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US Economic Outlook for 2013 | 2013 Economic Forecast America has a proud history of economic ingenuity. Since 1970, 51 Americans have been awarded the Nobel Prize in Economic Sciences (the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.1 The U.S. also has the largest and most technologically powerful national economy in the world, with aper capita Gross Domestic Product (GDP) of $48,442.2 There is no doubt that the U.S. is both a political and economic force, but will it remain so? When it comes to globally competitive economies, the U.S. is slipping. The U.S., which placed...

America is entering a new economic normal, a reality where almost everything that should be going up is going down, and everything that should be going down is going up. The United States begins 2013 in uncharted economic waters; America has never been here before. Consider, for example, these seven “firsts” for the U.S. economy: 1. All-time record annual average gas price: In 2012, the average cost of a gallon of gas eclipsed the previous record by nine cents, bringing the annual average to $3.60. 2. All-time record food stamp participation: As of last month, for the first time in...

On May 7th, it was revealed that the Obama administration spent $8.35 billion on a “demonstration project” designed to postpone the vast majority of Obamacare’s Medicare Advantage cuts until after the election. On July 31st, it was revealed that the Labor Department warned defense contractors against notifying workers of impending layoffs before the election as well, despite the fact that it would require violating the law to do so. On September 21, it was revealed that a report on the Greek bailout will also be postponed until after the U.S. election. On September 13th, Fed Chief Ben Bernanke announced that...

Let us review the Obama administrations GDP projections: - In August of 2009, the White House — after having a half year to view the economy and its $800 billion stimulus response — predicted that GDP would rise 4.3% in 2011, followed by 4.3% growth in 2012, 2013 and 2014. - In its 2010 forecast, the White House said it was looking for 3.5% GDP growth in 2012, followed by 4.4% in 2013, 4.3% in 2014. - In its 2011 forecast, the White House predicted 3.1% growth in 2011, 4.0% in 2012 and 4.5% in 2013, 4.2% in 2014. -...

In June of this year, a little known organization called the American Economic Review published a 39 page research article, titled “The Macroeconomic Effects of Tax Changes: Estimates Based on a New Measure of Fiscal Shocks.” I have quoted from the publication here: This paper investigates the causes and consequences of changes in the level of taxation in the postwar United States. Our results indicate that tax changes have very large effects on output. Our baseline specification implies that an exogenous tax increase of one percent of GDP lowers real GDP by almost three percent… and that [capital] investment falls...

The US recovery "remains tepid", according to the annual report from the International Monetary Fund (IMF). It has cut its growth forecast for the US economy to 2% this year from an earlier estimate of 2.1%. The IMF warned of risks from the eurozone debt crisis and uncertainties surrounding domestic policies, with an election in November and the debt ceiling needing to be raised in 2013. But it said there was also a chance that the economy could recover faster. The IMF said non-financial firms could invest more than expected and the housing market recovery may accelerate. Its report said...

Here's a live thread to discuss all of the information and insights.

During an event Obama admits that Obama's economic plan is to help Americans buy a "Thingamajig" (June 1, 2012).

A look at economic developments around the globeBy The Associated Press – 1 hr 35 mins ago A look at economic developments and activity in major stock markets around the world Monday: ___ PARIS — The day after Francois Hollande rode to power in France on a slogan of "change now," the conversation in Europe is already different: Austerity has become a dirty word. **SNIP** MADRID — Spain's prime minister said the government will likely present important bank clean-up measures this week to clear up doubts about the solvency of the sector, a key source of worry over whether Spain...

White House Press Secretary Jay Carney implicitly retreated from President Obama's argument that Obamacare was a crucial part of his economic agenda. Asked why President Obama has been silent on the law as its second anniversary approaches, Carney explained that the president is now focusing on the economy rather than health care reform. "The president does speak about health care on occasion and will continue to do that," Carney told reporters, "but he is focused on a forward agenda right now -- and working with Congress and doing the things he can through executive action -- to grow the economy...

President Barack Obama says he relies on his faith and values to guide his work on the nation's most urgent problems, including the economy. Obama says that as a Christian, he believes in the teaching that to whom much is given, much is required. He says that belief, and his reliance on economic good sense, is behind his policies — including his call for the wealthy to pay more taxes. Obama urges other leaders to not abandon their values or "the moral glue" that has guided the nation for centuries. ...

