Word: taxing
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Dates: during 2000-2009
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...still not entirely known, according to Humphreys. The Olympic stadium was a particular disaster; originally budgeted for C$156 million, it ended up costing the city C$2 billion, including numerous fixes to the roof and years of interest payments. The Quebec government had to introduce a special tobacco tax to help pay down its Olympic investment...
...last year, this state has endured the collapse of its core automotive industry and dozens of affiliated businesses. Now, Michigan's unemployment rate is 15.2%, the nation's highest. The state's tax revenues have plunged by more than 22%. And even leafy, seemingly upscale suburban neighborhoods have become hubs of foreclosed homes and shuttered businesses. (See pictures of Detroit's beautiful, horrible decline...
...government shut down for several hours when lawmakers could not pass a budget. At the end of last year, Granholm issued the first of two executive orders halting new hires and promotions, and limiting travel. Unsurprisingly, her legislative proposal to raise some $600 million with new fees and taxes - from a new license allowing Sunday liquor sales, and an increased tax on tobacco products like cigarillos - has failed to gain support...
...quarter of this year, it will still be a slow climb out of recession. Unemployment is set to rise next year once government subsidized short-term labor contracts are phased out. The budget deficit is expected to pass 6% of GDP in 2010, thanks mostly to a dip in tax revenues. Some economists say the center-right government will be penned in. "There's no room for maneuver on tax cuts," says Professor Henrik Enderlein, from Berlin's Hertie School of Governance. "On the contrary, Merkel's new center-right government is likely to raise taxes, like VAT, in order...
...hope the new government will be good for business as Germany needs structural reforms," Volker Treier, the chief economist of the Association of German Chambers of Industry and Commerce told TIME. "We need a more flexible labor market, reforms of the social security system and urgent reforms of corporate tax." If Merkel decides to push through reforms, it's bound to put her on a collision course with opposition parties, like the Social Democrats and the ex-communist Left Party, and Germany's powerful trade unions. "There's a wall of political opposition and Germans aren't keen on reform...