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...plan to revamp the Social Security system runs up against the same hard truths. In 13 years retirees will be taking out more than working people are putting in. About 25 years later, the trust fund set aside for that gap is projected to disappear. Whether or not that expected shortfall is an immediate crisis, at some point we will have to tip the scales to set things right. That means putting in a little more (higher taxes) or taking out a little less (smaller benefits). The last major overhaul, in 1983, did a bit of both. The plan favored...

Author: /time Magazine | Title: Social Security: Are There Other Ways to Fix It? | 1/24/2005 | See Source »

...past few months, there have been reports of skilled-labor shortages in the most economically advanced areas of China. Second, free traders argue that even if China and India become advanced economies almost overnight, they will look just like Germany and Japan. And nobody--well, nobody you would trust--argues that trade between rich economies doesn't benefit everyone...

Author: /time Magazine | Title: The Davos Man | 1/23/2005 | See Source »

...Some European analysts take heart from the idea that while Colin Powell, whom many had regarded as a kindred spirit, had been a marginal figure in the Bush administration, Dr. Rice is widely known to have the President's ear and to speak for him. President Bush's trust and confidence in Rice give her a certain authority to speak on his behalf, in contrast to Powell whose authority was undermined in his first month on the job when President Bush publicly repudiated positions he'd articulated on North Korea. Rice's privileged relationship with the White House means that...

Author: /time Magazine | Title: Rice Promises More of the Same | 1/19/2005 | See Source »

...activist groups have found other causes to rally around. Last month, two major property-related plans-a private consortium's desire to demolish a never-used, seven-building public housing estate, and the Housing Authority's attempt to sell shares in the largest ever real estate investment trust-were suspended (at least temporarily) after public opposition and, in the latter case, a legal challenge. Public ire is currently being directed at a visionary scheme that could be Tung's greatest contribution to a city often derided as a cultural desert: an arts center to be built on 40 weedy hectares...

Author: /time Magazine | Title: Hong Kong's New Culture | 1/17/2005 | See Source »

...hard to tell whether both sides will continue the dialogue," says Andrew Yang, secretary general of the Chinese Council of Advanced Policy Studies in Taipei, "but this is a very positive approach which shows both Beijing and Taipei are eager to establish some kind of interaction to create mutual trust...

Author: /time Magazine | Title: Taking the Strait Route | 1/16/2005 | See Source »

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