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...most perilous assumption about driving down the budget deficit is that, if the number of people out of work over the next two years moves up to the level where unemployment stays above 10% for any period of time, tax revenue into the Treasury will be so badly impaired that cutting costs in some large programs will not be able to make up for it. (See pictures of the Top 10 scared traders...
...some countries' leaders think about protectionism in this period of economic crisis? We live in a globalized economy. We all depend on one another. Every country imports and exports goods or services. It would be a big mistake to be tempted by protectionism and it would not solve economic problems. It would rather amplify them. Philippe LaCome, STRASBOURG, FRANCE...
...choppers were slated to make their first takeoff from the White House lawn in 2012. But their cost has soared from an estimated $6.1 billion in 2005 to $13.4 billion today. "We're not going to pay $500 million for one helicopter. Period," Representative John Murtha, the Pennsylvania Democrat who chairs the House Appropriations Committee's defense subcommittee, declared recently. At $480 million a piece - roughly the price of the 747s fitted as Air Force One - the choppers, part of Lockheed Martin's VH-71 program are "in deep trouble," Pentagon officials said on Tuesday. (See pictures of the Army...
...cruise industry barely made it back to port last year. Miami-based Royal Caribbean reported a 98% drop in fourth-quarter earnings. The winter months, or "wave season," are its busiest period; yet onboard traffic at many lines is down at least 25%. But the more important reason cruise lines are desperate to sell tickets is that their real revenue comes not from fares but from onboard spending. The industry's dilemma, says Carolyn Spencer Brown, editor of CruiseCritic.com, is that "if it takes fares this low to get me onboard, am I really going to spend that much...
...says Maria Victoria Llorente, director of the Bogotá think tank Ideas for Peace. (While the U.S. says Colombia's cocaine production has decreased from 680 tons in 2002 to 535 tons in 2007, the United Nations says it has increased from 580 tons to 630 in the same period...