Word: billion
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Dates: during 2000-2009
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Amount of liquid cash holdings, typically used only for daily expenses, lost due to risky investments: $1.8 billion...
Years for which $1.8 billion could have continued to pay for hot breakfasts...
...secret that Michigan is enduring the most extreme effects of the nation's economic crisis: its unemployment rate stands at 15.3%, and the state is functioning on a temporary budget as legislators rush to close a $2.8 billion deficit. In recent years, the financial situation here has been so dire that Michigan has closed several detention facilities, reducing its prison population by thousands. Now, however, the state appears to be viewing prisoners in a different economic light - as a potential revenue generator...
...competition is a 1984 law that Waxman wrote with Republican Senator Orrin Hatch. It lowered the regulatory obstacles that prevented generic drugs from making their way to market. At the time, it was expected that fast-tracking the approval of "bioequivalent" drugs would bring down medical costs by $1 billion a year. But with generics now accounting for more than 70% of prescriptions dispensed in the U.S., "the actual savings have exceeded our wildest expectations," Waxman said in a Sept. 18 speech before the Generic Pharmaceutical Association. "In the last decade alone, generic drugs have saved consumers, businesses and state...
...infancy? A 2008 analysis by former Clinton Administration official Robert Shapiro, who has consulted for both biologics companies and their would-be generic competitors, suggested that generic versions of the top 12 categories of biologics whose patents have expired or will expire soon could save Americans up to $108 billion in the first 10 years and as much as $378 billion over two decades. "It's the low-hanging fruit," says Mark Merritt, head of the Pharmaceutical Care Management Association, the trade organization for prescription-drug-benefit managers. "If you can't get this right on cost control, what...