Word: deficits
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Dates: during 1970-1979
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...Deficit spending is believed to hinder investment directly in two ways--one, by creating through inflation an atmosphere of uncertainty and declining prospects that frightens business; and two, by "crowding out" private investors from capital markets with the volume of government bonds necessary to finance the national debt. Neither holds...
...problem with investment in America. Given the massive political uncertaincies inherent in many foreign nations, it is dubious that a few percentage points of doubt present in the U.S. are decisive. Far more important are the basic factor costs of labor, capital, materials, and land in real terms. U.S. deficit spending does not affect the wage of factory workers in Taiwan, or the proximity of ore in Southern Africa...
...there any empirical or historical evidence proving the "crowding out" theory of Milton Friedman. In fact, the historical experience of pre-war Japan, where rapid growth was accompanied by far greater deficits for defense purposes, shows that sufficient capital, foreign or domestic, will be available where the opportunity is great. There are billions of oil dollars in European banks eagerly seeking investment opportunity, and with the declining value of the dollar, they can be invested nowhere more profitably than in the United States. As any real estate broker could tell you, to some extent they are. Nevertheless, the second greatest...
...hearings of the Senate Committee on Energy and Natural Resources, the subject was world oil supplies, but Democratic Senator Frank Church was so peeved by the economic failures of his own Administration that he swept the horizon: "We are running up the largest balance of payments deficit in our history and watching the dollar fade on the international markets. I just think it's an absolutely inexcusable failure of performance...
...Carter is likely to ask Congress to include an excess profits tax that would prevent the oil companies from reaping a sudden bonanza. But whether he will urge that this tax be rebated to low-income families, be set aside for oil exploration or used to reduce his budget deficit apparently was undecided last week...