Word: inflationitis
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But not everyone is applauding the return of cheap oil. Oil-producing nations that raked in billions over the past few years now face a reckoning. Governments that didn't set aside any of their windfall, or shortsightedly budgeted on sky-high prices - and more than a few fall into...
Iranian budget deficits have soared and inflation is now a hefty 25% a year, according to Cliff Kupchan of risk consultancy Eurasia Group in Washington. Government officials are "digging a deeper hole, spending money they do not have," Kupchan says. Last November, 60 Iranian economists sent Ahmadinejad a letter warning...
Here's the problem with that math: the tax system brings in about 18% of GDP, less in a recession - and Obama is even floating a two-year, $300 billion tax cut (roughly 1% of GDP per year). Even worse, our federal revenues are nearly exhausted by just four areas...
California has found itself in this financial quagmire as a result of a collision of events. "It really has been a combination of things that have created the monstrosity that we are now in," says Barbara O'Connor, director of the Institute for the Study of Politics and Media at...
Sasaki argues that, compared with a period in the mid-1990s when the yen hit a postwar peak against the dollar, today's negative impact on the Japanese economy is "not that large." That's because the U.S. over the past decade has seen higher inflation than Japan, where prices...