Word: surpluses
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...suffered a trade deficit of $115 billion last year, but Americans can take consolation from the tidy sum they are earning from foreigners in a service-oriented business: tourism. Last week the Government reported the first-ever U.S. travel surplus. During 1989 foreign visitors spent $34.3 billion in the U.S., or $450 million more than Americans spent abroad. The U.S. Travel and Tourism Administration predicts that in 1990 the surplus will exceed $1.5 billion...
...been caught up in the initial fascination with the Moynihan plan led the White House to launch a hasty counterattack. Budget Director Richard Darman presented Congress with a plan for a Social Security Integrity and Debt Reduction Fund that would require the Federal Government to gradually stop using the surplus to cover Government operating costs. The plan would not begin to take effect, however, until after the 1992 presidential election, and then only in stages. "Phased integrity," Republican Senate Leader Bob Dole mischievously called...
...controlling the economy almost completely to the Federal Reserve Board. "The problem is that we have only monetary policy to rely on," says Lyle Gramley, chief economist for the Mortgage Bankers Association and a former Fed governor. "It would be wonderful if we had a $100 billion budget surplus, so that we could have a small tax cut to stimulate the economy instead of having to rely on interest rates...
...less than its share, it could receive permits representing the shortfall, which it could sell to firms that could not meet their target. That is where the power of greed comes in: companies would have an enormous incentive to cut their emissions so they could profit from peddling their surplus permits...
...reduction of the deficit would have a number of subtle but important effects. Roger E. Brinner, chief economist of the forecasting firm DRI/McGraw- Hill, projects that the lower interest rates that would result from a smaller deficit could produce a modest budget surplus by the end of the century, when coupled with reduced defense spending. Economists believe that lower interest rates would encourage productive domestic investment, make U.S. businesses more competitive and thus help reduce the trade deficit. Using only half that dreamed-of $150 billion peace dividend in the year 2000 for deficit reduction would still boost the economy...