Word: gap
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There are certainly some straightforward ways to start closing the budget gap. The Bush tax cuts for the rich should be rolled back this year, not next, to start collecting about 0.5% of GDP in extra revenues from those who can most easily pay, though this might just partly offset other tax cuts and recession-induced declines in tax collections. The spending on the wars in Iraq and Afghanistan should be ended, not prolonged, saving at least 1% of GDP. We'd still probably be close to $1 trillion (perhaps 6.5% of GDP) shy of budget balance. With the economy...
...course of 30 years. Add these to California's extremely high home-foreclosure rate and a global recession (approximately 1 in 4 jobs in the state has international-trade ties), and the deficit quickly adds up. In the past, the state would borrow or sell bonds to bridge the gap, but with the current credit crunch, few investors are willing to offer assistance...
...settlements on the Palestinian side, no matter how loudly its ultra-religious parties protest. Only then will the Palestinians and the other Arab states agree to a durable peace. It's as simple as that. But for 60 years, in the Holy Land, there has been a yawning gap between what was simple and what could be achieved...
...against the threat that looms within its borders. Israel's population of 7.1 million is today divided into 5.4 million Jews and 1.6 million Arabs. But if you include Arabs in Gaza and the West Bank, they may already have a slender majority; and given their higher birthrate, the gap will widen quickly. This tectonic shift in demographics is what scared even hawkish Israelis like former Prime Minister Ariel Sharon into abandoning the biblical dreams of a Greater Israel stretching all the way from the Jordan River to the Mediterranean. As Olmert recently warned, "If we are determined to preserve...
...paid—which is based on a fairly low number—and benefits received, which in a high wage, high cost-of-living state like Massachusetts is fairly high,” Monsell said. “I think increasing the taxable wage base to reduce the gap between employer payments and employee benefits would be prudent to consider.” —Staff writer Peter F. Zhu can be reached at pzhu@fas.harvard.edu...