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By Donald Lambro
Growth spikes are little more than trend-free anomalies
Independent voices from the The Washington Times Communities
Topic - Drag-On
The recent fiscal crisis has opened a major rift between the tea party wing of the Republican Party and business groups that traditionally have backed Republicans, with many business leaders now vowing to counter insurgent candidates.
The U.S. economy has fared better than expected this year after widespread fears that $85 billion of automatic spending cuts and sharp increases in taxes imposed at the beginning of the year would snuff out growth.
The nation's economic growth accelerated modestly in the summer quarter, rising to a 2 percent annual rate from the sluggish 1.3 percent seen in the spring, the Commerce Department reported Friday morning.
Across the nation, fewer state and local government employees are losing their jobs, marking a slight but significant return of economic confidence after years of massive cuts.
Within the space of a week, the nation has witnessed worst performances on record of new-home sales, home prices and building — evidence that the housing market has sunk into a double-dip recession that poses a significant drag on the overall economy.
The economic outlook improved Thursday as the government reported big drops in the nation's trade deficit in July and a large decline in claims for unemployment benefits last week.
The nation's economic outlook improved Thursday as the government reported big drops in the nation's trade deficit in July and a large decline in claims for unemployment benefits last week.
But the recovery has been underway for four years" and a "proactive deficit reduction" program was the right thing to do at this stage in the cycle, he said.
The moral of the story: It is OK to impose budget cuts and tax increases once economic recovery clearly has taken hold as it has in the past four years, he said.