Word: lowing
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Dates: during 1970-1979
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Lawrence followed the tracks deep into the desert to a low adobe house behind a big stand of sagebrush. "It hit my mind that gray sage don't grow that tall," he remembers. "I dropped to the ground and rolled under my truck with my gun. I figured I was about to get my head blowed off." The sagebrush was piled on top of more than a thousand pounds of marijuana. But the smugglers had gone to town for some sleep. Lawrence and a dozen agents were waiting when they got back...
...immediate consumption instead of investment for the future. Their fundamental warning: America has been living off, and eating into, its capital stock. Many of its factories and machines have become outmoded; its old industrial cities have become rundown; its work force has become less productive; real growth has swung low while demand has remained high. The nation is, in short, losing its economic edge in the world, and the hour is late?very late...
There were shortcomings and pitfalls, little recognized when Keynesianism was flourishing a decade and more ago. One shortcoming was the Keynesian assumption that supply would simply take care of itself once demand was stimulated. So long as inflation stayed low, that is in fact what happened. Even modest increases in consumer demand would bring quick jumps in output. So productive were U .S. plants and factories that they not only filled the needs of the nation's domestic market but also deluged the world with material abundance...
Between 1889 and 1970, the nation ran a trade deficit only once, in the midst of the Depression, in 1935. Yet since 1971, the combination of low productivity and high inflation has reduced both the supply and the competitiveness of U.S. products. Consequently, export growth has been sluggish, and foreign goods have poured into the U.S. at an ever increasing rate. Coupled with the nation's increasing dependence on foreign oil, this has meant that the U.S. has managed to eke out a trade surplus only twice since 1971, running up a cumulative deficit of $59 billion in those years...
...model died at 240,000). His tools are two loose-leaf binders with summaries of his case docket and a black bag stuffed with lawyer's briefs. His territory is his state's western panhandle. It is sparse ranch and farm country, though railroads hauling low-sulfur coal have made the local junction, Alliance (pop. 10,000), a boom town. The mean Midwest weather that Judge Moran encounters has not changed since Lawyer Abraham Lincoln rode Illinois' Eight Circuit. Carl Sandburg described it: "Mean was the journey in the mud of spring thaws, in the blowing sleet...