Word: deficit
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Dates: during 1960-1969
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After five years and four months of exuberant expansion that has brought the U.S. close to inflation, the economy is showing signs of cooling off. The pace of business is still accelerating, but the rate is slower for three main rea sons: tight money, shrinkage in the federal deficit and a recent dip in consumer spending in some fields...
...homes, from financing business inventories to major industrial expansion will also escalate to new altitudes. While these effects will ripple through the economy slowly-depressing housing starts further and perhaps hurting auto and appliance sales-Wall Street reacted swiftly. Already jittery over Viet Nam, the U.S. balance-of-payments deficit and the cloudy prospects of higher taxes, the stock market staggered through its worst week in seven. The Dow-Jones industrial average of 30 key stocks sank briefly during one day's trading to 859-below the 864 bottom of its spring decline-and even after a rally closed...
...contrast, the U.S. finds it equally expensive to maintain 225,000 men in Western Europe. Washington is perennially faced with the problem of offsetting the balance-of-payments deficit ($1.3 billion last year) that the troops generate, and must make up for it by selling weapons to its NATO allies. Recently, the Defense Department had to twist Bonn's arm to speed up payment on $675 million in reciprocal purchases...
...competitive world economy. The country is getting scant help from the British workingman, who too often thinks that the only fight he has to wage is the battle against his boss. Padded payrolls and plain sloth are slowing production at home, losing business abroad and aggravating the chronic trade deficit and the sterling crisis. Examples...
...course, there are even more basic reasons for the travail of Britain's not-so-sterling currency. Low productivity and lackadaisical management have con tributed to a chronic trade deficit, which last month increased 14% from the April level. The British appear to care more about mod than money. Mourned Chancellor of the Exchequer James Callaghan: "It seems we are talking to those who are deaf. In the end, the government cannot achieve success. Only the country can do that...