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...face it--Uncle Sam is broke. The gap between the U.S. government's future expenses and tax receipts is $63.3 trillion. No surprise. The nation has 77 million retiring baby boomers on track to collect well above $30,000 a year--the average amount we're paying today's elderly--in Social Security, Medicare and Medicaid benefits. If you're planning for a cushy retirement, forget it. Get ready for much higher taxes, lower benefits and inflation...

Author: /time Magazine | Title: The Time to Plan Is Now | 7/2/2006 | See Source »

...addition to planning better, you can also make smarter investments. Given the U.S. fiscal mess, investing abroad is a good idea. Try to avoid inflation-sensitive investments, like long-term bonds, and other potential traps, including waiting to withdraw your 401(k) balances until after tax rates have risen. You may also want to purchase real estate, commodities and collectibles that should retain their purchasing power over time. Borrowing at what are still very low long-term interest rates and investing in U.S. inflation-protected bonds may also make sense...

Author: /time Magazine | Title: The Time to Plan Is Now | 7/2/2006 | See Source »

...tax breaks for nongambling development, the competitive threat of slots in neighboring states and the 2003 opening of the first new casino in 13 years finally kick-started the city. Borgata, with its scantily clad cocktail waitresses and $150 dinners, raised the ante for the industry. "It's kind of like when Steve Wynn opened the Mirage," says chef Flay, referring to Vegas' first megacasino, which opened in 1989. After Wynn made a volcano, everyone built over...

Author: /time Magazine | Title: Vegas East | 7/2/2006 | See Source »

...official website of the U.S. President, offers the option of viewing that site in Spanish. I suppose if English were to become the official language, the website would have to change, and that could pose a problem at election time. Moreover, I think more revenue will be collected if tax forms continue to be available in Spanish. I suppose with the new mentality of Fortress America, if you're going to build walls to keep out the foreigners, you might as well use language to keep them out as well...

Author: /time Magazine | Title: Letters: Jul. 10, 2006 | 7/2/2006 | See Source »

...despite her problems, Arroyo's future may be slightly more stable. An expansion of the value-added tax she pushed through last year is producing higher-than-expected revenues to help refill the country's depleted treasury. Her congressional supporters say they have the numbers to defeat the impeachment bids. And while the opposition has a surplus of complaints, they lack a unifying candidate to oppose her. It's a weakness that isn't lost on the average Filipino. "Is there an alternative?" sighs Dencio Ugok, a taxi driver in Manila. It's hardly a rousing vote of confidence...

Author: /time Magazine | Title: No Answer to Arroyo's Prayers | 7/2/2006 | See Source »

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