Word: deficits
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Dates: during 1980-1989
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...competing with the poorest for the pool of available capital. American indebtedness tends to drive up U.S. interest rates, which in turn drives up the cost of loans to other nations, which threatens to wipe out the benefits that Nick Brady has made possible." Meanwhile, the U.S. trade deficit is provoking protectionism, which would make it harder for developing countries to work off their debts by exporting their products to a key market. If the U.S. is really going to help, debt reduction must begin at home. Otherwise, the promise of the Brady plan -- along with much of the rest...
Economists have been hoping that a modest slowdown would help ease another thorny problem, the U.S. trade deficit, by suppressing the American appetite for imported goods. So far, that has not happened. The Government announced last week that the trade deficit swelled to $10.2 billion in May, up from $8.3 billion in April. Especially troubling was a 4.3% rise in imports, to a record $40.7 billion, which suggested that foreign brand names remain a powerful enticement for U.S. shoppers...
...sales grew at a healthy 15% annual rate, but fell 0.9%, to $30.5 billion, in May. Those who predict a soft landing see the one-month reversal as only a temporary setback; others are more troubled. Says Allen Sinai, chief economist of the Boston Co. Economic Advisors: "The trade-deficit report is yet another sign of the potential for a recession sometime within the next six to nine months...
...stem the government's deficit spending, which reached $9.7 billion last year, Menem plans to increase revenues by simplifying the tax-collection system and increasing levies on exported goods. But most economists believe that Menem's most important task will be to privatize Argentina's inefficient state-owned monopolies, which are losing $4 billion annually. Menem may get the power to do so if the Argentine Congress approves a new emergency law that would give him almost unlimited control over the nationalized companies. But Menem has so far offered no details about his privatization drive. Those particulars are not likely...
...encourage economic reform in Eastern Europe. But we don't have the money. We are broke." Says Michael Mandelbaum, a Soviet scholar at the Council on Foreign Relations: "The foreign policy fruits of Reaganomics are that we are the world's largest debtor nation and have a budget deficit that constrains what we can spend...