Word: deficits
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Dates: during 1960-1969
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...long ago, Peru seemed near the edge of economic disaster: plunging world prices had pulled the bottom out of the country's cotton and sugar markets, and a huge budget deficit threatened runaway inflation. Today things are different; in a remarkable reversal of form, Peru is prospering at a pace that few other countries on the continent can match...
Worry at the Top. Fretting because, in his words, "the economy is heating up," President Johnson called 50 congressional leaders to the White House and lectured them about economizing. Unless they do, he insisted, the alternatives are price and wage controls (which nobody wants), a huge budget deficit (inflationary), or new taxes (in an election year). Congress has already appropriated about $1 billion over the Administration's requested $113 billion budget for the new fiscal year. Pending proposals, if adopted, might add another $5 billion or so, chiefly for health, education and agriculture. On top of that, the Viet...
Canada relies heavily on that standing to live beyond its means. Only the $1 billion a year that foreign investors put into the Canadian economy, mostly from the U.S., prevents Canada's persistent balance-of-payments deficit from undermining its currency. Even so, the figures can seem understandably alarming to a Canadian nationalist. At last count, Americans had more than $25 billion invested in Canada, a third of all U.S. private investment abroad. U.S. firms not only operate some 1,500 major subsidiaries in Canada, but control 46% of the country's manufacturing, 52% of its mining...
...buying rising quantities of goods from abroad; by the National Foreign Trade Council's estimate, the U.S. this year will export only $4 billion more merchandise than it will import, the smallest export surplus since 1959. That shrinkage alone could easily hike the U.S. balance-of-payments deficit this year from its $1.3 billion...
...great imponderable is how much the Viet Nam war will affect federal spending. Partly because of an unestimated rise of more than $2 bil lion in tax receipts, partly because of a slight and temporary drop in military spending, the Government ended its fiscal year with a cash deficit estimated by the Treasury last week at only $1.1 billion-sharply below the $6.9 billion deficit anticipated last January...