Word: dollarization
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President-elect Barack Obama said Tuesday the deficit appears on track to hit $1 trillion soon. Speaking to reporters after meeting with top economic aides, Mr. Obama said: "Potentially we've got trillion-dollar deficits for years to come, even with the economic recovery that we are working on." - Associated Press...
Seriously, what is it? To the average person, a number that big probably doesn't mean much. At some point long before the hundred-billion-dollar mark, large numbers simply become figures on the page, well beyond human scale and intuitive understanding. And yet as discussion about the economy and the impressive numbers that come along with it continue to dominate the news, it may be more important than ever to try to understand. Is a $700 billion financial-industry bailout a lot? Is a $775 billion economic-stimulus package enough? (See the worst business deals...
...potential benefits of a new age of government activism, while still protecting the country's long-term fiscal health. On Jan. 6, Obama warned that the cost of a major stimulus package and the continued effort to bail out the financial system could result in years of "trillion-dollar deficits." Deficit spending is needed to help revive the economy from recession, but trillion-dollar deficits for years to come would sink us in debt and risk a collapse of the currency. We need a sensible strategy that deals with the present crisis while preparing for the future. We need more...
...difficult. Paying for all these programs down the road will be complicated further if Democrats try to reimpose, as they have sworn to, pay-as-you-go - a rule that requires all new spending to be offset by new revenue or cuts elsewhere. And all this talk of trillion-dollar deficits is starting to make Republicans as well as fiscally conservative House Democrats (known as Blue Dogs) nervous - so much so that Obama recently pledged to overhaul entitlement programs to help avoid another fiscal train wreck down the road...
...here's one for Marriott Rewards members: Earn double airline miles for each dollar spent with any of 28 partner carriers, including Delta and British Airways, beginning the second night of your stay at a Marriott property from Feb. 1 through April 30. That's up to four miles per dollar at some properties. Enroll with Marriott's loyalty program between now and April 30 to qualify...