Word Watch

By SOPHFRONIA SCOTT GREGORY

Clinton's Economic Glossary

CONSUMPTION

Money spent in ways pleasing to taxpayers: on rent and compact discs.

INVESTMENT

Money spent in ways pleasing to politicians: on highways and job-training schemes.

INFRASTRUCTURE

A road or bridge in a Congressman's district.

PORK-BARREL SPENDING

A road or bridge in another district.

INDUSTRIAL POLICY

Phrase suggesting a Soviet style of government of selective tax breaks and trade protection. Seldom used by the Clinton team.

SECTOR-SPECIFIC STRATEGIES

Term used by the Clinton team. Industrial policy.