Word: rates
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Dates: during 1990-1999
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...collection ? happened to coincide, as good news usually does, with decisions by the IMF and other creditors to extend a little leeway on debt repayment. "Different ministries are already quarreling about how real the surplus is because the budget was calculated at a much higher ruble-to-dollar rate," says TIME Moscow correspondent Andrew Meier. "There certainly are some strong economic indicators on the positive side ? exports are up, imports are down and industrial output is increasing. But the improvement in government revenues is mostly due to a rise in oil export earnings and tighter currency controls. And the economy...
...even overtaxed Americans are feeling wealthier than ever before, and the luck to be up against a GOP plan whose sheer size makes his spending programs look like the lesser of two fiscal evils. "The Republican plan assumes that government spending will increase at no more than the inflation rate for the next 10 years," says TIME White House correspondent Jay Branegan. "Almost no one believes that will actually happen." Meanwhile, Clinton pitches his combination platter as something future leaders won?t be able to screw up. Now that?s believable...
...investing invasion is also playing havoc with Tokyo's economic plans. It has, for instance, jacked foreign demand for the yen to dangerous levels. The Japanese central bank has spent $25 billion this summer to stem the yen's rise, but the exchange-rate creep could strangle a recovery before it starts...
Despite the 7.9% annual GDP growth rate during the first quarter, Japan's economy remains a bloated, uncertain thing. Insiders say the spring growth blip was a one-time phenomenon--possibly even a result of inaccurate accounting--fueled by high government spending. The primary problem is that Japan's financial structure--everything from the way companies are managed to the amount of government debt--remains badly out of sync. Many Japanese companies are still chugging along as if it were 1981, complete with overweight overheads, inefficient manufacturing systems and "jobs for life." Japan's banks, long loaded with bad debt...
...will just use it for more programs." Latta's fellow critics include Federal Reserve Chairman Alan Greenspan, who warned last week that "the timing is not right" for the House measure, which calls for a 10% across-the-brackets cut in income taxes and a reduction of the 20% rate on capital gains to 15%. Translation: the proposals could overheat a strong economy and ignite inflation. Says Greenspan: "The first priority, in my judgment, should be getting the debt down...