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...said after an afternoon of chilly talks with U.S. Secretary of State Warren Christopher. But what if Washington revokes China's most- favored-nation trade status? What if America restrains trade? The Chinese leader sniffed, "China can live without it." He noted that the Chinese expect to import $1 trillion worth of goods annually by the year 2000. If America wants to opt out, he said, "the U.S. will suffer no less than China...
With sea level expected to rise an additional 5.7 in. to 7.7 in. during the next 20 years, beaches will continue to retreat, diminishing the sand barriers that protect $2 trillion worth of insured property along the Atlantic and Gulf coasts of the U.S. A study by Travelers Corp., based in Hartford, Connecticut, estimates that even a modest 0.9 degreesF increase in average global temperature by the year 2010 could produce a 20-day extension of the hurricane season, a 33% jump in hurricane landfalls in the U.S., an increase in the severity of the storms and a 30% annual...
These risks and the crucial role played by the $1.41 trillion insurance industry in the global economy could change the dynamic of the debate about global warming. Last fall Nutter told an industry conference that climate change is an issue in which it may prove to be in the industry's interest to assume an advocacy role. In Europe insurance giants have already begun to lobby governments to take action, but in the U.S. the alliance between insurers and greens remains in the courtship phase. Nutter has invited Jeremy Leggett of Greenpeace to speak to his association about the threat...
Clinton's four-volume, 1,973-page, $1.5 trillion budget for fiscal 1995, which begins in October, leaves entitlements virtually untouched. While the budget would freeze defense spending and cap funding for discretionary programs, it would allow entitlements such as Medicare and Social Security, which account for fully 50% of all federal spending, to keep right on growing. Medicare would continue to expand at more than three times the rate of inflation. So that family on the Clinton budget is in a strange situation -- it may be skimping on heating oil, but it is handing ever huger sums...
President Clinton sent a proposed $1.5 trillion budget to Congress that forecasts a deficit of $176 billion. Severely restricted by congressionally mandated limits, the budget increases just 2.3%, and only 36% of the total is discretionary spending. That brings government spending, as a percentage of the national economy, to its lowest level since 1979. Prominently absent: the cost of Clinton's health-care plan...