August 31, 2013
WE WON'T FEEL THE REST OF THE CUTS EITHER:
Private Sector Shrugs Off Sequester (WSJ, 8/29/13)
The latest reading of second-quarter gross domestic product released Thursday showed that the economy grew faster than previously estimated from April to June, its best performance since last year's third quarter.That was during a period when budget cuts, which started in March, were expected to take a bite out of economic growth. The $ 85 billion in cuts through the government's fiscal year ending Sept. 30, also known as the sequester, came on top of higher taxes for almost all Americans starting in January. Some economists-and many Washington politicians-warned of troubling consequences for the timid recovery.Instead, the US economy delivered "an impressively resilient performance" in the first half of the year, Morgan Stanley economist Ted Wieseman said.
The last time we closed post-war deficits it gave us the 90s. Let's do it again.Posted by Orrin Judd at August 31, 2013 10:00 AM