Word: dropped
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...costs in the document might have been controlled well enough to meet expense estimates, the rate at which the economy is coming unhinged always meant that the amount of money which was supposed to come in from taxes was always at risk. OMB now says tax receipts will drop a breathtaking 15% compared with last year. (See pictures of the Top 10 scared traders...
...Administration may find that it would be better off to hold its tongue about the rate at which the deficit is growing. It is still forecasting that GDP will only drop 1.2% in 2009. That number is clearly improbable which should shake whatever confidence the taxpayers have in the forecast. Anyone watching the process of budget revision as the bottom line gets progressively worse understands that a $2 trillion deficit for the year is possible, and perhaps likely...
...China's exports fell again in April and fell more sharply than most analysts had expected. The value of goods and services leaving the country was down 22.6% compared to last year. Reuters reports that economists expected the drop to be only 18%. Several experts also pointed out that the reason that Chinese economic growth is still reasonably strong is due to the nation's $585 billion stimulus package...
...TIME for getting it right on Afghanistan [April 20]. Cash-for-work job programs are the best initial solution in a country where Taliban commanders, financed by opium and other illegal activities, are buying the loyalty of poverty-stricken young men. This is one country where many insurgents would drop their weapons if someone paid them to do something other than fight. It may come as a surprise to many Americans that fitness and weight-lifting are fast-growing crazes in Kabul and a popular cult figure is California Governor Arnold Schwarzenegger. The governor's likeness can be found...
Last week,s big prequel, X-Men Origins: Wolverine, which still holds this year's opening-weekend record with the $85 million, toppled an expected 68% to place second. The Matthew McConaughey rom-com Ghosts of Girlfriends Past won the show position with a more demure drop of 32%; but it wasn't falling from lofty heights, more stepping off a curb. Beyonce's Obsessed and the Zac Efron 17 Again filled out the top five. Less successful at reviving a dormant film form - the 1970s blaxploitation comedy - was the druggy Next Day Air, which took in just $4 million...