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...Greenberg's lawyers, Lee S. Wolosky, said the document appears to reflect the work of outside firms, representing a possible misuse of government funds. "I understand using a public relations firm as a place for reporters to call for basic information about the company and its current plans," he told TIME. "But when you're using taxpayer money to fund a campaign that attacks specific individuals by name, that is particularly egregious. Even if the screed was done entirely in-house, it still constitutes a questionable use of taxpayer money, since the in-house staff is essentially government employees. There...
...point is, things can turn pretty quickly," Zandi said, chuckling. "How's that for a happy ending?" After the presentation, he was engulfed in a sort of economic-geek circle at the front of the room. Men from the Department of Commerce, Freddie Mac and a real estate investment fund batted questions around: "Has your forecast for home prices changed?" "What about the savings rate?" As he raced out the door, Zandi was stopped by an economist from the Office of the Comptroller of the Currency to talk about the "wealth effect." (See the best business deals...
...deeply regressive nature of payroll-taxes has prompted one commentator on the left to propose something far more dramatic than even a payroll-tax sabbatical. Hendrik Hertzberg in The New Yorker has suggested scratching the payroll tax altogether and instead levying a tax on carbon to fund Social Security and Medicare. We would be eliminating a tax on something we wish to encourage, job creation, thereby giving the fruits of their labor to lower- and middle-class workers, while taxing pollution, which we want to discourage. (It should be noted that such a proposal has zero prospects for being considered...
...economic news across the region is gloomy at best. Eastern Europe’s emerging economies have been some of the worst hit by the current economic crisis—making unemployment rise, threatening their ability to roll over foreign debt, and toppling governments. As a recent International Monetary Fund paper proposes, the best way forward may be a European answer to an Eastern European problem: early adoption of the euro...
...need it. As part of Japan's economic recovery program, Aso has told Yosano to prepare a stimulus package of a 10 trillion yen ($100 billion), at least 2% of GDP, to help create jobs, secure credit for firms and develop energy-efficient technologies. The supplementary budget to fund the stimulus is expected to go to the Diet by end of the month. (See pictures of Japan and the world...