Word: glumly
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Conservatives are depressed. "Key G.O.P. constituency feeling glum," declared a recent headline in the Washington Post. "Void on the right," added columnist Robert Novak. Surveying last week's Conservative Political Action Conference (CPAC), The Politico detected "a mood of gloom...
...again edging toward another bloodbath. Meanwhile, Arab autocrats remain entrenched, Arab democrats are feeling abandoned, and Iran's Islamic revolution is enjoying a second wind. For all the grand ambition of President Bush's interventions in the Middle East, a veteran Western diplomat recently offered TIME the following glum assessment: "The region is in as serious a mess as I have ever seen it. There is an unprecedented number of interconnected conflicts and threats...
...only glum faces in the art world belong to museum directors, who because of a new tax law may have a harder time obtaining these treasures. Tucked into the Pension Protection Act, which President Bush signed into law in August, the law imposes stricter limits on the popularly used method by which art collectors donate their works to museums. In the past, collectors would often hand over partial ownership of a painting--usually from 10% to 20%--and take a tax deduction for an equivalent percentage of the appraised value. The write-off on subsequent donations could rise each time...
...jabbering about a weakening housing market has made you glum at the prospect of your own home's losing value, then has the Chicago Mercantile Exchange got a portfolio addition for you. Since May, investors have been able to buy and trade options and futures contracts pegged to home prices in 10 U.S. cities, giving property owners a way to hedge against a bear market--and letting speculators place bets on the direction of house prices in San Francisco, New York City, Chicago, Las Vegas and elsewhere...
...this glum scenario? To close our fiscal gap, we face a menu of pain: raise income taxes 70%, hike payroll taxes 109%, cut Social Security and Medicare a combined 41%, eliminate 79% of federal discretionary spending, or some combination. Waiting only makes the options worse and could lead to hyperinflation. Countries that can't cover their spending with taxes end up printing money to pay their bills. That leads to runaway prices, sky-high interest rates, a weakening currency and economic decline...