Word: deficits
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Dates: during 1960-1969
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...surprising and somewhat disappointing, in the light of what economists now know about the mechanics of the balance of payments adjustment, that this package of direct controls over international-capital flows and foreign travel should be presented to the public as an operational remedy for the chronic American payments deficit. Even without considering possible foreign retaliatory measures, the combined negative "feedbacks" (e.g., reduced exports and return flows of earnings on loans and investments abroad) will do much over two or three years to reverse any immediate payments improvement brought about in this...
Where Johnson may run into trouble is in his projected revenues. He estimates them at $178 billion, making for an $8 billion deficit. But that includes $12 billion from a 10% surcharge on personal and corporate income taxes that Congress has not yet passed-and, judging from its mood, is not about to approve. Wilbur Mills, chairman of the House Ways and Means Committee, where the bill has been bottled up for nearly six months, was not even present for the President's address. Neither were some 250 of the 535 members of the House and Senate...
...youngest member of President Johnson's cabinet: Commerce Secretary Alexander Buel Trowbridge, 37. On him falls the burden of enforcing the first mandatory controls on private investment abroad, restrictions that constitute the largest element of Johnson's program to cut the U.S. balance of payments deficit by $3 billion this year...
Apart from showing a willingness to buy more U.S. Government bonds, West Germany balked at U.S. pressure for more help in defraying the cost of stationing troops in Europe. Japan pleaded difficulties with its own balance of payments deficit in refusing to agree to any specific new steps to bolster the dollar. Officials in both London and Tokyo expressed alarm over the possibility that the Administration may ask Congress to enact some form of border taxes to offset those imposed by Common Market countries. Clearly, Johnson's unexpectedly drastic blow at the U.S. payments deficit had strained the intricate...
When Trans World Airlines starts touting Pan American World Airways, its nose-to-nose U.S. rival for the lucrative transatlantic traffic, there must be a good reason. Last week there was: in President Johnson's moves to cut the U.S. balance of payments deficit, TWA saw a way to cut in on the 60% of the transatlantic business now held by foreign airlines even if that meant sharing the rewards with...