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...European governments - wasn't "part of the past." A spokesman for the U.S. trade representative fired back: "The U.S. will not agree to permit new aircraft subsidies that are illegal under WTO rules. That certainly covers launch aid." Competition in the commercial airplane market - expected to be worth $2 trillion over the next 20 years - is to be expected, but this feud has bigger implications. At its core, it is a debate about the relationship between the state and private enterprise - specifically, what sort of helping hand a country can legally give its friendly local planemaker. But because...
...executives of all stripes have poured into Libya - especially oil executives. Oil accounts for more than 90% of Libya's revenues. At a time when world oil prices are over $40 per bbl., analysts estimate that Libya's known oil reserves hold 30 billion bbl. - more than $1 trillion worth - enough to keep the pumps turning in Libya for decades. What's more, only about 25% of the country has yet been explored. Some 120 companies have joined Libya's first open bidding process to dig for new oil in 15 areas; the bid results are expected...
...budget hat. Because during the New Deal, the current Social Security system was implemented as a pay-as-you-go plan, in which the current workers pay for the benefits of the retirees, an attempt to privatize Social Security will put the government in a hunt to find $2 trillion to provide benefits for retirees of today and the near future. In a time when every American child is born into $25,000 of debt, with higher taxes ruled out and spending cuts unlikely, adding a $2 trillion transition cost to our national debt is fiscally reprehensible...
...retiree is in a constant decline; today’s 3.4 workers per retiree will shrink to as few as 2.1 workers per retiree by 2030. Even the most favorable outlook on the current system, in which the Treasury Department finds a way to pay back the $1.9 trillion it has milked from the Social Security “trust,” leaves Social Security insolvent by 2042. Something needs to be done. But privatization is not the answer...
...currency on the globe. That helped finance the budget deficit, kept interest rates low and also allowed Americans, as individuals and collectively through their government, to spend way beyond their means. Foreigners are big buyers of mortgage securities, which make purchasing that McMansion more affordable. They hold nearly $2 trillion of Treasury securities, keeping government costs low enough to allow the President to consider his new initiatives. But foreigners may be reaching their saturation point when it comes to funding the U.S.'s profligate lifestyle. The nation sucks up 80% of the world's available savings. If the dollar loses...