Word: downturning
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States across the nation are suffering the effects of lost tax revenue in the worst economic downturn since the Great Depression. California's woes are similar and different in kind, played out on a grand scale in a state that boasts the world's eighth largest economy and a Hollywood star in the lead role. After voters rejected a slew of convoluted budget-balancing measures, the governor has proposed cuts to programs that would make California more like a struggling Third World state than 21st century America: welfare subsistence benefits would end, 1 million poor children would lose health care...
...recession is nearing its end. At least, it seems to be. A generally improving trend in the economic data has forecasters saying the downturn will turn into an upturn sometime between early this summer (the optimistic view) and late next winter (the pessimistic...
...held at Bethpage, there were 78. The financial-services companies, knowing the government will pounce on an unnecessary golf junket, are staying away from the fairways. "That's a significant drop-off," says Peter Bevacqua, chief business officer for the USGA. "We have certainly been affected by the economic downturn...
...Walsh, though, can't afford to do nothing. Tumbling passenger numbers and a soaring fuel bill pushed BA to a pretax loss of $656 million in the 12 months leading to last April. The year before, BA made $1.5 billion. "The prolonged nature of the global downturn makes this the hardest trading environment we have ever faced," Walsh said as the results were announced in May, "with no immediate improvement visible...
...Unlike the Gulf War-related slump of the early '90s, the causes of BA's troubles are less clear this time around, Clifton says. Is it internal factors, the global downturn, the problems when Heathrow's Terminal 5 opened last year? Because of that ambiguity, "staff and observers won't necessarily think, This is all to do with external forces, so we've all got to pull together here," Clifton says. Seems like you can ask for that second pillow, after...