Word: deficit
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Dates: during 1960-1969
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...right a lopsided economy living far beyond its means. Fueled by inflationary wage increases along with a demand for foreign TV sets, autos and other frills that Sapir calls sheer "gluttony," Israel's imports until recently have soared far beyond its exports. So large is its trade deficit that the Israeli pound is threatened with devaluation. In an effort to stave off that embarrassment, Sapir moved to cut consumption by raising import duties and holding down wages. He also tried to force more workers into crucial export industries by holding off on new pump-priming public-works projects...
...unemployment is no solution" and demanding "bread and work." Even Bank of Israel economists are charging that the country is "in a state of paralysis." Defending mitun, Sapir points out that his policies have cut the growth of consumer spending by more than half, narrowed the balance of payments deficit by 14% to $450 million. "Had we gone on for three more years as before," he insists, "we would have ended up in a catastrophe...
...indicators that are going up today?" asked Delaware's Republican Senator John Williams last week of William McChesney Martin, chairman of the Federal Reserve Board. As it happened, Martin was stuck for an answer. Whereupon Nebraska's Republican Senator Carl Curtis sniped: "Yes, the deficit...
Died. Edward Martin, 87, former Pennsylvania Governor (1943-47) and two-term U.S. Senator (1947-59), a conservative Republican who believed in lower taxes and pay-as-you-go government, put his ideas into sharp effect at the statehouse by turning a $71 million deficit into a $200 million surplus in four years, went on to become the ranking Republican on the Senate Finance Committee and a strong ally of its equally economy-minded chairman, Virginia's Harry Byrd; of a heart attack; in Washington...
...other semifinal match last night, Boston College overcame a nine point deficit in the last six minutes and defeated St. John...