Hundreds of thousands of federal employees, as well government contractors, face uncertain financial futures as the shutdown enters its fourth week with no end in sight. About 800,000 workers missed their paychecks on Friday, putting a strain on household budgets and threatening obligations like mortgage payments and credit card bills. But a prolonged shutdown also poses risks to U.S. companies that don’t deal directly with the federal government. Here are five ways the shutdown is hindering the broader economy. Weaker consumer and business sentiment Businesses and communities that depend on consumer spending from the federal workforce are already feeling the pinch. Furloughed employees and sidelined government contractors are looking for alternative ways to pay their bills and curtailing discretionary purchases. Consumer spending accounts for about 70 percent of the $20 trillion U.S. economy, and the White House Council of Economic Advisers (CEA) estimates that each week of the … [Read more...] about Five ways the shutdown is affecting the economy
How globalization affects the economy
Viet Nam News HÀ NỘI - A discussion on Wednesday in Hà Nội on global youth citizenship discussed ways for young Vietnamese to actively equip themselves with knowledge and skills to engage in global issues in an increasingly integrated world. The discussion, titled "Building youth models in an era of virtuous global citizens", was organised by the Hồ Chí Minh Communist Youth Union (HCYU), youth unions of central agencies, Việt Nam News Agency (VNA) youth union. It drew participation from researchers, experts and youth union members. Participants expressed their opinions about how to be global citizens and the roles of youth unions and associations in facilitating global citizenship. HCYU Secretary Nguyễn Ngọc Lương said "Building youth models plays an important role in the new era, especially during global integration." In addition, the HCYU Secretary Committee called on Vietnamese youth to have a kind heart, intelligence and big ambitions. Soon, HCYU will establish and promote an … [Read more...] about VN builds models to make youth global citizens
(VOVworld)-A seminar in Hanoi on Wednesday discussed ways to build a youth role model in the new period. Participants called for more policies and conditions to help young people to equip themselves with global citizens’ characteristics and norms and the roles of youth unions and associations in this process. Former Deputy Prime Minister Vu Khoan told the meeting that the market economy and international integration have been affecting the economy, politics, society, and culture of each country and its people, particularly the young generation. Mr. Khoan urged Vietnamese youths to be open-minded, but at the same time preserve the national cultural identities. “During the international integration, Vietnamese young people should improve the knowledge and understanding in diverse aspects,” said Mr. Khoan, taking example as, “first you should understand what the global economy is and how it operates. Second an understanding of the world politics is required. Third … [Read more...] about Seminar on Vietnamese youth role model as global citizens
The economic panorama of Vietnam in 2011 was not very bright, but it is acknowledged that the Government exerted its effort to overcome difficulties when the global economy did not surpass the crisis yet. The Government issued Resolution 11, which is said the clearest message about the Government's goals: controlling inflation and stabilizing macro economics. Notably, the Government had often focused on two targets, both curbing inflation and speeding up growth. But in 2011, it gave priority to cooling inflation. The Government's package of solutions, including tightening the monetary and fiscal policies, cutting down government spending, releasing pressure on the forex market, worked quite well. Another noteworthy point is the Government confirmed that stabilizing macro-economics would be not only the mission of 2011, but also the mission of the middle and long-term reform process. At the first session of the new National Assembly in late 2011, Prime Minister Nguyen Tan Dung … [Read more...] about What expectation for the economy in 2012?
PANO - Professor Federico Jauch, Chairman of the Switzerland-Cuban Friendship Association, has spent much time in doing research on the renewal process of Vietnam. In an interview with the People’s Army Newspaper reporter on his recent visit to Vietnam, from May 6 th to 19 th, Professor Jauch said that the renewal itself has exerted its effectiveness in the economic development of Vietnam during the recent past. The important thing is how Vietnam could apply results and lessons learnt from that process in the new context. The Professor had been very impressed on the great efforts of the S-shaped country in overcoming war consequences and in carrying out the renewal process that, in turn, created the strength for Vietnam in all aspects of life. Through researches he has witnessed deep changes in Vietnam and acknowledges the deep-rooted reasons for Vietnam’s development today. Professor Jauch also stressed that, over 25 years of implementing renewal, is not a long period … [Read more...] about The renewal process in Vietnam creates strength for the country