Word: growth
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...Under pressure from the E.U., France also said it would seek to bring its deficit to under 3% by 2013, although that is based on optimistic economic growth levels of at least 2.5% annually. Meeting those targets gets even more challenging with the tax cuts that President Nicolas Sarkozy keeps handing out - most recently to businesses worth over $10 billion annually - coupled with his call for all E.U. countries to continue pumping their economies with stimulus spending to foster growth. Even Germany, the E.U.'s most disciplined member, will see its 2009 deficit of nearly 4% rise to almost...
...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 - all the things that tend to weigh economies down in good times. Why? Because they say the only way big-spending nations can avoid implementing drastic debt-reduction measures...
Despite some wavering, key developing nations including China and India pledged their support for the deal, known as the Copenhagen Accord, by the deadline, reiterating their domestic plans to curb the growth of carbon emissions by improving energy efficiency. Europe, reliably, came on board with a promise to cut carbon emissions 20% below 1990 levels by 2020. And the U.S. confirmed its Copenhagen pledge to reduce its own emissions 17% below 2005 levels...
...that markets are fundamentally efficient and material wealth is the best measure of an economy's health. "The model of 19th century capitalism doesn't apply in the 21st," he writes. What we need now is "a new vision"--one that recognizes innovation as the true engine of economic growth and views government as a facilitator, not a roadblock. The crisis has given us an opportunity to rethink our economic order, says Stiglitz. The biggest danger is that we don't seize...
...sure on some days it’s absolutely divine. We usually start with about twenty interns and end up with about five or six. These are the ones really serious about what they are going to do. They go through this growth process. They trust me. They know I actually care about them and I’m here to teach them something. They are like soldiers. I’m not going to sit there and cuddle them. I’m not going to make them think that the fashion world is something different from the brutal...