Word: wages
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...Consumption has lagged. That's because household income has stagnated, due to wage austerity, the rise of part-time and temporary workers, and near-zero interest rates. Total private-sector consumer income (wages, interest, self-employed income, etc.) was lower in 2004 (the latest year for which figures are available) than in 1997. The main source of any income growth has been government transfer payments, such as social security and health care, but these programs are being cut back to reduce the budget deficit. As households have dipped into their savings, so consumption has lagged. The household-savings rate...
...exclude all but the affluent, who can afford to skip paychecks for that career-launching stint carrying a record producer's bags or holding swatches for a famous fashion designer. But many reputable employers, mindful of that inequity (or just sick of rich kids), now pay at least minimum wage...
Another problem: Lenovo doesn't have the financial muscle it needs to wage war with HP and Dell. In its past quarter, Lenovo earned only a $5 million net on revenues of $3.5 billion (after restructuring charges). Amelio has already cut 5% of the workforce and plans to slice $350 million from Lenovo's costs by early 2008, in part by consolidating operations, such as centralizing the global desktop team in China. The cost cuts "may be what I need to stay aggressive on pricing and not destroy my margins," he says...
...smiling at the jokes in the closing speech of François Hollande, the party secretary - and, to complicate matters, her partner (they are not married) and the father of her four children. But while her colleagues were laying out their views on everything from the minimum wage to how to give the European Union more heft, Royal, who turns 53 this month, was seen on a ferry boat, on a live TV interview and at a posh portside restaurant. "As the leader of the race, it's not her job to bat around ideas with the challengers," explained Malek...
...almost any context, it is easier to defuse the consequences in an open society--one where grievances can be addressed through the political process rather than through suicide bombings. Democracy is no cure-all, but the record suggests that liberal, representative regimes are less likely to sponsor terrorism or wage aggressive wars than their more illiberal neighbors...