Word: deficits
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Dates: during 1970-1979
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Lamkin's message has clearly been received by Washington. Both Congress and the White House are paying increasing attention to the burgeoning grass-roots feeling that the Government has lost control of federal expenditures and that chronic deficit spending is fueling inflation. But just how well Washington understands the message is another matter...
...approach, forming a task force to gently persuade uncommitted state legislators to vote against budget-balancing resolutions. A key target is New Hampshire, which holds hearings this week. Expected to testify on behalf of the proposals is California Governor Jerry Brown, who has made opposition to deficit financing a central theme of his pre-presidential campaign. Another target is Ohio, where a legislator received a letter from Jimmy Carter denouncing the amendment as "political gimmickry" that would be "so filled with loopholes as to be meaningless or so rigid as to tie the nation's hands in time...
...enact a law requiring a balanced budget "and then, if it works well, take the constitutional route." Another conservative, Alan Greenspan, former chairman of the Council of Economic Advisers, "with great reluctance" conceded that some form of amendment is "the only way in which we can permanently curb [deficit spending...
...demand bigger paychecks from their employers. That will spread the increases through the whole economy, multiplying the impact. The latest OPEC boost will have a direct adverse effect on the nation's balance of payments. Last week the Commerce Department released some cheering figures showing that the trade deficit shrank in February to a 22-month low, in part because of a $700 million decline in oil imports from Iran. The OPEC increase, which could cost the economy as much as $1billion a month, will send the deficit bouncing right back up again...
Gast's replacement on the hill, freshman Bob Adrion, faired even worse. His first pitched sailed wild and allowed Bingham to score, and his next few pitches resulted in a sacrifice, a Joe Wark double, a two-base throwing error, and ultimately, a 6-1 deficit...