Word: deficits
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Dates: during 1970-1979
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Financial experts praise Barre for having stabilized the once wobbly franc and eliminated France's trade deficit. But the man in the street is more aware that unemployment has risen to 1.4 million, a record 6.4%* compared with 4.4% when Barre moved into the Premier's official residence, the Hôtel Matignon. Inflation, which he vowed to bring under control, has been running at an annual rate of 11.3%, vs. 9.7% in 1976. Barre has warned that the French face more, not less, belt tightening. Said he: "Next year will be very difficult. The choice...
...Premier grossly underestimated the unpopularity of higher taxes. Early in the campaign he had said that the government would have to consider easing Japan's $70 billion deficit with a zozei, a stiff tax increase, either on personal income or consumer goods. Stung by a vociferous backlash against new taxes, Ohira tried to soft-pedal the issue just before the election, but by then it was too late. Although Ohira can safely ignore demands that he resign, to form a Cabinet he will probably have to surrender some prized ministerial portfolios to the disgruntled powerbrokers who head rival factions...
...weakness on money markets also reflects decreased innovation. For years high-technology exports such as computers and telecommunications equipment provided a comfortable trade surplus. But since the early '70s foreign manufacturers have strongly challenged American industrial products, and the U.S. has been suffering increasingly severe trade deficits, thus weakening the dollar. It is all too easy to blame the trade deficit on skyrocketing oil prices, though they are a major cause; Japan, which must import all its oil, has maintained a trade surplus by developing high-technology products and aggressively selling them abroad. A prime example: every...
...Pittsburgh Pirates narrowed their deficit in the 1979 World Series to 3-2 by defeating the Baltimore Orioles, 7-1, at Three Rivers Stadium in Pittsburgh yesterday...
Baltimore not only controls the home-field advantage, a 3-2 lead and stronger pitching, they also have historical precedent. Only three teams--the 1968 Tigers, 1958 Braves and 1925 Pirates--have ever recovered from a 3-1 deficit...