January 6, 1987 |
The specter of budget deficits in the hundreds of billions of dollars, once a yearly nightmare, has become commonplace and perhaps even manageable. But now a new and equally frightening vision is looming: an ever-growing trade deficit, also in the hundreds of billions a year, that eventually traps the nation's economy in an escape-proof prison of debt, eventually to be measured in trillions of dollars owed to foreigners.
May 31, 1988 |
Whether it is George Bush or Michael S. Dukakis who wins the presidency, his agenda will almost certainly be dominated by a dilemma inherited from his predecessor: While succeeding brilliantly in reducing the government's ability to raise revenues, Ronald Reagan also failed dismally to curb the public's appetite for government spending.
February 25, 1988 |
The nation's record trade deficit began to shrink in the final three months of 1987 as U.S. exports climbed 6% to record levels, the Commerce Department said Wednesday. While narrowing just $200 million from the summer, the decline of the trade deficit to $40.2 billion on a balance-of-payments basis marked the first quarterly improvement since the spring of 1986.
May 18, 1993 |
"(Wealth) consists not in having great possessions but in having few wants." --Epicurus What do you do if you find yourself with an embarrassment of riches--say $132-billion-a-year's worth? Well, if you're Japan in the 1990s, you first pay off your debts, then sink money into blue-chip investments, and finally, maybe set aside some mad money for a nice vacation abroad. To the rest of the world, Japan's persistent and growing trade surplus may look like predatory economics.
April 5, 1990 |
U.S. and Japanese negotiators reached tentative agreement Wednesday on the major elements of a set of sweeping new measures to help reduce the $49-billion U.S. trade deficit with Japan--including significant concessions by Japan toward opening its market to more imports. The 50-page document, which officials said still includes a few, relatively minor "loose ends," was being quickly reviewed by the Japanese Cabinet in time for another, presumably final negotiating session today.
July 19, 1996 |
The United States suffered its worst trade imbalance in eight years in May as its deficit with China almost surpassed that of Japan, which traditionally has the biggest surplus with America. The U.S. trade gap grew by 13.2%, to $10.9 billion, the Commerce Department said Thursday. May was the third straight month the deficit has widened, raising questions of whether the economy is growing as fast as previously thought.
June 6, 1987 |
President Reagan, who less than two years ago signed the most expensive farm aid bill in history, called Friday for the elimination of agricultural subsidies worldwide by the year 2000 as a way of promoting better world economic health.
July 2, 1988 |
The dollar, after three years of decline, appears to finally be stabilizing, thanks to recent drops in the U.S. trade deficit. That, experts say, is good news for stock and bond investors. This past week, the greenback hit a six-month high against the Japanese yen and also gained relative to the West German mark. While few predict that the U.S. currency will rise much further, many experts now say that at least its massive drops may be finally over. The key to a stable dollar "is that the U.S.
April 26, 1987 |
Guzzling beers down at the Flat Iron Cafe--in the very shadow of the hulking, long-shuttered Youngstown Sheet & Tube steel mill--the men who tended the furnaces and poured molten metal still puzzle over the rapid demise of an industry that once epitomized American economic might. "I'm not bitter at Japan," said retired mill hand Red Windwood, when asked about the flood of cheap steel imports that has killed the once-thriving steel industry in the Mahoning Valley.