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...supply-side Pollyannas predicted that lower tax rates would induce huge increases in saving and investment, which would produce enormous growth, which would wipe out the deficits. They were wrong. Net private saving, which averaged 8.1% of GNP in the 1960s and 1970s, dropped to 5.8% in the 1980s. (It was 4.1% last year.) Investment in new plant and equipment averaged 3.3% of GNP in 1950-80 and 2.3% during the 1980s. Economic growth averaged 4.8% in the 1960s, 2.8% in the 1970s and 2.2% in the 1980s. And we know what happened to the deficit...
...inability to service its $12 billion debt. In April, Prime Minister Sadiq el Mahdi's failure to deal with the country's accumulating crises brought down his second government in two years. As if all those woes were not enough, a plague of locusts is threatening to wipe out the country's meager crops of millet and sorghum...
Imagine Clark Gable anchoring one of Frank Capra's psychodrama parables of Americana and you get a hint of Jeff Bridges' performance in Tucker: The Man and His Dream. The roguish, can-do smile looks welded on. No boardroom backstabbing, no political malfeasance can wipe that salesman's grin off his face. It is the smile of a cockeyed optimist whose tragic flaw is that he refuses to believe anything can go wrong. And it is attached to a mind racing with ideas and a mouth that motors even faster. Bridges' Preston Tucker is a man in perpetual motion -- gesticulating...
There is little question that the oceans have an enormous ability to absorb pollutants and even regenerate once damaged waters. For example, some experts feared that the vast 1979 oil spill in the Gulf of Mexico would wipe out the area's shrimp industry. That disaster did not occur, apparently because the ocean has a greater capacity to break down hydrocarbons than scientists thought. But there may be a limit to how much damage a sector of ocean can take. Under assault by heavy concentrations of sludge, for example, the self- cleansing system can be overwhelmed. Just like decaying algae...
...question of whether to Spike or not to Spike puts Government antidrug crusaders, environmentalists and corporate America in an awkward three-way tug-of-war. Last week Sandra Marquardt of the environmental group Greenpeace accused the State Department of a "scorched-earth tactic that threatens to wipe out most plant life in the region for five years or more." Scientists for the Environmental Protection Agency say Tebuthiuron can harm useful vegetation if it leaches into groundwater. Ecologists contend that it would be difficult for farmers to grow crops after the coca has been destroyed. They point out that Spike...