FEBRUARY 4, 2009 | THE MEREDITH HERALD • Educating Women to Excel | VOL XXVI • ISSUE '10 Snow Day at Meredith College (SEE page 3) ^ ;*EVen|s';; 'i;!SnpW.6ayJ|t;-‘!r^ Mere'dith;GblIeg^^^^ Science & teChholo|i^;' Photo Courtesy mm.propellar.com ECONOMY GETS WORSE BEFORE IT GETS BETTER Morgan Ericson Staff Writer “For. everywhere we look, there is work to be done. The state of the economy calls for action, bold and swift, and we will act — not only to create new jobs, but to lay a new foundation for growth. We will build the roads and bridges, the electric grids and digital lines that feed our commerce and bind us together. We will restore science to its rightful place, and wield technol ogy’s wonders to raise health care’s quality and lower its cost. We will harness the sun and the winds and the soil to fuel our cars and run our factories. And we will transform our schools and colleges and universi ties to meet the demands of a new age. All this we can do. And all this we will do.” -excerpt from Presi dent Obama’s inaugural address During Obama’s initial days in office, he has campaigned for an economic stimulus package, hold ing separate meetings with congres sional Republicans, Democrats and twelve CEOs. On Wed., January 28, 2009, the House approved the $825 billion package, whose total, according to CNN, would rise to $1.2 trillion with interest. 11 Demo crats voted against the bill, and no Republican voted in its favor. A different version of the bill will be reviewed by the Senate; Democrats must win at least 60 votes (including two Republican votes), and leaders hope to have Obama sign the final bill into law by President’s Day in February. According to CNN, the Congres sional Budget Office has estimated that 64 percent of the package’s funds would be distributed in 2009 and 2010, providing the bill is ap proved soon. Critics worry that the package would not create enough jobs and output at a fast enough pace. The package would also al locate funds to states’ transporta tion and infrastrucmre sectors, but the Congressional Budget Office has estimated that five years would lapse before states would be able to utilize 85% of their augmented bud gets. In other news, job losses from the last week in January resulted in layoffs for more than 100,000 people nationally. On January 28, 2009, CN>5 reported that Starbucks will be closing 300 of itS'stores and cutting over 6,700 jobs, a decision that will affect 6,000 retail workers and 700 non-store employees. Star bucks’ president Howard Schultz has informed the public that he will have his salary cut to under $ 10,000 dollars for this year (last year he suf ficed with $1.2 million). Also within the food industry, every box of Girl Scouts Cookies will contain 2-4 less cookies due to higher transportation costs; several of the cookies will change shape and size. The United States Postal Service is also in a bind: due to a lower vol ume of packages and a loss in reve nue, mail delivery might be reduced to five days weekly instead of the federally mandated six days. Technology and electronic indus tries such as Dell and Jabil Circuit also announced job cuts this week, the latter stating it would cut 3,000 jobs globally. Intel reported a 90 percent drop in profits in the fourth quarter (“I.B.M. Tops Forecasts for the Quarter”, New York Times). IBM has fared considerably well through the economic recession. Despite Chief Executive Samuel Palmisano’s statement that the com pany was approaching a different alternative to layoffs, it has been estimated that at least 1,200. em ployees were laid off in the United States and Canada during the last two weeks. Although it has not been determined how many IBM. em ployees at RTP were affected by this downsizing, Lee Conrad, a member of a labor union tracking the layoffs, has determined these layouts affect ed employees in Research Triangle Park, NC, East Fishkili, NY, and Tucson, AZi The economic crisis has not only affected RTP but the entirety of North Carolina; local students may See ECONOMY, PAGE 2 Green Tip for the Week of February 4 Recycle old magazines During the 2008-09 academic year, Meredith College's cam pus theme is “Sustaining our Environment: Developing our Greenprint.” To help the Meredith community make daily choices that are ben eficial to the environment, Angels for the Environment have compiled a year’s worth of tips for greener living. To view green tips from previous weeks, visit www. meredith.edu/campus-theme/ environmental-tips.htm.