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...certainly facing a rough economy. Just two weeks ago the The Organisation for Economic Co-operation and Development released a report stating that the organization did not see an end in sight to the Italian recession. Following Friedman’s hypothesis, it would make sense that xenophobic tendencies might rear their ugly heads right about...

Author: By Sofia E. Groopman | Title: Racism is a Boomerang | 7/1/2009 | See Source »

...intent to celebrate the object, or its meaning. Or perhaps it is because, apart from a lone sprig of daisies strewn by the plaque, previous devotees had placed plastic Bic pens and pencils by his name, maybe in the innocent and poignant hope that his brilliant literary genius might be conferred back to them...

Author: By Emmeline D. Francis | Title: The Art of Contrast | 7/1/2009 | See Source »

...special interests have authored - and voters have passed - numerous ballot measures dictating that millions in state funds go to various pet causes. Many of these measures, including a preschool initiative sponsored by Schwarzenegger in 2002, mandate a program but fail to provide a source of funding. Each proposal alone might have merit, but collectively these ballot measures have locked most of California's budget in place. "Gradually, the voters' piecemeal decisions have bound the legislature in a straightjacket," says Thad Kousser, a professor of political science at UC San Diego...

Author: /time Magazine | Title: How California's Fiscal Woes Began: A Crisis 30 Years in the Making | 7/1/2009 | See Source »

...ever since, public doubts about the stimulus have, if anything, deepened. The economy deteriorated faster than economists expected, with unemployment now predicted to exceed 10% next year, higher than the White House had projected in January. While that might under normal circumstances make any stimulus more popular, voters have been spooked by the enormous deficits Washington is running up as it tries to right the economy. In 2009 alone, the U.S. government will take on debt equal to about 13% of its economic output, and by 2016 the U.S. debt is projected to top 70% of GDP, twice...

Author: /time Magazine | Title: What Happened to the Stimulus? | 7/1/2009 | See Source »

Biden's team informed states and localities months ago to scrub their wish lists of anything that might be seen as unnecessary or wasteful. White House officials were happy to sign off on bridge repairs and roadwork on busy intersections and new runway signals for strapped airports. But they have spent a lot of time trying to kill projects that sound like red alerts on Fox News: a plan for military-cemetery headstone-straightening was scrapped, as was a request for a $10,000 refrigerator to house fish sperm in South Dakota. Gone too was $7 million for Interior Department...

Author: /time Magazine | Title: What Happened to the Stimulus? | 7/1/2009 | See Source »

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