Word: nationalizes
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Dates: during 1970-1979
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...contrast, the U.S. economy rebounded fairly smartly: production picked up, and joblessness fell from its 1975 peak of 8.9% to the current 5.8%. But the U.S.'s solo recovery brought problems. Prosperity sucked in imports, but American exporters found little demand for their goods abroad. Then, too, the nation's dependence on ever more costly foreign fuel increased, lifting the U.S. oil import bill to boggling heights-$40 billion last year, perhaps $50 billion this year. The result was a three-year string of stinging trade deficits, including a record $28.5 billion in 1978. The devastating drop...
...most convincing evidence that a downturn is coming is that spending by consumers, which has been the chief engine of the nation's 50-month-old recovery, is slowing substantially. The nation's output of goods and services grew by a paltry .8% in the first quarter. For April and May, industrial production actually declined, though only slightly, for the first time since January 1978. The standard forecast now is for a shallow slump lasting no more than two to three quarters...
...neighbors'. The big worry, also as usual, is rising inflation: though prices increased a mere 2.6% in 1978, inflation so far this year has been running at an annual rate of 7.4%, a figure that might be cheered elsewhere but is regarded with concern in this inflation-phobic nation. German exports are surging and now account for fully 12% of total world trade-the same...
France. Rising energy prices have forced President Giscard to scale back his nation's growth projection from 3.7% for the year to 3.4%, and expectations are that it will go even lower by year's end. Yet Giscard has so far taken only mild measures to conserve oil: lower home heating levels, stricter speed limits and vague ideas on producing a more economical car. Inflation remains a serious concern. Last year, seeking to buck up the investment rate by improving profit margins, the French removed the price controls maintained on many goods. But that kicked living costs...
...president of the nation's biggest Protestant group, the 13.2 million-member Southern Baptist Convention, Texas Pastor Jimmy Allen promoted a gargantuan vision of reaching the entire globe for Christ by A.D. 2000. So overwhelming is that task, said he, that "we don't have time nor need to debate the authority and accuracy of the Bible." But at this month's Houston convention, where tempers were as hot as the fiery furnace, the Baptists elected as Allen's successor a man who could not disagree more...