Word: deficits
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Dates: during 1960-1969
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...pride and cut the exchange value of its tottering pound from $2.80 to $2.40. The third devaluation in 36 years was aimed at giving the country time to repair its foundering economy. The Labor government maintained that the devalued pound would swiftly turn the U.K.'s persistent trade deficit, a major source of sterling's troubles, into a surplus. With British goods much cheaper in the world marketplace, exports would rise while imports declined because foreign products automatically would cost Britons more. Surveying the early results, Prime Minister Harold Wilson exuberantly announced last summer that his country...
...miracle remains elusive. Last week the Board of Trade reported that Britain's trade deficit rose to $158.4 million in October-double the September deficit-as exports dropped sharply and imports climbed to a near-record level. The trade deficit for the whole year is now expected to reach $1.68 billion, the highest figure since 1951. As one consequence, instead of achieving the "substantial surplus" in its overall balance of payments that Wilson foresaw, Britain is heading for a $600 million deficit this year...
Another feature of both devaluation plans is that West Germany--France's principal trading partner--would put a tax on its exports and reduce its tax on imports. This would decrease France's recent trade deficit with Germany--one of the main causes of the present weakness of the franc...
...report's readability is also cut down by its inherent inaccuracy. Last Fall, Ford warned that the Faculty would run a $1.7 million deficit in 1967-68. By the time the expenses had been toted up, however, the loss had changed to a profit of more than $1 million. That dramatic a shift is unusual, but every year's budget ends up looking better in June than it had when predicted in October, because Ford is intentionally liberal in estimating costs and conservative in predicting income...
...even if this year's budget doesn't end with a gigantic $2.4 million deficit that Ford predicted last month, it seems sure that the 1968-69 budget will have one of the biggest deficits in history. The basic reasons are simple enough: income is down and expenses are up. The rise in expenses surprised nobody, but the extent of their increase and the simultaneous drop in income make this year's trend unusual and disturbing...