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Lately the inability to compete has been reflected ominously in the nation's traditional trade surplus-the excess of exports over imports-which has been the cornerstone of U.S. global economic power since World War II. From a peak of $7 billion in 1964, that surplus shrank 41% to $4.1 billion last year. So far this year, the record has been even worse. The first-quarter surplus fell to an annual rate of only $731 million, the lowest in 31 years; during March, the U.S. trade balance actually ran $158 million...
...only 3% of the total national output of goods and services-only half the proportion consumed by the Kore an War. The total defense budget today accounts for only 9% of gross national product, compared with 41% at the height of World War II and 13% at the Korean peak. More important, the end of the Korean fighting caught Washington with a huge oversupply of military goods. And to make matters worse, peace plans were unready; cutbacks in defense spending led to a recession with a 6% unemployment rate before the economy rebounded. This time, the Pentagon expects to taper...
...Sinclair Oil reached peak earnings of $26.5 million, and Occidental earnings rose a big 125% to $15.2 million...
...addition, deep in the Laotian hillsides Giap placed Russian-made 152-mm. cannons, their long tubes zeroed in on besieged Marines. Altogether, Hanoi's gunners poured more explosives into Khe Sanh than they had into Dienbienphu, reaching a peak on Feb. 23, when 1,300 rounds slammed into the U.S. base. And, as in 1954, the North Vietnamese by night tunneled ever closer to the Marine perimeter, drawing the net of fortified attack positions ever tighter. In terms of firepower and supplies, the Communists were better prepared to strike at Khe Sanh than they ever had been at Dienbienphu...
Hard Lessons. Not all broadcasters were that responsible. As troops moved into Washington, radio and TV newsmen reported that "tanks" were rumbling down New Hampshire Avenue, when in fact they were simply personnel carriers. More recklessly, at the peak of the riot scare, rock-'n'-roll station WABC in Manhattan broadcast on-the-street interviews with Harlem agitators. Cried one: "We were planning to burn down your part of town anyway, but now we can take the whole thing this summer! I want to kill anybody I know who is against anything that's good...