Word: trillions
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...becoming increasingly widespread. It's familiar to daytime-TV fans as the leading method to determine paternity; do-it-yourself tests are now sold at drugstores. Footballs used in the Super Bowl are marked with DNA to prevent counterfeiting; officials say there's just a 1 in 33 trillion chance of getting the pigskins' genetic sequence right. In recent years, DNA evidence has also been instrumental in identifying human remains. Authorities established a massive genetic database following the Sept. 11 attacks, and DNA science helped give closure to the relatives of victims of Argentina's "dirty war," the bloody crackdown...
...understand why the Finance Committee would decide to delay its own markup. After all, it had been warned by the CBO that an early draft of its bill would have an even larger price tag than the HELP Committee's - it would increase the deficit by more than $1.6 trillion over the next decade. So Finance Committee members will be spending the next few weeks trying to reduce the price tag. It is looking, for instance, for ways to make sure that people who now get coverage from their employers cannot drop it in favor of being insured through...
...hastily with a half-baked bill can be worse, as the HELP Committee is learning the hard way. The committee forged ahead with a markup - a formal drafting session - on June 17 despite a CBO estimate that its bill, as it stands, would increase the deficit by $1 trillion over the next 10 years and still leave the number of uninsured about two-thirds as high as it is now. Senator Chris Dodd, filling in for ailing committee chairman Ted Kennedy, hadn't even read his formal opening statement before he was interrupted by Republicans demanding a halt...
...shortfall isn't necessarily the most critical problem. A fierce debate is playing out among aid and government officials about whether money for Africa is even worth it - ignited largely by the best-selling book Dead Aid, written by the Zambian economist Dambisa Moyo, who argues that $1 trillion in Western aid during the past 50 years has left the continent more poor and dependent. Her sentiments were echoed by Rwandan President Paul Kagame, who wrote in the Financial Times last month that "as long as poor nations are focused on receiving aid, they will not work to improve their...
...unraveling - deleveraging, to be technical about it - to come. Gluskin Sheff's Rosenberg looked at the ratio of household debt to total net worth and figured that for things to fall back in line with where they've been historically, Americans would have to get rid of some $3 trillion to $5 trillion in debt over the next few years. (Read "Lidia Bastianich Saves Our Dough.") Lansing and San Francisco Fed colleague Reuven Glick ran a simulation of what would happen if U.S. consumers followed a path similar to that of Japanese businesses in the 1990s. That was another episode...