Word: dollarization
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...economy of its own, one that will demand more and more of China's own goods. So will this be the ruin of China? Certainly not, but its growth will slow. And bringing more production to the U.S. can only help our own economy, lending it stability, bolstering the dollar and weaning down our debt...
...over isn't surprising: glamorous these trade schools are not. But there's a good reason why Obama calls community colleges "one of America's underappreciated assets." They set up their alumni for about a 30% earnings premium compared to high school grads, give a 16% return on every dollar state and local governments invest in them and are one of the best tools we have to pull ourselves out of the recession. In short, as Obama noted at Macomb, "community colleges are an essential part of our recovery in the present and our prosperity in the future...
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...
...Sacramento A Race Against Time to Make Ends Meet In the hours before a July 1 deadline to pass budgets for the 2010 fiscal year, lawmakers in 10 states scrambled to make up for billion-dollar shortfalls by proposing everything from taxing cell-phone ringtones to closing state parks. While Mississippi, Indiana and Delaware made the cutoff, others did not. Ohio and Connecticut will keep the lights on without an official budget in place, while California, which faces a $24 billion deficit, announced plans to issue IOUs until representatives can resolve a legislative stalemate...
...fact, the U.S. might turn out to be more competitive. American dominance has in recent years been a mixed blessing. Many countries got addicted to selling to American consumers and poured capital into the U.S. to keep the buying going. These inflows kept the dollar strong, making life tough for U.S. exporters; they also saddled Americans with the unsustainable debt loads that led to the financial crisis. Now no one abroad is willing to lend to deadbeat American households, and the U.S. government has temporarily taken over as the world's chief borrower and spender. But as we've just...