Word: deficits
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Dates: during 1970-1979
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...current account" transactions (trade in goods and services, tourist outlays, weapons exports) with foreigners, an abrupt turnaround from two years earlier, when the U.S. racked up a towering $11.6 billion surplus, caused in part by a drop in imports during the recession. The massive swing back into deficit, which began early in 1976 and has accelerated ever since, has added to a pile of dollars owned outside the U.S. that is estimated to total anywhere from $300 billion to $400 billion...
...Organization of Petroleum Exporting Countries, and the arithmetic is irrefutable. If OPEC had not quintupled oil prices beginning in 1973, the U.S. would not now be paying almost $45 billion a year for imported petroleum; if the oil bill were smaller, the country would not be running a trade deficit of nearly $30 billion a year. There would be fewer dollars for sale on currency exchanges, and the dollar's value would be considerably higher. Unfortunately, making that argument is about as useful as ruminating on how much easier it would be to negotiate with the Soviet Union...
...home. Now overseas observers see the U.S. bragging that its economy is growing at one of the fastest rates in the industrial world, yet whining fearfully that inflation is likely to result. The spectacle is compounded by the nation's refusal either to cut its $61 billion budget deficit (despite Jimmy Carter's pledge to do so) or to institute a tough wage-price policy to cope with the inflation threat...
...legitimate subject for urgent national debate; the very fact of a debate would reassure foreigners that the U.S. is not content just to hope that inflation will go away. Further, Carter might appoint a task force to study ways of increasing U.S. exports, and thus shaving the trade deficit, without trusting to a sinking dollar to do the job. Another useful step would be to ditch the provision of Carter's tax "reform" plan that calls in effect for higher levies on export profits...
Kruger seemed to take backhand lessons from Goolagong, as she battled back from the deficit, and the match went to a nine-point tiebreaker at 6-6. With the tiebreaker even at four-all, Goolagong reached back and rifled one of her finest serves to the corner that Kruger couldn't touch...