Word: congression
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...this year's election is any indication, Indian voters are using that knowledge wisely. They weren't swayed by the charismatic leaders and identity politics of rising regional parties, and they saw through the BJP's attempts to repackage its message and its leader. But Congress shouldn't get too comfortable. India's voters make up a vast and fragmented constituency, but they are united in their power to choose who governs them...
...which is the world's third largest but is still just a third the size of the U.S.'s, the scale of the package is staggering. Total new spending is pegged at $586 billion, about 16% of GDP. In contrast, the $787 billion stimulus package approved by the U.S. Congress in February is just 6% of GDP. While upwards of 75% of Chinese spending will go toward infrastructure, just 10% of U.S. spending will. The difference to an extent reflects the fact that the nations are at different stages of economic development: America's railroad networks were built...
China, of course, has certain advantages when it comes to managing shifting economic winds. There's no peskily powerful Congress to worry about, for one thing; what the Chinese government wants in the way of policy, it gets. Christopher Wood, chief Asia strategist for the brokerage and investment firm CLSA, says the fact that China's economy is a hybrid of capitalism and a socialist command economy has given the government much greater flexibility to intervene. Beijing more or less ordered Chinese banks to increase lending in response to the global financial meltdown. Wood, a former journalist well known...
Even more important is the ongoing debate in Congress over carbon cap-and-trade legislation. Democratic Representatives Henry Waxman and Edward Markey have hammered out a bill that would reduce U.S. carbon emissions to 17% below 2005 levels by 2020. It faces an uphill battle in Congress, opposed by nearly all Republicans and many Democrats from coal-dependent states. Pushing it through will require an act of political will, but while Obama has praised the controversial bill, some environmentalists complain the White House has done too little behind the scenes to defend it. "The world was hopeful that Obama would...
...risk of extinction squarely addresses the Republicans' problems of connecting with voters but neglects to address the fact that, save Barack Obama, the Democrats are not in any better shape [May 18]. Remove the highly popular President from the Democratic equation, and that party, as evidenced by the previous Congress's approval ratings, is even less popular than George W. Bush. For all the cataclysmic talk about the GOP, the Democrats are one person away from being in the same boat. Constantinos Scaros, CLIFFSIDE PARK...