Word: expectations
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That may sound like a cop-out. At least until you consider how many other economic forecasters got it wrong. Dozens of states have found themselves with budget shortfalls, some quite massive, partly because economists weren't ratcheting down expectations of tax revenue nearly fast enough. In late November, the Federal Reserve Bank of Philadelphia's Survey of Professional Forecasters indicated GDP would decline at an annual pace of 1.1% for the first three months of 2009. The economy proceeded to shrink at a pace of 5.5%. (See what to expect when the recession ends...
Ryan Travia, director of OAODS, said that he could not share information on how much money is being saved through the hours reductions. But he said student traffic is certainly "considerably lower" during the summer months than during the academic year, and that he did not expect the week-long furlough for the office to cause any disruptions for students or internal operations. He said that during the slow summer months, his office typically reviews research and data collected over the course of the year, writes reports, reviews policy and procedures, and prepares for the incoming freshmen...
...President's financial reforms, which were sent to Congress earlier this summer, have yet to be acted upon by the banking committees in the House and Senate, and White House officials do not expect concrete legislative action until late this year at the earliest. That means that both the White House and Congress can expect many more months of needing to explain why it is O.K. for Wall Street to be thriving while the rest of the country, and much of the world, is suffering. As Gibbs explained on July 15, when asked about the big Wall Street paydays...
...safe haven from the world's harsh economic winds. In particular, euro membership would allow it to ditch the crippled krona. The E.U. would gain a new member with similar values to its own, which would help strengthen its reach as a global power. In return, Iceland can expect accession talks to move at a double-quick pace. As a member of the European Economic Area (EEA), Iceland already has access to the E.U.'s single market. It is also part of Europe's border-free Schengen zone, and virtually all the other E.U. programs open to non-member states...
...around the island. Fish and seafood account for 37% of Iceland's exports, and employ 8% of the work force; even ardent Euro-enthusiasts are loath to see their prime natural resource fall under the sway of the E.U.'s controversial Common Fisheries Policy (CFP). But while Reykjavik cannot expect an exemption, it could negotiate special protocols to take account of the importance of the fishing sector to the nation...