Word: budgeting
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Like the nation, Massachusetts is already facing an economic crisis. Governor Deval L. Patrick ’78 has already had to slash the state budget by $1 billion. The cuts—$9 million for law enforcement, $31.9 million in mental-health resources, 1,000 jobs—have sobered members of both political parties. Question 1 would only kick us while we’re down. Revenue from the income tax represents 40 percent of Massachusetts’ budget—without it, the state faces cuts of $12.5 billion...
When out-of-control federal spending runs smack into sluggish tax revenues, red ink splashes all over Washington. In September, the Congressional Budget Office estimated that the deficit this year would be $407 billion, a sum that reflected the $168 billion economic stimulus package approved by President Bush in February and the estimated $188billion spent for the wars in Iraq and Afghanistan through 2008. Add to that the $700 billion financial bailout package passed in October, plus another economic stimulus package likely to take shape in the coming months that could cost as much as $175 billion...
...There's no question that the worsening economy is prompting some belt-tightening in the entertainment industry. NBC Universal is cutting $500 million from next year's budget and Viacom's Paramount Pictures is shrinking its slate from 25 movies a year to 20. But how bad the industry is hurt and which sectors are hit hardest will depend in part on an important calculation that consumers make - how much is an hour of fun worth...
...family's got an entire entertainment and leisure budget," says Michael Pachter, an analyst who tracks video games at the securities firm Wedbush Morgan. "You're going to see a shift from high-cost forms of entertainment to low." Parents may cancel a Christmas ski trip that would cost about $40 per hour, the logic goes, and instead spring for Nintendo's Wii Fit so the family can do some virtual skiing through the long, cold winter at a cost of $1 per hour...
...Coffey said. Sloper emphasized that the event, like the films it features, is meant to be a casual, low-key experience. She said, “It’s the same everywhere. It’s not any fancier in Hollywood. It’s a voluntary, low-budget community run event.” Coffey echoed this sentiment: “It’s a lot more fun than one might expect to watch other people’s movies...