Word: growths
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Dates: during 1970-1979
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...trade deficit. But they fail to acknowledge that oil imports are increasing largely because the U.S., alone among major industrial nations, is pursuing a broad-based program of economic expansion from which everyone else is benefiting. Japan, for example, has kept its factories humming despite slow domestic economic growth, mostly by selling cars, TVs, steel and other products to the U.S. Consequently Japan is running an $8.5 billion trade surplus with the U.S., drawing American protests against the Japanese trade barriers that keep U.S. and other imports...
...turned down a set of proposals from Tokyo for reducing Japan's huge international trade surplus. By keeping out foreign goods and saturating world markets with their products, Japan has piled up a surplus that this year is heading toward a record $15 billion, and this is hindering growth and increasing unemployment in the U.S. and Western Europe...
...members of the TIME Board of Economists put it in more modern language, but that essentially is the forecast they are making for 1978. Despite all the doubts and uncertainties gripping consumers, businessmen and investors, the economists predict a year almost uncannily similar to 1977-a solid though unspectacular growth in production, incomes and profits, another strong rise in the number of people working, but no great reduction in unemployment. Inflation will speed up from its current pace, and that and other factors could set the stage for a downturn in 1979 or 1980. But for the next twelve months...
...TIME Board of Economists sees additional growth-and inflation...
Okun has a different fear. Since the Federal Reserve has been unable to contain the growth of money supply by the usual method of moving funds in and out of the banking system, it is trying to hold down the money stock by pushing up borrowing costs. Since the start of 1977, the prime rate on bank loans to business has risen from 6¼% to 7¾% in November. Okun's fear is that the board will lift interest rates high enough to discourage borrowing and cause a recession in 1979. Says he: "The Federal Reserve...