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...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...

Author: /time Magazine | Title: The Time to Plan Is Now | 7/2/2006 | See Source »

Another of Roosevelt's legacies was an unambiguous gift to the future. Teddy was never more himself than when he was outdoors. He loved nature, knew the songs of dozens of birds, loved to ride, climb, hike and shoot. As a boy he wanted to be a naturalist, and as a President he became the first to make environmentalism a political issue. Under the tutelage of his friends--naturalist and Sierra Club founder John Muir, who convinced Teddy that the Federal Government would be a better protector of parkland than the states, and U.S. Forest Service chief Gifford Pinchot...

Author: /time Magazine | Title: The Making of America — Theodore Roosevelt | 6/25/2006 | See Source »

...foreign balance has dived over recent years. There's no easy solution in sight. Higher interest rates would reduce inflation, but could at the same time greatly endanger the already stretched household budgets of Spanish consumers. Some 90% of Spanish mortgages are variable-rate loans, so an interest hike would cause real pain. Squaring that circle would be a difficult task for any central bank. But the European Central Bank in Frankfurt can't worry too much about cooling down Spain when the economies of much of the rest of the euro zone - witness Germany and Italy - are in cryonic...

Author: /time Magazine | Title: Can Spain Sustain? | 6/11/2006 | See Source »

...money over night (currently, it's 5%), but that trickles down to the consumer. The cost of buying a house or a car goes up, as does the price you pay for carrying a credit card balance from one month to the next. For example, thanks largely to Fed hikes, the average interest rate for a 30-year mortgage currently stands at 6.6%, according to Freddie Mac, up from 5.7% this time last year. Folks who have adjustable-rate mortgages tend to be especially hard hit, as payments balloon ? and more defaults follow. On the other hand...

Author: /time Magazine | Title: Bernanke Learns the Perils of Honesty | 6/7/2006 | See Source »

...many undergraduates—serve as volunteer tutors.Full-time HUDS workers earn, on average, more than $31,000 a year plus benefits valued at approximately $13,000. The average hourly wage for campus members of HERE increased 20 percent between September 2000 and September 2005, including a 4.3 percent hike last year. Their median hourly wage increased 17.7 percent during the same period. Harvard pays higher wages to members of HERE than their unionized colleagues and non-union peers receive at virtually all other academic and private employers in the area, including the M.I.T. and hotels in greater Boston.One result...

Author: By Mary ann O’brien, | Title: Get the Facts: Harvard and its Service Employees | 6/7/2006 | See Source »

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