Word: problem
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...Such success, however, has also had adverse consequences—what in the United States would be called a massive problem of unfunded pension liabilities. The old law permitted retirement for women at age 55 and for men at age 60. The new law increases those ages to 60 and 65, respectively. The impact of longer life expectancy on retirement plans is common in Europe and Japan. However, Cuba is different because, unlike Europe or Japan, it is a rapidly aging but poor country. Plus, unlike China, which is about to age rapidly as well, Cuba lacks a reliable economic...
Thirty years ago, Americans were told that government was part of the problem, not the solution. We bet on the magic of the marketplace, but the magic proved illusory. Every major part of the economy - health care, energy, transportation, food and finance - is deeply troubled. Now we are ready to invite government back in to help solve our problems, if the price is right and the strategies are convincing. By spending more through government and treating government as a partner rather than an enemy of the private sector, we can potentially save vast sums in the long run through...
Here's the problem with that math: the tax system brings in about 18% of GDP, less in a recession - and Obama is even floating a two-year, $300 billion tax cut (roughly 1% of GDP per year). Even worse, our federal revenues are nearly exhausted by just four areas of spending: Social Security and other retirement programs, health programs such as Medicare and Medicaid, defense, and interest payments on the public debt. Almost all the rest of our expenditures - from education and infrastructure to international diplomacy and much more - have to be funded by borrowing. We are racking...
...Until recently there has been relatively little objection to all this from Republicans. Obama has cannily trumpeted the fact that 40% of his proposed $775 billion bill, or $310 billion, would go toward tax cuts. The problem is that $775 billion represents the cost over just two years; after that, voting to reinstate taxes - or to cut back on popular programs like health care, help for the unemployed and aid to students - may well be difficult. Paying for all these programs down the road will be complicated further if Democrats try to reimpose, as they have sworn...
...What I have found with my colleagues is, if you're respectful with one another and you have a level of professionalism, it's reciprocated. I figure when they apply to work for me, they know who they're applying to work for, so if they had a problem with the age thing, they probably would not have sought employment with...