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Harry Holzer, an economist at Georgetown University and the Urban Institute, also sees troubling news in the fact that the fourth quarter's measure of gross domestic product (GDP), or the value of all the goods and services the economy churns out, wasn't nearly as bad as economists had thought it would be: down an annualized 3.8%, compared with a predicted drop of 5.4%, according to a Reuters poll. Companies are still producing, Holzer explains, but since no one is buying, inventories are piling up. With a backlog of goods, firms will need fewer workers to keep making more...
That lag means we've likely got a ways to go before unemployment peaks. GDP during the 1981-82 recession, arguably the worst since the Great Depression, started rebounding in the second quarter of 1982. Yet unemployment didn't peak until the very end of the year. When it did, 10.8% of the workforce didn't have a job. For the unemployment rate to get up that high today, we'd still have nearly 5 million more jobs to lose. But, of course, 10.8% is simply a number plucked from history. Records do get broken...
Denmark may be a country of just 5.5 million people - about as big as a medium-sized city in China - but a fitting host of the climate change summit. Denmark has thrived while emphasizing clean energy and cutting carbon emissions - between 1980 and 2004, the country's GDP rose 56% while CO2 emissions dropped 35% - and thanks to smart policies and investment, more than a quarter of Denmark's electricity now comes from renewable sources. Danish companies also punch well above their weight in the growing wind turbine industry. To drum up global support for the summit, Hedegaard can easily...
...returns. A convoluted system of deductions, rules, and exceptions, the U.S. tax code takes more than 66,000 pages to explain. Chris Edwards, a director of fiscal policy at the Cato Institute, remarked that just complying with the current tax system costs the nation around 2 percent of its GDP. In light of these recent examples and as part of larger economic reforms, the tax system should certainly be streamlined. But the complexity of the tax code is no excuse for neglect on the part of Obama’s recent nominees. It is disgraceful that these accusations...
...verge of collapse is a triumph for President Rajapaksa, who has revitalized the Sri Lankan armed forces through a massive injection of funds that has boosted everything from tactical capability to morale. Some 20% of the nation's budget is now devoted to military spending (6% of its GDP), and the boost in resources has, over the past nine months, helped the military make steady gains against what had once seemed intractable positions held by the rebels. Some have taken Colombo's example as a message for counterinsurgency efforts elsewhere. On Jan. 16, an editorial in the Wall Street Journal...