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What is Washington doing to fix the economy? Worse than nothing. It has now adopted the same kind of austerity economics that’s doomed Europe -- cutting federal spending and reducing total demand. And the sequester doesn’t end Sept. 30. It takes an even bigger bite out of the federal budget next fiscal year.

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Consumer borrowing shot up $15.5 billion in June -- three times more than projected -- in the biggest increase in credit in four years, with credit card and other types of revolving debt rising by $5.21 billion -- the largest jump since spring of 2008. (more)

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Even though it fell short of economists’ expectations, a 3.2 percent rise in the GDP during the last quarter of 2010 has rekindled hopes that the U.S. economy may be moving toward sustainable recovery.

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After climbing 3.7 percent in the first three months of the year, the U.S. economy grew just 2.4 percent in the second quarter, an underwhelming performance that reinforced the reality that the recovery is struggling to find some footing.

A&C News

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Which industries actually thrive in the midst of a crippling recession? There are many ways to approach that question, but over the past year, Americans looking for low-impact escapism on a budget went to the movies, and they did so in numbers that might put some of the hand-wringing about the impact of the Internet and the economy on the film business on hold, at least for the time being.

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