Word: budgeter
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Dates: during 2000-2009
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That may sound like a cop-out. At least until you consider how many other economic forecasters got it wrong. Dozens of states have found themselves with budget shortfalls, some quite massive, partly because economists weren't ratcheting down expectations of tax revenue nearly fast enough. In late November, the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters indicated GDP would decline at an annual pace of 1.1% for the first three months of 2009. The economy proceeded to shrink at a pace of 5.5%. (See what to expect when the recession ends...
...parts of the economy are in flux. "This has been an extraordinarily difficult period for forecasters," says Harvard economist James Stock. "Our models aren't really designed for predicting massive changes." Philip Joyce, a professor of public policy and administration at George Washington University, figures that in normal times, budget projections a couple of years out tend to be pretty reliable, at five years less so and at 10 years not much at all. "But these aren't normal times," he says. "In recessions, even the short-term numbers aren't very good, because a lot of the factors that...
...Nevertheless, as of Thursday afternoon, over 450 individuals had signed the online petition, including students, residents, faculty, and physicians from HMS and its affiliated hospitals. The petition calls for the School's administration to present a detailed plan of action for expanding institutional support despite the budget cut, expand loan forgiveness initiatives that financially enable students to pursue primary care specialties, support efforts to strengthen primary care in a reformed national health care system, and solicit and implement proposals from the HMS community to improve primary care education...
...also emphasized that the Primary Care Division was not singled out for budget cuts, noting that other divisions have seen reductions as well while some traditionally receive no funding whatsoever. She said that HMS may resume funding for the Division in the future, after administrators and the Division's leadership reevaluate how the unit is structured and how primary care education and research can best be fit into HMS's broader educational mission. HMS traditionally uses divisions to help researchers, educators, and departments convene and collaborate from across HMS and its affiliated institutions...
Obama is dangling the possibility of more federal aid for community colleges just as they are grappling with state budget cuts as well as record enrollments, as laid-off workers rush to get retraining. Many of these two-year schools, which get about 30 cents for every dollar of per-student funding the Federal Government awards to four-year institutions, have had to let go of faculty or effectively cap enrollment. (See how colleges are bracing for a financial-aid crunch...