Word: deficits
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Dates: during 1960-1969
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...National Coal Board, for example, has been so slow to close inefficient pits that it requires immense government subsidies; it lost $24 million in fiscal 1969. The railroads have run a deficit of around $365 million in each of the last two years. The utility industry was pushed into an excessive expansion program and has had to raise electricity prices. Now the pressures of hard politics threaten to make a similar financial mess out of British Steel Corp. (BSC), the company that the government was counting on to prove that nationalization could really work...
...beaten MIT to reach the finals, Leander successfully defended that title against Penn. It defended it powerfully, driving to an early lead. It defended it fiercely, repeatedly holding off a Penn cadence that climbed from 35 to 38 to 41 in a brutal effort to make up an alarming deficit. And it defended it convincingly, mercilessly drubbing a Penn freshman boat that outweighed Leander by ten pounds per man, winning by a whopping three lengths over the mile and five-sixteenths course...
...quite as emotional or contentious as that between the U.S. and Japan. The Japanese used to buy far more from America than they sold, but last year they sold $1.1 billion more to the U.S. than they bought (see chart, page 72). That was possibly the biggest trade deficit that the U.S. has ever registered with any nation. Altogether, Japan's exports in 1968 rose by 25%, and its shipments to the U.S. accounted for more than two-fifths of the gain. The reason, many aggrieved U.S. businessmen contend, is that Japan has been flooding American markets with goods...
...floating a new state bond issue, which would convert back into savings some of the money that has forced domestic consumption to record heights. As for his longer-range hope of bolstering the economy, he will undoubtedly try to restore a favorable trade balance-which last month ran a deficit of $312 million-by resisting excessive wage demands and encouraging exports through tax incentives or subsidies. He is adamantly opposed to devaluing the franc unilaterally, but has endorsed financial cooperation with France's partners; this may well result in multilateral negotiations later this year for a cheaper franc...
...paying for what some economists now call the "marriage of the warfare and the welfare states." When Johnson belatedly asked for a tax increase in 1967, Congress dallied for ten months before enacting it. By the time the sur charge took effect a year ago, the fed eral deficit had swelled to $25 billion...