Word: deficits
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...contraction, U.S. GDP grew 3.5% in the third quarter of this year, but the jobless rate has surged to 10.2%, the highest since 1983. Raising interest rates runs the risk of worsening unemployment. For the same reason, the U.S. cannot withdraw stimulus spending either, even though the U.S. budget deficit has topped a record $1.7 trillion. Last week, mortgage lender Fannie Mae reported $18.9 billion in third-quarter losses and said it needs another $15 billion in taxpayer money to survive...
...weak dollar is helping America's exports. But it is also spooking holders of U.S. debt, whose continued purchases of U.S. Treasury bills allow Washington to fund its deficit spending. Last week, the International Monetary Fund (IMF) announced that the Reserve Bank of India had bought 200 tons of IMF gold reserves, the biggest single purchase by a central bank in 30 years. That pushed the price of gold past $1,100 an ounce, the latest record breaker in a string of new highs, as the market anticipated gold buying by other central banks to hedge against a falling dollar...
...finding it easier to make campaign promises than to keep them. Less than two months after taking over, Hatoyama's administration is being forced into a difficult balancing act between the need to prevent a double-dip recession and the desire to keep Japan's budget deficit from spinning out of control. The recession is knocking tax revenues so far below expectations that the deficit will rise to $548 billion this year, an enormous 10% of GDP. Yet, despite Hatoyama's instructions to keep next year's spending no higher than this year's initial budget of $970 billion...
...zero recollection of how to divide fractions; you're a parent who has no clue as to what the important dates are on the college-application calendar. Now picture yourself experiencing all of these hypothetical scenarios at once, and then imagine how your child would suffer from your knowledge deficit. For as much as the current wave of education reformers like to maintain that quality teachers and schools can help overcome environmental factors, a child's home life plays an undeniable role in how well they learn, says Mapp...
...That strength turned out to be temporary. A ballooning U.S. budget deficit and escalating government debt has made the dollar currency non grata in many quarters once again. An index that measures the greenback's value against a basket of major currencies, including the euro and yen, has fallen about 15% from a three-year high reached in March and is now hovering near a 14-month low. Economists and analysts expect the dollar to lose a lot more ground. Daisuke Uno, chief strategist at Japan's banking giant Sumitomo Mitsui, believes the Japanese currency could strengthen...