Word: slowdown
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...change? The economic slowdown and Bush's tax cut have slashed revenue projections. Now the stage is set for fierce political battles over spending priorities. The Administration has already signaled that it may scale back the next round of G.O.P. tax cuts, which are now unlikely to include a capital-gains reduction. This will infuriate G.O.P. conservatives. Bush officials have also hinted at unspecified spending cuts later this year--something guaranteed to annoy politicians of all stripes. Just last week Bush's 2002 defense request for $328.9 billion came under fire as potentially budget busting. Said an Administration official, referring...
Republicans, not surprisingly, take a more rosy view. They don't deny that the surplus is shrinking, but they blame what they dub the Clinton economic slowdown. (Most economists blame the tax cut and the slowdown for the surplus shrinkage.) And the G.O.P. points out that even a reduced, $160 billion surplus amounts to the second largest ever. Republicans predict that Bush's tax rebate will soon give the sluggish economy a lift, generating more growth and higher tax receipts. And they claim that the real goal of the Democrats is to repeal Bush's tax cut. As Senator Pete...
...tech slowdown began almost a year ago and Asia's stock markets and economies have been taking it on the chin ever since. But the sense of panic is something new. Until recently, Asia's policymakers and business leaders were confident that it would not be long before American consumers started partying again. Like kids waiting for a joyride in the backseat of a souped-up Mustang, Asia's markets cheered each time U.S. Federal Reserve chairman Alan Greenspan cranked the engine with yet another interest rate cut. But the car never budged. And as June turned to July...
...Nonetheless, Asia is going to feel a lot of pain. Analysts are talking about an old-fashioned slowdown in which things get steadily worse over a period of many months. Already, Singapore's GDP is shrinking after it grew 9% last year. The jobless ranks in Taiwan are more swollen than they've ever been in history; not coincidentally, the suicide rate has seen a spike too. Unemployment rates are also rising in Malaysia, Thailand and Singapore. Companies everywhere say the carnage will only get worse in the months to come...
...Just this quarter, General Motors registered a 73% decline in net income, in party because of competition from Japanse car companies for the coveted SUV market. Congressmen from the Motor City don't ask too much of the auto industry in the middle of a manufacturing recession and overall slowdown...