Word: deficit
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Dates: during 1960-1969
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...year ago, in a moment of New Year's euphoria, President Kennedy predicted that the chronic deficit in the U.S. balance of payments could be cut from $2.5 billion in 1961 to $1.5 billion in 1962-and might well be eliminated altogether in 1963. Last week the Administration ruefully faced the realization that the nation will show a payments deficit of at least $1.9 billion for 1962, and that there is no chance for balance until 1964 at the earliest...
...gold outflow may even be farther away than that, because the 1962 payments deficit is worse than it looks. The "income" side of the ledger was artificially fattened when France. Italy and Sweden agreed to pay off ahead of schedule some $664 million in postwar U.S. loans. And "outgo" was probably reduced by several hundred million dollars because some European and Canadian banks refrained in 1962 from their usual year-end "window dressing"-the practice of bolstering cash balances for the annual report by temporarily pulling back money on deposit...
...economic austerity program that Canada adopted last June. This strengthened the Canadian dollar and prompted investors who had previously been taking their money out of Canada to send $600 million north of the border during the third quarter of the year. But the fundamental reasons for the continuing payments deficit are longterm. Among them...
...FOREIGN AID: U.S. military and foreign aid added some $3 billion to the payments deficit in 1962, and, says Treasury Under Secretary Robert Roosa, "the blunt fact is that these claims on our balance of payments will continue...
...watch over the Forward do not want to see it die. Each year an association of 100 Jewish leaders gladly meets the paper's modest deficit from private investments, and from the profits of WEVD, the foreign language radio station that the group owns. But this can only delay the end, for the Forward is the inevitable victim of its own success. "The Forward hasn't really changed." says Editor Fogelman. "The big change is that the paper has less of that cry of poverty that existed during the great waves of immigration. Now the immigrant has established...