Word: programer
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Just how many companies would get the tax credit undeservedly is up for debate. If the Cash for Clunkers program or the homebuyers' tax credit is any guide, the number would be relatively high. Car-research firm Edmunds estimates that just 18% of the nearly 700,000 automobiles that were bought through the Cash for Clunkers program were a result of the stimulus. The rest, 82%, went to people who would have gotten new wheels anyway. The $8,000 homebuyer tax credit did a little better. In that instance, economists estimate that 33% of the 1.4 million people who collected...
Even so, Bishop says, the plan makes sense. According to estimates from the Economic Policy Institute, which Bishop worked with to produce his own job-creation tax-credit program, a 15% tax break for new hires, which is more generous than what Obama is proposing, would lead companies to add 2.8 million more workers this year than they would have without the tax break. The EPI says that plan could cost as much as $37 billion, or about $26,000 per stimulated hire...
...Boston takes some five hours, and that's on an Amtrak Acela train, the closest thing the U.S. has to high-speed rail. "Every other major industrialized nation has recognized that high-speed rail is key to economic growth and mobility," says Petra Todorovich, director of the America 2050 program at the Regional Planning Association. "It's time for America to realize that as well." (See the most important cars of all time...
...India's edge is due to the different stimulus programs adopted by the two countries to support growth during the downturn. China implemented what Walker calls "the biggest stimulus program in global history." On top of government outlays for new infrastructure and tax breaks, Beijing most significantly counted on massive credit growth to spur the economy. The amount of new loans made in 2009 nearly doubled from the year before to $1.4 trillion - representing almost 30% of GDP. The stimulus plan worked wonders, holding up growth even as China's exports dropped...
...growing number of nonperforming loans (NPLs). In a November report, UBS economist Wang Tao calculates that if 20% of all new lending in 2009 and 10% of the amount in 2010 goes bad over the next three to five years, the total amount of NPLs from China's stimulus program would reach $400 billion, or roughly 8% of GDP. Though Wang notes that the total is small compared with the level of NPLs that Chinese banks carried in the past, she still calls the sum "staggering." Policymakers in Beijing are clearly concerned. Since December, they have introduced a series...