Word: trillion
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...just NIMBYism that constrains the U.S. these days, of course. America is close to tapped out financially, with budget deficits this year and next exceeding $1 trillion and forecast to remain above $500 billion through 2019. But sometimes the country seems tapped out in terms of vision and investment for the future...
...went to direct infrastructure spending. According to IHS Global Insight, an economic-consulting firm, U.S. spending on transportation infrastructure will actually decline overall in 2009 when state budgets are factored in - this at a time when the American Society of Civil Engineers contends that the U.S. should invest $1.6 trillion to upgrade its aging infrastructure over the next five years...
...avoid all this, the IEA says the world needs to spend about $10.5 trillion in extra money from 2010 to 2030 to foster new low-carbon energy sources. Expensive, yes. But if the IEA is right, the alternative is far worse...
...Fail, Sorkin, a New York Times reporter, takes us inside the cozy world of Wall Street chieftains and their Washington alter egos. Why did the U.S. Treasury Department ask Congress for $700 billion in bank-bailout funds? Because $500 billion felt too small and $1 trillion politically impossible; one staffer, charged with justifying the figure, laughed "at the absurdity of it all." Sorkin's meeting-by-meeting account reveals just how close we came to any number of alternate realities: Morgan Stanley going bankrupt, AIG refusing government money, Goldman Sachs buying Wachovia. The detail is comprehensive and chilling...
...Still, they aren't blind to polls that show that voters see all of Washington's work running together: auto and bank bailouts, massive budgets, record deficits, stimulus, climate change and now a $1.1 trillion health care bill. Worse yet, the odds of a jobless economic recovery are looking increasingly likely. But Dems don't feel they have much of a choice, having concluded that doing something is better than supporting the status quo. "It is the third anniversary of Democrats winning the House and Senate for the American people - Nov. 7, 2006," Pelosi told reporters on Saturday morning...