Word: debts
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...many, this recession is creating a new math of debt management...
...That doesn't mean there's no downside. Supersized sovereign debt is likely to depress economic growth. Hefty debt payments lead to heftier taxes, which bite into consumer spending and corporate investment. Economists Carmen Reinhart of the University of Maryland and Kenneth Rogoff of Harvard University found in a recent study that once a country's government-debt-to-GDP ratio passes 90%, growth declines by at least one percentage point a year. For industrialized economies that rarely expand more than 2% or 3% a year, that's a huge chunk. "We're coming at a point in which growth...
...Nowhere is the urgency to deal with debt greater than in Europe, where it has become the most serious test of the 11-year-old euro-based monetary system. While euro-zone nations use the same currency, there is no mechanism in place to financially aid wayward members. That's how a crisis in Greece, which represents a mere 2.8% of the zone's GDP, can have such an outsized impact. The ultimate fear is that Greece will default, dragging down the euro with it. "A lot of the euro's problems today are rooted in those members having failed...
...Read "Greece's Debt and Economy Woes: As Bad as Dubai...
...certain amount of trust in government is necessary to try to solve difficult problems--and difficult problems are pretty much what we'll be looking at for the foreseeable future: the national debt; the rising costs of Social Security, Medicare and Medicaid; the wars in Afghanistan and Iraq. The ability to solve these problems means asking people to make a sacrifice, which requires a spirit of compromise and bipartisanship. Only then will trust in government begin to rise, and only then will voters begin to respond. What I can't agree with is the notion, expressed by the Tea Partyers...