Word: prudent
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...less charitable calculation is that Papandreou will now be too preoccupied with domestic problems to needle Greece's allies. During the campaign, he promised to "guarantee the expansion of the welfare state," mainly in the areas of pensions and health care, rather than institute prudent austerity measures. If he pursues that promise, Greece's economic woes might worsen. Inflation now stands at 18.5%, the highest in Western Europe. Unemployment has more than doubled, to 8%; among Greek youth it is estimated to be around 28%. Foreign investment has dried up, local capital has fled the country, and despite European Community...
...that only a Nixon could have withdrawn U.S. forces from a conflict with a Soviet proxy and accepted a cease-fire that left thousands of Communist insurgents far beyond their legal borders, in place for an eventual onslaught. By the time the 1973 Paris accords were signed, any prudent politician might have had enough doubts about South Viet Nam's survival to start shifting blame to others for having "lost" an ally. Hawks like Nixon assailed doves for cutting military aid. The doves replied that they were facing up to the reality of the hawks' failure on the battlefield...
...business. A central figure in these probes is Financier Marvin Warner, the owner of Home State and formerly a heavy investor in E.S.M. Last week a group of Home State depositors filed a $432 million lawsuit claiming that the bank invested in E.S.M. "not because it was prudent or even safe to do so, but rather because of the illicit financial benefits conferred upon Warner." The suit maintains that Home State will lose at least $144 million from its dealings with E.S.M...
...that support for democratic rebels is "self-defense" and sanctioned by international law. That case is weak. The real case rests instead on other premises: that to be constrained from supporting freedom by an excessive concern for sovereignty (and a unilateral concern, at that) is neither especially moral nor prudent. The West, of late, has taken to hiding behind parchment barriers as an excuse for inaction when oppressed democrats beg for help. The Reagan Doctrine, while still hiding a bit, announces an end to inaction...
Clearly, then, the gap between what government spends and what it takes must be narrowed if we want to see a healthy economy. Washington can achieve this necessary goal either by cutting spending, or by increasing revenue, or by a prudent combination of both. After four years of sustained attack on the welfare state, it should by now be no mystery which course Reagan favors. In its current budget proposal, the Administration hopes to reduce the deficit by $50--60 billion; $40 billion of that savings will come from domestic programs to which the President is ideologically opposed...