Word: surpluses
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That was the bittersweet assessment of TIME's European Board of Economists at its meeting in the Swiss banking center of Zurich. Hans Mast, a University of Zurich lecturer and executive vice president of Crédit Suisse, pointed to Western Europe's estimated trade surplus of $25 billion this year, compared with $10 billion a year ago, as evidence that an export boom is propelling most of the growth. Western Europe this year is expected to have a surplus of $30 billion in trade with...
...Estimated percentage of last year's Social Security surplus made up by those illegal immigrants' tax contributions...
...this reasoning, but let’s just consider a few. Most importantly, there is no crisis in Social Security. In the early 1980s, Congress made a series of adjustments to Social Security, raising both payroll taxes and the retirement age. Since then, Social Security has run a massive surplus, invested in a Trust Fund of iron clad Treasury bonds that will be tapped in 2018 when the Baby Boomers cause Social Security to run a deficit. Social Security actuaries predict that the Trust Fund will be adequate and will keep Social Security solvent far into the future...
...euro's rise, in theory, made European exports far less competitive. But until now that effect seems to have been mitigated by the overall increase in worldwide demand for goods. Exports from Germany, Europe's biggest economy, rose 10% last year, to a record $941 billion, and its trade surplus increased 20%, to $200.3 billion, according to Germany's Federal Statistical Office. Blanqué--who last year asked the world to "be patient with Europe"--says he sees signs that the Continent has finally "caught the train." He describes Germany's export performance as "remarkable" and says he expects...
...usual sentimental images of them as noble savages. In 1967, vowing to depict "real, not red," he changed his mind. His "Indian" series included the still striking rendering of a Native American man wrapped in an American flag, based on 19th century prison photographs of Indians dressed in surplus flags after their tribal regalia had been confiscated...