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...With one of Sarkozy's earliest reforms having granted over $22 billion in income tax cuts (thereby deepening France's $62 billion in France's 2008 budget deficit), he was forced to admit state "coffers are empty," and can't finance aid to consumers. Sarkozy proposed that unions and companies negotiate an effective junking of the current workweek in exchange for rises in long-frozen salaries, and for employees to be able to trade accumulated days off for cash. He also recommended permitting Sunday trading at double pay for workers, and measures to ease rent inflation - a combination of initiatives...

Author: /time Magazine | Title: Sarkozy Wants to Change Work Rules | 11/30/2007 | See Source »

...article about a Senate investigation into the finances of Prosperity gospel televangelists referred mistakenly to a 2006 letter from the IRS confirming the Joyce Meyer Ministry's tax-exempt status. While the IRS reviewed the ministry's activities from 2004 to '06, it sent its letter of confirmation in October...

Author: /time Magazine | Title: Inbox | 11/29/2007 | See Source »

This activity has been increasingly fueled by debt. In 1983 household debt equaled 55% of income in the U.S.; now it's above 114% (and above 136% of after-tax disposable income). The middle class--households earning roughly between $20,000 and $100,000 annually--had a debt-to-income ratio of 141% in 2004, according to New York University (NYU) economist Edward Wolff. And he figures it's even higher today. In the third quarter of 2005, the national savings rate (personal income minus spending) went negative for the first time since the Great Depression, and it has bounced...

Author: /time Magazine | Title: Bracing for a Recession | 11/29/2007 | See Source »

Indeed, on many issues - a new pulp mill in Tasmania, tax cuts, school funding - Rudd has simply echoed the government. That tendency prompted long-serving Treasurer Peter Costello to declare: "The more I hear from Kevin Rudd, the more I wonder whether even Kevin Rudd wants a change of government...

Author: /time Magazine | Title: Kevin Rudd: Australia's New Prime Minister | 11/22/2007 | See Source »

...particularly eco-conscious. But I am increasingly eco-anxious. Every day, it seems, I hear of some new way the world around me is going aggressively green. Workers in Portland, Ore., are cycling to the office. Ireland has slapped a tax on plastic bags. Incoming freshmen at California colleges are asked to keep their Red Bulls in thermoelectric fridges. David Duchovny says he recycles, has solar power and drives an electric car. Now every time I purchase a single-serving water bottle, I hear the opening theme from The X-Files...

Author: /time Magazine | Title: It's Inconvenient Being Green | 11/21/2007 | See Source »

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