Word: laborities
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Sources: New York Times (2); House of Representatives; Taxpayers for Common Sense; CNN; AP; Center for Labor Market Studies
...this year as part of a package of measures agreed to in 2003. The calls for tax cuts are likely to increase as the European economy gains strength; last week, some key forecasts for German growth were revised upward. Political leaders often have a hard time pushing through labor reforms or privatizations, but tax cuts can encourage growth while winning public approval. In some places, there's a ground swell of anger about high taxes and wasteful spending. In Britain, where taxes and spending were slashed by Margaret Thatcher two decades ago, some are outraged at a 40% rise...
...took home less than half of what her employers paid to employ her. France, Austria, Sweden and Italy were close behind, with tax wedges on or above 45%. Taking away such a big slice of income saps people's motivation to work, while also pushing up the cost of labor and making companies reluctant to create new jobs. "Lots of countries are concerned that Europe is losing ground - and rightfully so," says Philippe Archinard, the chief executive of Innogenetics, a Belgian biotech company with 600 employees. He says doing business is so much costlier in Belgium that "gradually...
...paraphrase Walt Whitman, a U.S. election contains multitudes. The long, drawn-out campaign - the primary season, the spring offensives, the summer punctuated by the scripted drama of the party conventions, the mad dash from Labor Day to the finish line, the debates, the breathless and sometimes inaccurate projections of state-by-state results by TV anchors - add up to a political carnival in which, like a Brueghel painting, there are enough details to satisfy any taste. All elections matter. The U.S. presidential election, because it chooses the leader of the nation whose policies have so much impact on the world...
...knowledge of what awaits us when we get back. We'll need to have recharged because we are living history now, making historic choices. It is not the crisp midwinter, when we have to be serious. But this summer, maybe we should resolve to be. At least, when Labor Day comes around...