Word: deficit
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Dates: during 1960-1969
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Mothers Must Wait. To wipe out a projected $1.75 billion deficit in the 1966 budget, the government slashed its defense outlay, aid to Berlin, civil service pensions and civil-defense spending. While it refrained from boosting corporate or consumer taxes for fear of inviting a recession, it symbolically hiked the tax on two national luxuries: sparkling wine, of which the Germans now consume more than the French, and schnapps. Most important, Erhard announced plans to renege on some of his party's pre-election promises by paring or postponing bills that were to give bigger handouts to his country...
...Common Market. The rise has stimulated a surge in consumer demand not only for German products but for foreign goods as well. While helpful to the domestic economy, this spur has pushed up imports 22% (while exports have climbed only 10%), thus creating a $1.3 billion balance-of-payments deficit for the January-September period and chewing into Germany's $7 billion hoard of gold and foreign exchange...
German economists profess to be unperturbed, contending that the deficit is only temporary and that the country's high level of exports shows that Germany's fabled industry has lost none of its competitiveness in world markets. Furthermore, if West Germany's economy is not quite so miraculous as it once was, it continues this year to be better than that of any other major European country. The highly regarded German Institute for Economic Research predicts that the German economy's real growth rate, up 5% this year, will rise another...
Monetary Reformes are considered necssary to keep the temporary payments deficits of any country from interfering with its ability to import. When Italy, or example, runs a deficit, foreigners equire more lire than they need. As they sell off surplus lire on world money markets, the price is pushed down...
...nations did not stabilize the value of their currencies in this way, uncertainty about future values would make businessmen much less willing to engage in world trade. Without sufficient reserves to support the price of its currency, a nation with a payments deficit would be forced to impose restraints on purchases abroad...