Word: grossness
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Under the new plan, the government will increase spending on infrastructure to try to boost the nation’s shrinking gross domestic product. In addition, the package provides tax rebates to consumers in an attempt to bolster spending...
...Wall Street Journal and a later interview with The Atlantic Magazine, economics professor Robert J. Barro attacked the package’s underlying principle that government spending is especially effective in boosting gross domestic product—arguing that tax cuts incentivize people to save, rather than consume or work, and that funneling money into building infrastructure may lead to the construction of “bridges to nowhere...
...missed payments over the life of the loan might see doing so as a compromise--but that doesn't mean the mortgage becomes more affordable. That's why the FDIC insists that modifications reduce payments at least 10% and take up no more than 38% of a borrower's gross income...
...Jeff Immelt said that the economy was in as bad a shape as at any time since the 1974 recession. If it should get worse, he remarked, "Once you break through '74-'75, you don't stop 'til you get to 1929." At almost the same hour, Bill Gross, the undisputed king of the fixed income world and chief of investments at Pimco stated "the U.S. may slump into a 'mini depression' unless policy makers spend trillions of dollars to spur growth." He did not make the distinction between a "mini depression" and one of normal size but his comments...
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...