Word: offsetting
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...first element will be giving money to state and local governments to offset their shortfalls and prevent them from raising taxes, slashing services and downsizing public employees. Just about every economist wants this aid approved yesterday because just as public dollars can have a big multiplier effect, public cuts that are imminent in New York, California and Florida can have a negative multiplier effect. "You can't let the safety net unravel just when people need it most," says Len Burman, director of the nonpartisan Tax Policy Center. "A lot of states have been terribly irresponsible, but this probably...
There are certainly some straightforward ways to start closing the budget gap. The Bush tax cuts for the rich should be rolled back this year, not next, to start collecting about 0.5% of GDP in extra revenues from those who can most easily pay, though this might just partly offset other tax cuts and recession-induced declines in tax collections. The spending on the wars in Iraq and Afghanistan should be ended, not prolonged, saving at least 1% of GDP. We'd still probably be close to $1 trillion (perhaps 6.5% of GDP) shy of budget balance. With the economy...
...health care, help for the unemployed and aid to students - may well be difficult. Paying for all these programs down the road will be complicated further if Democrats try to reimpose, as they have sworn to, pay-as-you-go - a rule that requires all new spending to be offset by new revenue or cuts elsewhere. And all this talk of trillion-dollar deficits is starting to make Republicans as well as fiscally conservative House Democrats (known as Blue Dogs) nervous - so much so that Obama recently pledged to overhaul entitlement programs to help avoid another fiscal train wreck down...
...latest cuts are the result of a dispute between Russia and Ukraine over the price Ukraine should pay for gas. Russian energy monopoly Gazprom says the per-unit price of $179 that Ukraine pays is a subsidized relic from the Cold War-era and that it is no longer offset by Ukrainian pumping services for Gazprom's clients in Europe. Gazprom wants to raise the price to $450 and also fine Ukraine's national gas company, Naftogaz, for allegedly expropriating millions of cubic meters of gas that Russia pumped through Ukraine to European clients. Naftogaz denies the diversion claims...
...sliding into a further nine tracks. From the ludic raptures of "Feathers" to the slow-building threnody of "Cells That Smell Sounds" they span the spectrum of light and dark. The album's highlight comes in the form of "Null," a doozy of soaring strings, synths and syncopated percussion offset by strangely compelling counting in German, which is very Hirano: at once familiar and odd, with the ineffable quality of a dream...