cuttingâ
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...decent job of regulating American flagships, mandating such things as crew qualifications and training, navigational and safety equipment. But it has done little to regulate foreign ships, many of which are registered in Liberia and Panama to avoid U.S. or European taxes, wage scales and expensive?hence profit-cutting???regulations on crews and equipment. Liberia, which has no natural harbor, has the world's largest tanker tonnage?with some of its ships American-owned. Such ships and their crews frequently fail to meet adequate safety standards. The Argo Merchant, for example, was involved in 18 "incidents"?including two previous...
...Humanitarian programs, such as unemployment compensation, Social Security and food stamps, prop up purchasing power. This maintains the ability of consumers to buy?and the ability of businessmen to resist price cutting???even while joblessness is rising...
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