Word: deficits
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Dates: during 1980-1989
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...head of the U.S. liaison office in Beijing. Japan, meanwhile, has increased its overall foreign-aid program tenfold, and is now the No. 1 net donor. One-third of the U.S.'s total foreign trade is with East Asia, yet nearly two-thirds of its staggering $137.3 billion trade deficit originates there. That imbalance is nearly 20 times as severe today...
...part, the President continues to bank on the wishful thinking that the economy can grow its way out of the red; he refuses to face up to the reality that spending cuts and higher taxes are needed to make real progress toward reducing the $155.1 billion budget deficit...
...public sectors, they will weaken the economic underpinnings -- and sour the psychological atmosphere -- of the U.S. position worldwide, especially in Asia. America's indebtedness, to itself and to the rest of the world, soaks up resources that might otherwise be invested to boost productivity and exports. Thus the budget deficit exacerbates the trade deficit, which in turn hurts the dollar and provokes protectionism...
Last year, points out Brown, the U.S. became a "food deficit" nation, producing 196 million tons of grain and consuming 206 million. The 100 or so nations that purchase food from us are being supplied out of our dwindling reserves, now down to one-third of our stocks of just two years ago. The world's carry-over supplies have been reduced from 101 days of food consumption to 54 days, which is just about enough to keep the global food pipeline filled. "If the drought goes on," says Brown, "we could see a frantic scramble for supplies that would...
PROFILE: Richard Darman is Bush's deficit doctor...