Word: downturned
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...years, and sales taxes are plummeting. Worse, local governments on average get nearly three-quarters of their tax revenue from real estate assessments. Falling property values and rising foreclosures mean that source of revenue is drying up as well. Many local governments have built up reserves anticipating the downturn in the housing market, but Moody's says that might not be enough. "The sharpness of the housing downturn and speed of the general economic contraction will likely test the sufficiency of those reserve cushions," Moody's analysts wrote...
...sharp turn of events, precipitated by an unprecedented economic downturn that has wreaked havoc on University finances, has also served to rally diverse community interests around a common cause...
...Harvard’s change of focus. “The Science Complex is a promise that was broken to us,” said State Representative Michael J. Moran, whose constituency includes Allston, Brighton, and Brookline. But the sharp turn of events, precipitated by an unprecedented economic downturn that has wreaked havoc on University finances, has also served to rally diverse community interests around a common cause. “Where I think everyone has really come together lately is to say the Science Complex really can’t be stopped,” said Aaron MacDonald...
...with her before on Yardfest,” CEB Chair Kevin M. Mee ’10 said. “She’s a really great, really nice person. I definitely look forward to working with her next year.” Due to the current economic downturn, Sidwell may face financial constraints her predecessors did not. “It will be a challenge for us to be realistic in tough economic times without sacrificing fun for students at Harvard,” Sidwell said. The Campus Life Fellow’s position has been in existence...
...China's hugely important export sector, "the bigger risk in China is of a 'W' shaped outcome," Wood says. In other words, after a brief, stimulus-driven spike, the economy will resume its downward track later in the year. Inevitably, growth will return. But Wood says a second downturn could be perilous and deep if current government measures artificially and temporarily prop up marginal manufacturers that otherwise would go bust (China's total production capacity exceeds domestic demand by a factor of 10), and if tens of billions of dollars in loans now being made on Beijing's command...