Word: exportable
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Dates: during 1990-1999
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Then there's the arms-for-export approach: If the U.S. can't afford any more high-tech weapons, find some Third World potentate who can. Saudi Arabia gets its F-15s; Taiwan gets F-16s (in violation, incidentally, of a 1982 agreement signed with China). Why not atom bombs for Ciskei? Cruise missiles for Serbia? Lofty moral objections aside, one problem with the export approach is that it puts the U.S. government in the unseemly position of pimping for the military- industrial complex -- using taxpayers' money, for example, to set up arms fairs abroad. The other problem is that...
Boosted farm-state fortunes $1 billion with the new wheat Export Enhancement Program...
Until earlier this year, the U.S. seemed to be headed for a more normal rebound, thanks to the brisk tempo of export sales. But then the economy began to suffer from yet another new development: America's growing linkages to the global economy, which has gone into a slump. The world's economy didn't grow at all last year, and is expected to expand only 1.1% this year. The currency crisis that swept Europe last week was a profound symptom of the West's stagnation. Germany's relatively high interest rates, run up by the cost of rapid unification...
...major effect of Germany's high rates is the damper they put on America's primary export markets. In the second quarter of this year, the U.S. trade deficit zoomed to $17.8 billion, up from $5.9 billion in the previous quarter. "That cut the second-quarter growth rate for the country in half. That's how dependent we are on the global economy," says C. Fred Bergsten, director of the Institute for International Economics. Just as in the U.S., the outlook in Europe and Japan is for a drawn-out recovery...
None of those are new lines of attack. But Baker has rearranged them under a simple and potentially devastating strategic framework: Whom do you trust? If Bush ca country doling out billions. Bush announced $8.6 billion in hurricane aid to Florida and Louisiana and export subsidies to farmers two weeks ago. When he cannot tap the U.S. Treasury, he is prepared to tap the reserves of foreign governments. Last week Bush made a special trip to St. Louis, home of McDonnell Douglas, where he backed a $9 billion sale of 72 F-15 fighters to Saudi Arabia...