Word: deficit
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Dates: during 1960-1969
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Only "Stagnation." The critical question is whether the inventory shrinkage, which is spotty so far, will widen into a sharp downtrend before easier credit and federal deficit spending again pump up business-and prices. Many economists expect the inventory gain to slip to an annual rate of about $9.5 billion during the first three months of this year. Even so, few predict anything worse for the economy than what Leon Keyserling, former chairman of the White House Council of Economic Advisers, calls "a period of stagnation." With federal, state and local government spending on the rise, with housing starting...
...last year, and is expected to do as well in 1967. But a few clouds are gathering. Though exports rose fast (10%) last year, imports increased even faster (15%). And with markets weakened in other European countries, France stands to see its balance-of-payments surplus turn into a deficit before 1967 is out. Continued prosperity depends on France's ability to hold the line on prices...
...NETHERLANDS. Because of sharp inflation and a mounting balance-of-payments deficit, the central bank has introduced hardfisted monetary policies. The result: the economy is cooling off considerably. Responding to the slowdown, local governments have started putting unemployed Dutchmen to work on public projects...
...NORWAY. Imports to satisfy Norway's craving for such consumer goods as television sets, cars and appliances led to a bigger trade deficit last year than had been expected. As a result, the populace is being urged to cut back on its spending; worried bankers are hoping that the coalition government will do the same...
...Overcommitted." How to plug that drain, which is caused by the U.S. balance of payments deficit-has fired increasing debate. Former Treasury Under Secretary Robert Roosa contends that the U.S. is "overcommitted at home and abroad," warns that "rapidly mounting deficits in our foreign accounts could make 1967 a crucial year for the dollar, and even for U.S. leadership in world affairs." Most bankers agree with Roosa that domestic interest rates must be lowered only gradually to protect the U.S. against a perilous outflow of dollars and gold to high-rate Europe...