Word: deficit
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Dates: during 1960-1969
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...budget is set at $1.1 billion, 45% more than his budget in 1964. To help pay the freight, Belaúnde has raised import and mining taxes, tightened collections and cracked down on tax dodgers. The result has been a 60% jump in tax revenues. Yet his budget deficit is projected at $80 million this year-up 10% from 1964-and brings dour predictions of sharper inflation and opposition howls that Belaúnde will spend the country into bankruptcy...
Government economists realize that their buoyancy may be only short-term, certainly do not rule out a slight tapering by year's end. To head off inflation and help to reduce the balance-of-payments deficit, the Federal Reserve Board is slowly tightening credit. Budget Director Gordon disclosed last week that, in 1965, the combination of higher federal spending and further tax cuts will pump an additional $8 billion into the economy, while increased prosperity will boost the federal tax intake by $6 billion. That will make for a net $2 billion federal stimulus to the economy, most...
When the Board of Trade announced on February 12 that Britain's trade deficit widened again in January, despite the 15% surcharge, the news was received with a kind of quiet desperation. The pound weakened. Government officials rushed to reassure the country. Economic experts predicted the government's moment of truth would arrive by the end of the summer. The currency crisis is only one symptom of a more serious malady. It reflects the restrictive practices of British labour and the resistance of British businessmen to innovation; it dramatizes the backwardness of British industry...
According to experts in Britain, these measures must include: stricter wage price controls, more tax and credit concessions to exporters, reorganization of the dock industry and, in some cases, like steel, immediate nationalization. To eliminate the deficit, Lord Cromer warned last week, Britain must revitalize her entire economy. The three billion dollar rescue that saved the pound in November "no more guarantees our future than Dunkirk presages swift victory...
...over money and banking than that held by the U.S. Federal Reserve System, adopted a tight money policy. Tighter money slowed down internal consumption, discouraged industry from expanding and made businessmen push exports to counter the cutback at home. The result is that Japan has rebounded from a trade deficit in 1963 to what is expected to be a substantial surplus in the first quarter of this year. Because business confidence has suffered in the process, the Bank of Japan has begun to ease up, last month shaved its loan rate from 6.57% to 6.2%. Governor Makoto Usami...