Word: nationalizes
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Dates: during 1970-1979
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Because U.S. growth will be sluggish this year, imports are expected to decline. Exports should rise because the cheap dollar makes U.S. cars, jets, grain, and other goods bargains in international markets. Those factors should trim the nation's trade deficit from a horrendous $28.5 billion last year to a merely very bad $22 billion this year. But the dollar probably will remain weak for a variety of reasons: a surfeit of $600 billion in greenbacks is sloshing around the world as a result of inflationary excesses; foreign governments are weary of spending their own currency to support...
Jimmy Carter's re-election prospects have become a much discussed topic in the nation lately. When the subject came up at TIME'S Board of Economists meeting, the response could hardly have encouraged Carter partisans. All seven members present gave the President a less than 50-50 chance of reelection...
Last week two more oil majors, following the lead of Exxon and Texaco, announced that they were gloomy enough over the continuing world oil shortfall to begin rationing fuel to big customers. Phillips Petroleum and Shell, the nation's largest gasoline seller, have either cut refinery output or reduced dealers' delivery allocations; the cuts range from Shell's maximum of 8% to Phillips' much more drastic 30%. And the reductions could get worse. "After the second quarter, it's anybody's guess what will happen," says an Exxon spokesman...
...ever multiplying regulations are also fundamental causes of the price spiral. Says Pfizer's Pratt: "We have told the President, as most companies have, that we will abide by the guidelines. But what the Government itself is doing is a big part of the problem." In short, the nation would benefit tremendously if Washington were to adopt and obey some price guidelines...
Anywhere but the Atlantic Coast Conference, the game would have been dismissed as a mismatch: Duke, sixth-ranked basketball team in the nation and tied for the conference lead, vs. Clemson, wallowing near the bottom of the A.C.C. standings. Well, it was a mismatch -Clemson beat Duke last week by 21 points. Up in Chapel Hill, North Carolina clucked knowingly. A couple of weeks before, the Tarheels had taken their No. 2 national ranking to Clemson's Littlejohn Coliseum and been ambushed...