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December 21, 2013
Has the economy finally - finally(!) - turned the corner?
The upward revision of GDP by the Commerce Department for the third quater, from 3.6% to 4.1% may be a signal of more normal growth in the coming years. The original estimate of 2.5% in October was raised earlier this month and then raised again on Friday. While it still is only one quarter, the more robust number comes on the heels of improving news in the employment sector - a sign that the growth may continue into next year. The Hill: The news comes two days after the Federal Reserve said it would begin pulling back on the stimulus it has provided the economy. Starting in January, the Fed will ease its bond purchases by $10 billion per month, to $75 billion. The new growth estimates could lead to greater tapering by the Fed going forward. It might also stem calls for an extension of federal unemployment benefits, something the White House and congressional Democrats have demanded. The extension was not included in the budget deal approved by Congress, in part because of...(Read Full Post)