Austerity Worsening Dire Labor Markets: Labor Agency

I’m intrigued by Duncan’s idea of an austerity curve. - the idea that: cutting government spending up to a certain point leads to lower deficits but beyond a certain point, the impact of lower growth and higher unemployment means that deficits get worse as the government cuts more.

On Monday ratings giant Standard & Poor’s raised the U.S.’s credit outlook from “negative” to “stable.” That may sound a bit like the equivalent of Arrested Development’s Bluth Company going from “Triple Sell” to “Don’t Buy,” but in these troubled economic times, Americans should take what they can get. Thanks to a housing rebound, stock boom, renewed consumer confidence, growing tax receipts and smaller projected budget deficits, things are actually looking up.

On Monday ratings giant Standard & Poor’s raised the U.S.’s credit outlook from “negative” to “stable.” That may sound a bit like the equivalent of Arrested Development’s Bluth Company going from “Triple Sell” to “Don’t Buy,” but in these troubled economic times, Americans should take what they can get. Thanks to a housing rebound, stock boom, renewed consumer confidence, growing tax receipts and smaller projected budget deficits, things are actually looking up.

By Russ Koesterich: Executive Summary

In Greece, Prime Minister Antonis Samaras coalition has split. The result is yet another delay in an austerity vote required for the next tranche of loans to Greece, and the PM warns of 'chaos'. Greece's conservative Prime Minister Antonis Samaras is at odds with the Democratic Left party, a coalition partner, which is threatening to vote against the new austerity measures unless labor reforms included in them are scrapped.

The world is headed for a "dire future" where high energy prices drag on economic growth and global average temperatures rise by more than 3.5 Celsius, unless there are significant innovations to lower the cost of clean energy and carbon-capture technology, the International Energy Agency said.