Word: deficit
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Dates: during 1960-1969
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Beneath the immediate international problem of the payments deficit lies the fact that British productivity lags behind that of Europe or the U.S. From 1960 to 1965, U.S. productivity rose by 21%, West Germany's 29%, Italy's 40%-and Britain's only 18%. For each worker needed to produce a ton of steel in the U.S., three are needed in Britain. In manufacturing, it takes 2.52 Britons to equal the output of one Canadian, 1.89 to equal a Swede's. Yet hourly earnings in British industry grew by 33% in 1960-65-plus another...
...loans of less than $15,000 on extra easy terms. It was not the favoritism that bothered the President. His worry was that half the $1 billion would come from his emergency funds and the other half from a direct raid on the Treasury, thus adding to the federal deficit. Congress provided the other $3.76 billion by authorizing the Treasury to buy $110 million more of Fannie Mae preferred stock (also deficit inflating) and by raising the agency's authority to borrow private money from ten to 15 times the value of its capital...
...which is what we have. We predicted that the guideposts would fail-and they have. We recommended that the Government postpone some Great Society spending until the Viet Nam war is settled. The President rejected all our proposals. Inflation will continue so long as the Government operates with a deficit budget. I see no end to it." The end is indeed hard...
...their plans. Such frustration fell most burdensomely on 16,000 TWA travelers temporarily stranded in Europe. The only strikebound line that flies across the Atlantic, TWA loaded other airlines with its strandees-a move that added $1,000,000 a day to the nation's balance-of-payments deficit. Even so, some 1,500 Americans were still looking for a way home last week, including 250 at Shannon, Ireland, and about 400 in London, where a party of Massachusetts schoolteachers bedded down on airport couches. The strain in Spain was mainly to get aboard Iberia Airlines planes from Madrid...
American-backed research has already begun that immense catch-up task. Mexico was able to convert its wheat deficit into a small surplus at least partly because the Rockefeller Foundation helped Mexican scientists to develop new high-yielding varieties, which are stubby enough not to topple over of their own weight (as native wheat did) when heavily fertilized. Transplanted, the Mexican wheat is now doubling yields in West Pakistan, undergoing tests in India. In 1962, the Ford and Rockefeller foundations jointly set up an International Rice Research Institute near Manila. Already, its 20 scientists-half Americans, half Asians-have crossbred...