Word: deficiteer
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Dates: during 1960-1969
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President Johnson's moves to correct the U.S.'s balance of payments deficit were painful to some, controversial to many, and likely to damage the nation's own interests if left in effect too long. Yet the objective was beyond cavil: to prevent recent attacks on the dollar and the speculative rush for gold from growing into an international financial crisis that could undermine prosperity around the world...
Having temporized for years, the President finally was forced to act under the goad of unexpected pressure. During the fourth quarter of last year, the deficit soared to the alarming rate of $5.7 billion a year, giving the nation a total deficit for 1967 of between $3.5 and $4 billion, the highest in seven years. By coupling his New Year's Day announcement of those figures with his stern prescription for lopping $3 billion off the deficit in 1968, the President managed to minimize the consequences. Despite the Treasury's subsequent disclosure that the U.S. lost nearly...
...TOURIST TRAVEL. The President wants a $500 million drop in the $2 billion-a-year payments deficit caused by the U.S. penchant for globetrotting. He not only urged Americans "to defer for the next two years all nonessential travel outside the Western Hemisphere," but also promised to ask Congress to put teeth in the ban. Most likely: a head tax of $100 or more per person per trip. If Congress enacts effective curbs, the $14 billion world tourist industry, among the largest ingredients of world trade, will suffer quite a jolt. Some 3,000,000 U.S. tourists spend...
Although many Western European governments, most notably the French, have been saying that Washington must take stern action against the balance of payments deficit, they could only be taken aback at the extent of what Paris' Les Echos called Johnson's "anti-Marshall Plan." The cut off of dollars will curtail industrial expansion on the Continent by forcing interest rates up (Eurodollar bond-yield rates climbed 1%, to 7.2%, last week). Declining tourism and tougher competition from U.S. exporters are considered likely to depress business revenues. Italy expects the U.S. controls to tip its precarious balance of payments...
...narrowed. Tinkering and tightening toward that end, the Government put a 15% tax on purchases of foreign securities by its own citizens, cut duty-free allowances on tourist purchases abroad, and finally imposed the "voluntary" curbs on bank loans and corporate investing. Balance, however, remained elusive and the cumulative deficit, after losses in 17 of the past 18 years, now stands at $36 billion...