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...spending package for its sagging economy that included subsidized mortgages and new infrastructure projects. Japan's Cabinet on Sept. 29 proposed a $17 billion supplementary budget to help ease the burden of high energy and food prices on businesses. Newly installed Prime Minister Taro Aso is also calling for tax cuts to boost domestic demand. "Rebuilding the Japanese economy is an issue of utmost urgency," Aso said in his first policy speech. China, which could see its GDP growth rate fall below 10% next year for the first time since 2002, is widely expected to announce a major stimulus package...

Author: /time Magazine | Title: Asia's Good Times at Risk | 10/2/2008 | See Source »

...Where has the government been? Remember Ronald Reagan's mantra: Regulation is bad. The Reagan, Bush I and Bush II administrations believed in three main things: deregulation, tax cuts that provide little relief for most Americans and government subsidies for huge corporations. John McCain now has a "comprehensive" plan for the economy that begins with firing the chairman of the Securities and Exchange Commission. Yet in September his initial response to this crisis was, once again, to make the Bush tax cuts permanent and to increase Federal Government support for corporate America. Maybe McCain hasn't noticed, but this...

Author: /time Magazine | Title: Inbox | 10/2/2008 | See Source »

...government can and should encourage buyers to head back into the real-estate market by announcing that people who buy a home during the next year will be exempt from federal income tax if and when they later resell that home for a profit. Driven by the profit motive - and tax-free profit at that - real estate investors and others would soon begin snapping up short sales, foreclosures and any other bargains they could find. Unsold housing inventories and mortgage foreclosures would decline, and the housing market would be on its way to recovery. Good old-fashioned capitalism would again...

Author: /time Magazine | Title: Inbox | 10/2/2008 | See Source »

...Arizona Preaching Politics Calling it "Pulpit Freedom Sunday," 33 pastors in 22 states risked their churches' tax-exempt status by delivering sermons on Sept. 28 about presidential candidates John McCain and Barack Obama. Organized by Arizona's Alliance Defense Fund, the campaign protests a 1954 federal law that forbids pastors from endorsing politicians during worship. A church-state separation group immediately filed complaints with...

Author: /time Magazine | Title: The World | 10/2/2008 | See Source »

Where has the government been? Remember Ronald Reagan's mantra: Regulation is bad. The Reagan, Bush I and Bush II administrations believed in three main things: deregulation, tax cuts that provide little relief for most Americans and government subsidies for huge corporations. John McCain now has a "comprehensive" plan for the economy that begins with firing the chairman of the Securities and Exchange Commission. Yet in September his initial response to this crisis was, once again, to make the Bush tax cuts permanent and to increase Federal Government support for corporate America. Maybe McCain hasn't noticed, but this...

Author: /time Magazine | Title: Inbox | 10/2/2008 | See Source »

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