Good day for: Teamwork, after the CEO of a Boston hospital avoided sweeping layoffs by taking a 10 percent pay cut, and asking department heads and doctors to make sacrifices, too. Beth Israel Deaconess Medical Center CEO Paul Levy then opened the facility's books to employees to show how dire the financial crunch was and asked for ideas to trim costs. The savings helped Levy reduce the number of employees laid off from 600 to 70. (BusinessWeek)
Bad day for: Borrowing, as Federal Reserve Chairman Ben Bernanke warned that federal budget deficits were growing so large that they threaten the nation's financial stability. "Cuts in spending or increases in taxes will be necessary to stabilize the fiscal situation," Bernanke said. The warning dragged down U.S. stocks on Wednesday. (Bloomberg)
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
Can US tourism survive Trump's policies?Today's Big Question The tourist economy is 'heading in the wrong direction'
-
September's books tell of friendship in middle age, teachers versus fascists, and Covid psychosisthe week recommends September books include Angela Flournoy's 'The Wilderness,' Randi Weingarten's 'Why Fascists Fear Teachers' and Patricia Lockwood's 'Will There Ever Be Another You'
-
'Total rat eradication in New York has been deemed impossible'Instant Opinion Opinion, comment and editorials of the day
