Word: protectionist
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...protectionist surge could be disastrous in the long run for the U.S. as well as the world economy, since they are now so intertwined. But that is, at worst, a long-run threat. Board members expect the economic expansion to keep rolling, even though more slowly, not only through 1999 but also on into the following year. Forecasts that far ahead, of course, are always risky, the more so given the still dicey international situation. But it is worth noting that if the expansion lasts even through the first two months of 2000, it will break the 1961-69 record...
...cash-strapped IMF. The outcome is still uncertain but crucial because other countries may not contribute their share of funding until the U.S. acts. Washington's failure to do so would be viewed as a sign of growing U.S. isolationism that could further shake markets and whip up protectionist sentiment, adding to the pressure for currency controls. Says Clinton: "This country has got to lead...
...Social Security and Medicare exceptions? Perhaps in other areas of policy, special interests do use large donations to get their way. Consider trade policy, for example. Many analysts believe that narrow, protectionist interests regularly run roughshod over the interest of the public. The public, however, appears to believe otherwise. Polls show a large proportion of Americans are in fact quite sympathetic to protectionism. By 57 percent to 36 percent, for example, Americans oppose additional trade agreements with Latin American countries. And by 54 percent to 34 percent, Americans believe that world trade destroys more jobs in the U.S. than...
This gives protectionist interests room to work, and they do what they can to take advantage. When they're successful, however, it's generally not because they have managed to buy representatives or senators for $5,000 (the maximum contribution a PAC is allowed), but rather because they've convinced members of Congress that a stand against protection will anger voters. A senator from Michigan who opposed restrictions on imported cars would risk losing office, not because he would be unable to raise enough money to run for reelection, but because so many of his constituents would turn...
...markets to foreigners, close insolvent banks and supervise others. As the deal came together, Treasury officials discussed the impact of a bailout on the Korean and American labor unions, fearing some of Labor's backers in the Democratic Party would balk at bailing out either Wall Street or the protectionist Korean workers. But the officials decided that it would be in the best interests of both Korean and American workers to avoid default. Congressional leaders were briefed on the plan...