Word: earners
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...near the bottom, with the average wage earner able to count on a government-mandated pension for just 52.4% of what he got (after taxes) in his working days--and higher-income workers even less. But the picture at the other end of the scale (dominated by Continental Europe) is misleading. Most of these governments haven't put aside money for pensions. As the ranks of retirees grow and workforces do not, countries will have to either renege on commitments or tax the hides off future workers...
...this tax swing aren't out yet, but there's plenty of other evidence. For one thing, while income tax revenues are up sharply, Social Security and Medicare tax receipts have remained flat as a share of the economy. "That tells you it isn't the average wage earner whose taxes are going up," says Steuerle. Another sign is that capital-gains taxes, paid mostly by the wealthy, doubled from...
First, fire: Hedge-fund managers make epic sums of money (the top earner on Alpha magazine's most recent list, James Simons of Renaissance Technologies, took in an estimated $1.5 billion in 2005), which they aren't going to give up without a fight. "It really is a matter of life or death or fortune or no fortune, and the incentives to take huge risks are prodigious," says veteran money manager Jeremy Grantham...
...maquila operations along the border have bled 800,000 jobs in recent years. Infrastructure investment has dropped off so much in Mexico that for relatively light goods, it is just as cheap for the U.S. to import from China as from southern Mexico. And although a Mexican wage earner is paid three times as much as his Chinese counterpart, high domestic prices undercut, and nearly level out, his purchasing power. (Conversely, high domestic prices also push up those wages, further undermining Mexican firms' competitiveness.) "For Latin America, China is an incredible opportunity as a driver of commodity prices...
...with fairness by the international trading community? By joining the WTO, Vietnam hopes to become free from trade restrictions such as garment quotas that in the past have constrained its exports to the U.S. and Europe. Textile manufacturing employs 2 million Vietnamese and is the country's largest export earner after crude oil. But Vietnam's trade relations with the West have sometimes been prickly. The U.S. in recent years has imposed antidumping tariffs on Vietnamese shrimp and catfish; the E.U. recently placed similar restrictions on Vietnamese-made shoes. While WTO membership gives Vietnam the ability to challenge such barriers...