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...discussion about the economy and the impressive numbers that come along with it continue to dominate the news, it may be more important than ever to try to understand. Is a $700 billion financial-industry bailout a lot? Is a $775 billion economic-stimulus package enough? (See the worst business deals...
...worst business deals...
...That consensus has unraveled in the face of the current recession, which appears likely to be the worst in the U.S. in three-quarters of a century. When President-elect Barack Obama arrived in Washington at the beginning of the week and began lobbying for $775 billion in stimulus spending over the next two years, the nation's economists - at least the ones who are listened to in Washington - expressed near unanimous support. This support showed no signs of wavering when the Congressional Budget Office projected Wednesday that even before any new spending, the federal deficit will top $1.2 trillion...
...this and other reforms. It fell to Raúl Castro to have the guts to enact this change during his first year as president and to do so on the same year when the world economy collapsed, hitting Cuba hard as it has other countries—the worst of times...
President-elect Obama inherits the worst economic crisis since the Great Depression: the financial sector is in ruins; the budget is hemorrhaging red ink; debt-ridden households have clamped down on spending, thereby pulling the rug out from under the economy; unemployment is soaring; the country is in two wars; and the unmet social and environmental needs are vast. These conditions demand a fundamental realignment in strategy that ultimately comes back to taxation: Will we pay for the government we need? Obama's big domestic program, the American Recovery and Reinvestment Plan, proposes doubling renewable-energy production and making public...