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...their lives are secure. And no one knows when that day will come, in a war against an invisible enemy with a front line that could be in Afghanistan--or Albuquerque. "Tourism and travel are at financial ground zero," says Andrew Hodge, chief U.S. economist at the forecasting firm DRI-WEFA, who figures absent foreign tourists alone could account for around $10 billion in losses in the fourth quarter...
SOURCES: World economic growth forecast by DRI-WEFA. Other data from Commerce Department, World Bank, European Commission Directorate General for Economic and Financial Affairs
...OPEC oil sources have increased significantly since then. But higher energy costs are like an ugly tax. Consumers shelled out an extra $50 billion last year because of higher gas prices. "The danger is that OPEC could be too successful," says Nariman Behravesh, chief global economist for DRI-WEFA, an economic consulting firm. "If they hang tough with their quotas and oil prices stay high as the world economy slows down, the downturn could be even more pronounced...
...OPEC oil sources have increased significantly since then. But higher energy costs are like an ugly tax. Consumers shelled out an extra $50 billion last year because of higher gas prices. "The danger is that OPEC could be too successful," says Nariman Behravesh, chief global economist for DRI-WEFA, an economic consulting firm. "If they hang tough with their quotas and oil prices stay high as the world economy slows down, the downturn could be even more pronounced...
...starters, many economists doubt that huge tax cuts make sense at a time when the U.S. economy is running flat out after nearly nine years of expansion. Slashing taxes now "seems a little odd," says Cynthia Latta, principal U.S. economist for Standard & Poor's DRI. "Its support comes from the assumption that if [the surplus] is not handed back to taxpayers, the government will just use it for more programs." Latta's fellow critics include Federal Reserve Chairman Alan Greenspan, who warned last week that "the timing is not right" for the House measure, which calls for a 10% across...