Regions of serious water deficit such as the Middle East became so in about 1970, at a favourable moment for them in economic history.

ECONOMIST: Intelligent communication

But Democrats were nervous about repaying such a bond out of general taxes in a state careening from one budget deficit to another, whereas Republicans balked at making farmers and water districts pay.

ECONOMIST: Water in California

The ball ended up in the water, and by the time he walked off the green his one shot lead had become a one-shot deficit.

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