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...structured so that a graduate would have to pay a certain amount of money each month, regardless of his or her income at the time. Under the IBR program, if you lose your job or are forced to take a pay cut, the amount you have to pay back per month will drop. If, however, your salary subsequently increases, your payments will still be capped at 15% of your disposable income. That is, of course, if you are eligible to participate in the program; grads with private loans are exempted as well as those who owe less than they earn...

Author: /time Magazine | Title: New College-Loan Plan: Pay Back By What You Earn | 7/2/2009 | See Source »

...gambling leads to addiction in adults, while 46% say it breaks up families and 44% associate it with crime. And experts say that because of lax legislation, around 60% to 70% of Ukraine's gambling establishments were operating illegally. Pysarenko estimates that the industry is worth about $5 billion per year, only 2% of which made it to the state budget as operators avoided paying taxes. (Watch a video about a Russian roadtrip...

Author: /time Magazine | Title: All Bets Are Off: Russia and Ukraine Ban Gambling | 7/2/2009 | See Source »

...consultancy PetroLog & Associates, and a previous executive director of Iraq's National Oil Company who helped to draft Iraq's new national oil law after the US invasion in 2003. "Where else would any company go today to have access to a field that produces two million barrels per day? There is none...

Author: /time Magazine | Title: The Reasons Behind Big Oil Declining Iraq's Riches | 7/2/2009 | See Source »

...example, pre-Proposition 13, California public schools were among the finest in the nation. After Proposition 13, education spending per pupil dropped to 48th in the nation. The state's educators and parents then rallied behind Proposition 98, which by a complex formula apportions roughly 40% of the state budget to K-14 education. In the past three decades, other 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...

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

...confirm "the upside momentum is getting stronger, but the level of the economic activities is still very low." Japan's unemployment rate rose for the fourth straight month to 5.2% in May, up from 5.0% in April. Job availability is at a record low, with only 44 jobs available per 100 job seekers. The last time unemployment reached 5.2% was in Sept...

Author: /time Magazine | Title: Japan's Economic Green Shoots Could Wither Fast | 7/1/2009 | See Source »

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