AUSTIN, Texas — The Texas comptroller said Monday that the economic recovery is taking hold, producing higher than expected tax revenues and possibly resulting in a budget surplus in 2013. In a letter to the Legislature, state Comptroller Susan Combs said tax collections were on pace to produce a $1.6 billion budget surplus for the fiscal biennium ending in 2013. That means the state could earn $82.7 billion over the next two years, while the 2012-2013 budget is only $81.1 billion. That represents an 8.2 percent increase in state revenues over the 2010-2011 budget cycle.

I spoke with Stephanie about how the economy is affecting young women. Beside dealing with long term unemployment, the "jobless" economy is affecting how young men and women perceive each other. Many are putting off marriage and reassessing relationships. Many young women are investing free time with giving emotional support to their friends and seeking stronger ties with their existing families.

Spanish voters on Sunday are expected to dismiss the Socialist government of Prime Minister Jose Luis Rodriguez Zapatero and usher in the conservative People's Party (PP) and its leader, Mariano Rajoy. Mr. Zapatero’s Socialist party (PSOE), which has been in power for eight years, has borne the brunt of public blame for Spain’s increasingly perilous economic situation, which has tainted the party’s leadership candidate, Interior Minister Alfredo Perez Rubalcaba. Meanwhile, Mr. Rajoy has been coasting toward an expected landslide victory without saying much about how he plans to reverse Spain’s economic course... The situation is bleak for the eurozone’s fourth-largest...

HITE BEAR LAKE - Big changes are coming worldwide as shifting demographics and economic conditions combine for a "New Normal." Whether Americans see those changes as debilitating or a huge opportunity will decide America's future. Those were among messages from State Economist Tom Stinson and State Demographer Tom Gillaspy as they made the presentation "The Boomer Tsunami" to a group of about 80 at Century College Oct. 5.

In an announcement that is likely to deepen concerns over the U.S. economic woes the Federal Reserve has slashed growth and employment projections for 2011 and 2012. Data projections released by the Fed suggested that it had revised a measure of the average, or “central tendency,” for the U.S. economy's 2011 gross domestic product growth rate from the 2.7-2.9 per cent range to the 1.6-1.7 per cent range. Similarly, the central bank cut its 2012 projection for growth from the 3.3-3.7 per cent range to the 2.5-2.9 per cent range. Unemployment which in June the Fed projected would hover between...

U.S. growth accelerated in the third quarter as consumers and businesses ramped up spending, a report that shows the economy remained resilient in the face of strong headwinds. Gross domestic product in the July-through-September period expanded at a 2.5% annual rate, the government said Thursday. That’s nearly double the 1.3% rate of growth in the second quarter and much faster than the first quarter’s tepid increase of 0.4%.

WASHINGTON (Reuters) - President Barack Obama is bombarding Americans with job initiatives that may lack economic heft but show him as an activist leader compared to a 'do-nothing' Congress as he campaigns for re-election in 2012. Obama will have rolled out three separate measures in three days when he wraps up a tour of electorally vital western states on Wednesday, and more moves are coming. White House Communications Director Dan Pfieffer said the Democratic president will use executive orders and other tools to deliver initiatives "on a consistent basis for months to come." "While the policy benefits of this new...

<p>“I think the downturn in the economy occurred in the year 2000,” Paul told CNN, adding that there have been no new jobs since then “and yet we’ve had a 30 million increase in population.”</p> <p>“Just go out and talk to the people – unemployment rate in the true numbers (is) over 20%, so there’s been a depression,” Paul said after an appearance on NBC’s “Meet the Press.”</p>

Full Article Follows - less graphics The Secret to Herman Cain's 999 Plan Success The most recent Wall Street Journal Poll shows Cain leading the Republican Primary, 27% to Romney's 23%. At the most recent debate, the Cain 999 Plan dominated the debate and discussion. Though the plan was roundly attacked by the moderators and competitors, Cain's Economic Plan wasn't damaged. What is appealing about Herman Cain's 999 Plan? "Any intelligent fool can make things bigger, more complex, and more violent. It takes a touch of genius -- and a lot of courage -- to move in the opposite direction."...Albert...