Word: shrinkings
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Sales and gaming taxes fill up about two-thirds of the state's coffers. In the past few years, tax revenues for Nevada had been gaining at a double-digit rate. Now they are forecast to shrink 9% in 2009. The state is probably going to have to cut in places like education and social services - and get creative with some new taxes on business. Even the Chamber of Commerce, usually an ardent opponent of business taxes, has discussed raising taxes for the first time...
...Excluding this scenario, the Canadian economy is expected to shrink 1.6% in the fourth quarter, on an annualized basis, followed by two consecutive quarters of decline, according to TD Bank Financial Group. After that conditions are expected to improve, but "it's going to be a shallow recovery," says economist Beata Caranci with TD Bank. She expects a contraction of 1.4% for all of 2009, followed by growth...
...placement. It also strengthens the judgment that the B-side of the BRIC dream is not one of scandalous GDP growth rates, but one of steady 3-7 percent increases per year. Current estimates for 2009 hover around 3 percent, even as economies around the world stagnate or shrink. Yet the government’s more optimistic prediction, of 3.5-4 percent, was reinforced by yesterday’s release of exceptional growth data (6.8 percent for the third quarter...
...Detroit Three, in fact, may have to shrink to two. Chrysler, which burned through $3 billion in cash in its last quarter and has $6.1 billion left, is looking for more partners like Nissan, which is already contracted to build a small car for the company. Chrysler's owner - Cerberus Capital Management, a New York City private-equity firm - got a lemon when it bought 80% of the company from Daimler for $7.2 billion last year. A merger could...
...same. For all our complaints and cynicism, universities are in the business of helping people through constant growth—whether it be the creation of new student spaces, money for research, or job creation for community members. When Harvard stops spending, it stops growing; in fact, opportunities shrink. We hate the idea of even a single budget rollback, but we glumly agree with the administration that they are necessary the economic situation we are in.FAS dean Michael D. Smith announced one of those unfortunate measures last week when he followed several other major universities in implementing a staff hiring...