Word: deficit
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Dates: during 1960-1969
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...risen at the rate of 8.2% annually since 1952, now stands at $3.1 billion. >Industrial production has been increasing nearly 14% a year; industry on the island is four times broader than it was in 1952. >Taiwan's trade balance, which once ran a $100 million annual deficit in spite of U.S. aid (discontinued in 1965), is now only $34 million in deficit on a much larger base ($569 million in exports and $603 million in imports). Meanwhile, foreign exchange reserves last year rose another 10% to $337 million. >Per-capita income, rising 4½% each year, has nearly...
...Restoring Our Fortunes Abroad." "The measures," said Callaghan, speaking of last July's austerity orders, "are doing what the government expected of them, namely restoring our fortunes abroad while giving us an uncomfortable time at home. The freeze and squeeze have been worth it." The trade deficit, reported the Chancellor, dropped from $126 million a month in 1964 to $32.2 million a month last year, as exports rose 14%. Britain's baiance-of-payments deficit eased from $974 million to $529 million as funds flowed in. As a result, Britain will be able to pay off debts amounting...
Piecemeal Harm. In his New York address, Banker Peterson castigated Government efforts to end that deficit as a "piecemeal attack" that so far is doing the nation more harm than good. Such business curbs as voluntary restraint on overseas spending by private companies and the interest-equalization tax that penalizes foreign borrowers in U.S. markets, Peterson warned, "chip away at what makes U.S. and world enterprises profitable and productive. The whole show," he said, "is reminiscent of a silent-motion-picture comedian trying to wrap an octopus in a blanket. Every time he gets one tentacle covered, another pops...
Instead of worrying about a payments deficit equal to a mere ½% of the total U.S. output of goods and services, said Peterson, Washington should develop a new "global economic strategy" that recognizes the extraordinary strength of the U.S. economy. "The anxiety at home and abroad over the soundness of the dollar," he insisted, "is grossly exaggerated. The dollar will remain indefinitely the medium par excellence for financing international trade...
Ignoring the snickers, Roberts insisted on "an adequate yield for each dollar spent" on R. & D.-and got more than anyone expected. In five years, the returns have soared from 1961's $3,900,000 deficit to $8,510,000 profit. Sales have more than doubled, to $169 million in fiscal 1966; they are running 32% better than that for fiscal 1967, which ends April...