Word: lowering
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Dates: during 1980-1989
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...this approach sacrifices America's long term economic wellbeing and ignores the human cost of a lower dollar...
UNFORTUNATELY, Feldstein accepts these trends as a given. He wrote, "...the dollar now has to be lower than would have been necessary a decade ago. This is reinforced by such fundamental factors as the increasing competitiveness of the newly industrialized countries of Asia...
THERE are also more immediate harmful consequences of a lower dollar. As American goods get cheaper, so do American land, assets and factories. Already more than one-fifth of all domestic bank assets are owned by foreign banks...
Foreign ownership of American farms, companies, banks and bonds has almost doubled since 1981 and now approaches $1.5 trillion. A lower dollar will eventually increase American exports--but will it be America any longer...
...challenge will demand "fundamental changes in society." Ingrained cultural attitudes that promote high birthrates will have to be challenged. Many families in poor agrarian societies, for example, see children as a source of labor and a hedge against poverty in old age. People need to be taught that with lower infant mortality, fewer offspring can provide the same measure of security. In some societies, numerous progeny are viewed as symbols of virility. In Kenya's Nyanza province, a man named Denja boasts that he has fathered 497 children...