Word: deficit
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Dates: during 1960-1969
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...thought your foreign aid Essay [Sept. 3] most interesting. In view of the mixed results of our foreign aid, and in view of the balance-of-payments deficit, it would seem that curtailment of wasteful aid programs presents the best opportunity to plug the dollar leakage. It is vital that every aid project have a specific objective, and that we see progress toward that objective or abandon the program. The objective must be reasonable, obtainable and in keeping with our resources. More funds should not be granted until past authorizations are spent, or better still, Congress should cancel all past...
...districts have qualified, and in North Carolina, South Carolina and Mississippi, where roughly a third have complied. Mississippi's Amite County, for example, is 60% Negro. The residents there spurned more than $50,000 in federal cash, voted to raise their school tax to offset the deficit. "The Nigras," insists School Board Attorney J. D. Gordon Sr., "are well satisfied with their schools." Across town, a member of the leaderless Negro community, Baptist Minister M. D. Smith, agrees: "Everyone I know is perfectly satisfied with the present situation...
Unfriendly Attack. There is, inevitably, a reverse side to the coin. This vast outflow of dollars?for aid, military assistance, business investment, tourist spending?has for 14 years exceeded the money flowing into the U.S. from its foreign transactions. Result: a chronic deficit in the U.S. balance of payments. What makes the payments deficit so serious is that each deficit dollar is like a check written against the gold supply of the U.S. Treasury, which is pledged to exchange foreign-held dollars for gold upon demand. Largely as a result of its payments deficit, the U.S. has suffered a steady...
Devaluation: reducing the value of a nation's currency by making each of its units of money worth less in gold. This enables foreigners to buy that country's goods for less while forcing nationals to pay more for foreign goods-one way of reducing a payments deficit...
That drastic action, which would help Britain's trade deficit but do nothing to solve its gut problem of low productivity and high prices, is a constant source of worry to Lyndon Johnson and Joe Fowler. They fear that British devaluation would upset world money markets, force some other nations into devaluation to remain competitive, and price U.S. exporters out of markets where they compete head on against the British, notably in Latin America. For economic, political and sentimental reasons, the U.S. will do everything it can to bail out Britain...