- ‘Gay Jeans’ that fade into rainbow-colored denim created
- Divided court strikes down big porn award
- Jimmy Carter: Don’t hurt Russian people with sanctions
- Oldest ex-MLB player dies in Cuba, 2 days shy of 103rd birthday
- ‘Top Gun’ for drones: Squadrons of carrier-based killers have Navy’s approval
- Bill Clinton to endorse Charlie Rangel for re-election
- Pfc. Bradley Manning is now Pfc. Chelsea Manning: Court says so
- Secret base U.S. special forces used to train Libyans now under terrorist control: report
- 9th suspect in N.C. kidnapping turns self in to FBI
- L.A. sheriff admits to testing flyover spy program without notifying residents
Politics and more at play in painful job numbers
European troubles an ‘unwelcome truth’
Economists from Federal Reserve Chairman Ben S. Bernanke on down have warned that the fiscal crunch scheduled for Jan. 1 is so large that it would plunge the U.S. economy back into recession.
Mr. Bernanke has said the Fed would be unable to do anything to prevent such a recession if Congress fails to stop the fiscal train wreck. Yet few expect Congress to take any action until after the November elections.
Fear over how the political drama will play out — compounded by not knowing who will be the newly elected president at the end of the year — has paralyzed planning at some American businesses. Many economists cite the possibility of draconian tax increases and spending cuts as the biggest obstacle to growth and business investment at present.
“Risks from Europe and the fiscal cliff have increasingly impacted business spending,” and likely will hold down growth for the rest of the year, said Vincent Reinhart, an economist at Morgan Stanley.
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