Word: deficits
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Dates: during 1970-1979
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...April and an augury that inflation's rate might be quickening. Reflecting similar worries, the Federal Reserve System again stepped hard on the monetary brakes by selling Government securities to drain bank reserves and raise the cost of borrowing. With oil imports propelling the U.S. balance of trade deficit toward an alarming $30 billion this year, the dollar last week skidded sharply against the Japanese yen, the West German mark and the Swiss franc. "Economically," conceded a White House aide, "it's been a rotten week for the Administration. I mean it's bad enough to have...
Meanwhile, the Congressman can only point to the $50 billion to $60 billion deficit in this year's federal budget and lament, "The SBA loan fund is set up to help people cope with an unusual disaster-one that happens once in a lifetime. What has happened is that it has turned into a crop insurance program for agriculture...
Leaders of Begin's conservative Likud coalition correctly argued that Israel was overdue for an economic cold-water treatment of some sort. In the wake of the 1973 war, Jerusalem's annual balance of payments deficit has ballooned from about $1 billion to $2.6 billion this year, causing total foreign indebtedness to soar to more than $10 billion. Meanwhile, an alarming rise in inflation (40% this year alone) has slowed real economic growth, from a 10% annual average to zero in 1977. Any thought of engineering a turnaround by expanding the Labor Party's elaborate, 29-year...
...Eliminate so-called double indexing, which would eventually account for half of the system's projected deficit. This problem was the unintended result of a 1972 law that tied increases in benefits ?both those being paid now and those that will be paid hi the future?to inflation. Below the maximum benefit (currently $460 per month), the amount a worker will receive from Social Security when he retires increases as his salary rises. Since pay hikes partly reflect inflation, the measure thus inadvertently double-indexed future benefit levels for these workers?about 86% of the people covered by Social...
...apparent answer is that Sadat wanted to stress how dependent he is on the U.S. and oil-rich Arab states for help since cutting himself off from Moscow. In addition to its Soviet debts, Egypt also owes $8.2 billion elsewhere and annually runs a staggering balance of payments deficit of $1.5 billion. The U.S., Saudi Arabia and other Persian Gulf states helped this year with a $5.4 billion package that allowed Egypt to pay off some short-term obligations and thus save $200 million in service charges. But even with this assistance the Egyptian economy is in terrible shape...