Word: gap
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Supporters of the boost say it will help the country's neediest at a time when they have been falling further and further behind. From 1973 to 2007, as the minimum wage fell 22% in real dollars, domestic corporate profits jumped more than 50%-bloating the gap between rich and poor and fueling calls for a $10-an-hour "living wage" by 2010. For now, though, an extra 70 cents is as good as it gets...
...Gist: Kudos to California! On July 20, the Golden State finally cobbled together a plan to bridge its $26.3 billion budget gap, leaving North Carolina, Connecticut and Pennsylvania as the only states that have not yet reached an agreement. But before lawmakers start slapping backs, they should know that next year's budget crunch could be even tighter. Thanks to dwindling revenues, paltry collection rates and the economic storm soaking taxpayers, the $142.6 billion budget shortfall that states faced during the 2009 fiscal year is but one hurdle in a longer financial gauntlet, according to this bleak assessment from...
...hurdles ahead in 2011 and 2012: "Nearly two-thirds of the states already project a budget gap in FY 2011. Of the remaining states, many note that it is simply too early to know if a gap will occur, although several indicated that one is likely. The size of these projected gaps raise warning sirens-loud ones. Several states will need to close double-digit budget gaps yet again...
...anything that would limit India's economic progress," the uneasy exchange illustrated a troubling reality: with less than five months to go before the crucial U.N. climate-change summit in Copenhagen, there remains a deep chasm between developed and developing nations on the issue of CO2. Unless that gap is narrowed - and the world can find a way to fairly reduce emissions from rich countries while making developing nations pay their fair share - years of global climate-change negotiations could finally collapse. (See pictures of the elephants of India and the rest of Asia...
...Community-college graduates earn up to 30% more than high school grads, a boon that helps state and local governments reap a 16% return on every dollar they invest in community colleges. But our failure to improve graduation rates at these schools is a big part of the achievement gap between the U.S. and other countries. As unfilled jobs continue to head overseas, Obama points to the "national-security implication" of the widening gap. Closing it, according to an April report from McKinsey & Co., would have added as much as $2.3 trillion...