Word: grosse
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Dates: during 2010-2019
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...latest dose of reality from Elmendorf's CBO: a forecast that the federal deficit will reach $1.35 trillion this year - $4,400 for every American. All that red ink means the overall debt will rise to $8.8 trillion by the end of 2010, or about 60% of gross domestic product - the highest level of public debt since 1952. "There's a fundamental disconnect between the level of benefits that people want the government to provide, particularly for older Americans, and the amount of resources that people want to send to Washington to pay for those benefits," Elmendorf says. "To make...
...clearly in a debt league of its own. Obama's proposed deficit, representing about 11% of gross domestic product, is part of a 10-year plan aimed at reducing the U.S. budget shortfall from its current level to a still hefty annual average of 3.6% if everything goes well. The deficit amounts may be less dizzying in Europe, but they're still a major cause of concern for fiscal purists who fear that some governments may end up drowning in red ink. Twenty of the European Union's 27 members are running deficits to ease their way through the global...
...that was then. The Depression inspired the creation of new measures like gross domestic product. (It was gross national product back in those days, but the basic idea is the same.) Wartime planning needs and advances in statistical techniques led to another big round of data improvements in the 1940s. And in recent decades, private firms and associations aiming to serve the investment community have added lots of reports and indexes of their own. (See the best business deals...
...which released Edge of Darkness, surely hoped the Gibson movie would do the business of the studio's first 2010 hit, The Book of Eli, the postdoomsday Western starring Denzel Washington, 55. In its third week, Eli has earned nearly $75 million. Instead, Edge looks to approximate the mediocre gross of last year's State of Play, also based on a six-part BBC political thriller, and also starring an Oscar winner (Russell Crowe) in need of a hit. Tip to Hollywood remakers who try synopsizing the madly complex plot of an acclaimed British mini: at least change the title...
Since last summer the nation's Gross Domestic Product (GDP) has gone up - indeed, it grew at a surprising 5.7% rate in the 4th quarter - seeming to confirm what we've been hearing: the recession is officially over. But wait - foreclosure and unemployment rates remain high, and food banks are seeing record demand. Could it be that the GDP, that gold standard of economic data, might not be the best way to gauge a nation's relative prosperity...