The growth is evidence of economic durability and all but assures that the Federal Reserve will resume raising interest rates late this year.
A new IRS filing reveals that a shadowy Koch brothers-led nonprofit, Freedom Partners, spent nearly a quarter-billion dollars trying to influence 2012 elections and policy discussions. Most of the donors remain secret. Can you say, "oligarchy"?
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.
"Today the stock market is high not from profits from expanding sales revenues, but from labor cost savings," former Reagan Treasury Secretary Paul Craig Roberts writes in CounterPunch.
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)
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.