Word: getful
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...which forecasts a stunning $1.6 trillion deficit - but he's hardly the only member of the "spend now, pay later" club. Across Europe, governments have gotten so used to embracing debt during economically tight times such as these that some experts are starting to wonder if they will get back to viable deficit levels - much less balanced budgets - anytime soon...
...default," says economist Marc Touati, deputy director of the Paris-based financial-services group Global Equities. "We're not there yet, especially for all the nations of Europe. But there are several, including France, that simply must cut spending, deficit and debt dramatically, and soon - or things will get very ugly." (See the worst business deals...
...European economies aren't as big as the U.S., so the debt involved isn't as much, but when levels get too high and financing them just isn't possible anymore, the entire thing will come falling down," says Eric Grémont, co-founder of the Paris-based Politico-Economic Observatory of Capitalistic Structures. To avoid this, he and Touati both say that states must freeze their spending at current levels to speed up a return to economic growth. But when that happens, they add, governments must also start slashing budgets, reducing expensive state services and cutting jobs...
...develop new flight techniques such as in-orbit fuel depots and closed-loop life-support systems, and $3 billion to develop new unmanned ships. There are no entirely unworthy objectives in that list (with the possible exception of the ISS), but there's also no clear way of getting humans back into space after 2010, once the shuttles are mothballed. What's more, there's not a thing in the plan that would get your heart to race. Building spaceships just for the public thrill of it may seem like a luxury we can't afford, but the new direction...
...even if it could be predicted, Griffin's successor has been vague about where Americans will go once they do get back to space. Yes, there's the ISS. But after that? The best that Bolden could offer in his presentation Monday were vague promises of "people fanning out across the solar system," with the collaborative help of "nations around the world." Just which nations will join the U.S. and when we will all go Bolden didn't say. At several points, however, he did encourage his audience to "imagine" all of these things...