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While President Bush’s $3.1 trillion-budget increases funding for higher education with an eye toward financial aid, the proposal freezes funding for the areas of scientific research that matter most to Harvard. “This proposed increase in Pell Grant funding is welcome news,” said Kevin Casey, Harvard’s senior director of federal and state relations. “But I think the budget overall for higher education is a mixed bag.” Casey cited the zero-increase in funding for the National Institute of Health...
...military establishment in 2009—a $35.9 billion increase over his 2008 request. This yawning defense budget may seem a necessary evil in light of the ongoing wars in Afghanistan and Iraq, until we realize that the costs of these engagements are not factored into the proposed half-trillion dollar baseline budget. Bush has made a $70 billion supplemental request for his pet projects, bringing the total projected military budget for 2009 to a mind-numbing $585.4 billion (this excluding another $50.5 billion in appropriations to the Department of Homeland Security). Perhaps a comparison can draw into relief...
...taxes for expats, and are all less than a three-hour flight from London. Cast the net wider and there are dozens of countries offering perfectly legal perks and breaks to attract tax exiles. There are more than 45 recognized tax havens, holding up to $7 trillion in assets, and these numbers are growing. According to the Boston Consulting Group, the number of households with assets of $1 million or more swelled by 14% in 2006 to 9.6 million, while last year's Forbes Rich List included a record 946 billionaires. Figuring out ways to help the rich stay that...
...Gates' pitch is also dubious. The nation's GDP didn't reach $2 trillion until 1953, and it passed $3 trillion in 1965. Arguing that Pentagon spending should be bolted to today's $13 trillion GDP ignores the inconvenient fact that it's the scale of the threats, not the size of U.S. economy, that is supposed to determine military spending...
...Roubini, professor of economics at New York University. He sees a sharp, possibly year-long U.S. recession and a global slowdown. Despite Asia's torrid growth, consumers in China and India accounted for only $1.6 billion of the world's spending last year, a tiny fraction of the $9.5 trillion spent by Americans, according to Stephen Roach, head of Morgan Stanley's business in Asia. It's impossible to pull U.S. spending back without sending ripples through the rest of the world...