Word: deficit
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Dates: during 1960-1969
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...Administration had been promising for months that this year would at last bring an end to the nation's chronic balance-of-payments deficit. Last week that prospect virtually vanished-a victim of the rising cost of the Viet Nam war and, strange as it seems, surging prosperity at home...
Treasury Secretary Fowler still insisted that "equilibrium"-an equal balance, give or take $250 million, between surplus and deficit-"remains our goal for 1966, and we mean to reach it." However, he hedged his confident earlier forecasts that the target would actually be met, calling both the price of the war and the nation's normally large trade surplus "imponderables" that could upset the calculations. Commerce Secretary John Connor sounded even gloomier. "The balance-of-payments problem is going to be with us in one form or another as far as the trained eye can see into the future...
Paradoxically, the U.S. payments deficit in 1965 fell to $1.3 billion, less than half the drain of the year before and the lowest level since 1957. The biggest reason: a $2.25 billion drop in bank loans to foreigners. Offsetting that gain, however, imports rose faster than exports, partly because of dock strikes and partly in response to the demand for goods from free-spending consumers and businessmen. Result: the U.S. trade surplus-the excess of exports over imports-shrank from $6.7 billion in 1964 to $4.8 billion last year. The trend, said Connor, remains a "very serious" problem...
...mainly to overcome its raw-materials deficit that Japan, in the name of the Greater East Asia Co-Prosperity Sphere, once sent its armies on the march. After World War II, the Japanese turned from the bayonet to the bargaining table in their quest for raw materials, but until fairly recently they have relied mostly on piecemeal purchasing. Now they are moving toward longer-range development projects. Explains Saburo Tanabe, in charge of procurement for the huge Fuji Iron & Steel Co.: "The day of spot purchases is ending. The Japanese must go out and develop untapped resources, because this means...
...Elis are 7-11-1 overall and 2-5 in Ivy League play. They battled mighty St. Lawrence to a 3-3 overtime tie this week, making up a two-goal deficit. At the Nichols Tournament in December, they plastered Dartmouth 10-3 and pinched Harvard 3-2 to win the title...