Word: fiscal
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Federal-budget worrywarts (myself included) have been fretting for years about the arrival of the Dread Fiscal Year 2017, when Social Security was projected to start becoming a drag on federal finances...
...1930s, the moment of reckoning is already almost here: according to both the budget proposed by the White House in February and projections issued by the Congressional Budget Office (CBO) in March, Social Security benefits ($659 billion, according to the CBO) will exceed payroll taxes ($653 billion) in fiscal 2009 for the first time since 1984. Payroll-tax receipts generally hold up much better in recessions than do income taxes, but job losses have been so severe that the CBO expects them to decline slightly from 2008, while benefits rise almost 9% because of cost-of-living adjustments...
...economic crisis that is making life miserable for millions, star wattage will get you only so far. In the run-up to the G-20, continental European powers such as France and Germany made it clear that they viewed with distaste the principal U.S. prescription for recovery: a massive fiscal stimulus to boost demand. Similarly, at the NATO summit to follow the G-20 meeting, Obama could expect to be met with warm words but few pledges of the troops he would like to augment U.S. forces in Afghanistan...
Princeton University announced that it expects its endowment to plunge 30 percent by the end of this fiscal year—more than its original projection of a 25 percent decrease—forcing the administration to plan for a new round of budget cuts, including a salary freeze and staff layoffs...
...April 7 news article “Princeton Forecasts Endowment Drop” incorrectly implied that Harvard’s payout as a fraction of its endowment would decrease next fiscal year. In fact, that fraction will likely increase due to the projected 30 percent decline in Harvard’s endowment...