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Google predicts U.S. will miss up to $3.2 trillion in GDP growth if green tech isn’t encouraged

Web giant Google said Tuesday that the United States stands to lose up to $3.2 trillion in potential gross domestic product (GDP) growth if it further delays policies that encourage renewable energy technology. In an economic study published on the company’s official blog, Google researchers assumed several key breakthroughs would…

Fed’s Bernanke: Budget cuts could trim 200,000 jobs

WASHINGTON (Reuters) – Federal Reserve Chairman Ben Bernanke said on Wednesday a Republican spending cut plan would not cause a big dent to U.S. economic growth, but could cost around 200,000 jobs. Bernanke said that a $60 billion cut along the lines being pursued by Republican in the House of…

Japan overtaken by China as No. 2 economy

TOKYO – Japan lost its 42-year ranking as the world’s second-biggest economy to China in 2010, with data on Monday showing a contraction in the last quarter due to weak consumer spending and a strong yen. While Japan was expected to fall behind a surging China in the year, the…

China overtakes Japan as No. 2 economy

China overtakes Japan in 2Q as world’s No. 2 economy amid slowdown in recovery Japan lost its place as the world’s No. 2 economy to China in the second quarter as receding global growth sapped momentum and stunted a shaky recovery. Gross domestic product grew at an annualized rate of…

Europe’s central bank president: To prevent crisis, ‘global governance’ is needed

Jean-Claude Trichet, the president of Europe’s central bank, said to a recent meeting of the U.S.-based Council on Foreign Relations that in order to prevent another dramatic economic crisis, a new type of “global governance” must bring accounting practices on both sides of the Atlantic Ocean into sync with one…

Geithner: Bailouts cost less than 1 percent of US gross domestic product

US Treasury Secretary Timothy Geithner told top lawmakers Friday that much-criticized bailout programs in response to the 2008 economic meltdown will cost no more than 87 billion dollars. Geithner’s letter came as the US Senate braced for a critical procedural vote Monday on legislation to enact President Barack Obama’s plan…

Health care will eat up ‘one in five dollars’ of US GDP by 2020, Medicare says

WASHINGTON — Health care legislation may be on the back burner, but a new report released today underscores its spiraling upward trend. In 2009, health care spending consumed a record high 17.3 percent of the nation’s GDP, according to a study published in Health Affairs by the Centers for Medicare…

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