YOUR FRIENDS' ACTIVITY

    • The Commerce Department reported Thursday that retail sales rose 0.3% in November after falling 0.3% in October. Retail spending over the past 12 months has grown 3.7%, in line with modest economic growth. Even as many Americans struggle to find jobs and pay bills, one sector of the economy has been resilient in this weak economic environment. Wealthy Americans are continuing to spend their money and Web sites like Gilt — a flash sales site that offers discounts on designer apparel and jewelry as well as deals on exotic vacations, restaurants, Broadway shows and gym memberships -- have experienced a surge in sales as high-end consumers chose online shopping over brick-and-mortar stores.

      Even the prospect of higher taxes next year has had little effect on the shopping habits of these individuals. Kevin Ryan, CEO and founder of Gilt, estimates that sales for the current quarter will increase 30% from the same period a year ago. The site saw a 60% year-over-year gain during the

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    • The Federal Reserve concluded its last policy meeting of 2012 Wednesday and vowed to continue its stimulus programs to the tune of $85 billion a month in mortgage-backed securities and bond purchases.

      The U.S. Central Bank also pledged to keep interest rates near zero until the unemployment rate falls to 6.5% and inflation remains stable at around 2%.

      Related: Why the Fed Deserves Credit for the Economic Recovery

      Chairman Ben Bernanke predicts hitting those targets sometime in 2015. But many are skeptical that the economy can improve at such a rapid clip and are questioning what his assumptions are based upon.

      Miller Tabak's Peter Boockvar wrote this in an email note yesterday:

      "If I was able to ask Ben Bernanke a question at today's press conference, I would ask this: What in your models make you believe that GDP growth can accelerate to a range of 2.3-3% in 2013, 3-3.5% in 2014 and 3-3.7% in 2015 from 1.7-1.8% in 2012 but somehow forecast that PCE inflation will be no greater than

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    • Let’s Take the Fiscal Cliff Plunge: Bruce Bartlett

      By Bernice Napach | Daily Ticker – Thu, Dec 13, 2012 9:56 AM EST

      As politicians, businessmen and ordinary citizens brace for spending cuts and tax hikes in the new year, a long-term Republican advisor says the U.S. should take the "fiscal cliff" plunge.

      "Let the fiscal cliff happen and reduce the deficit very substantially as a consequence,"says Bruce Bartlett, author of The Benefit and Burden: Tax Reform--Why We Need It and What It Will Take. The combination of spending cuts and tax hikes will eventually strengthen the economy he says, citing CBO analysis.

      In contrast, Republicans' refusal to raise taxes would hurt the economy in the long run, Bartlett argues.

      Related: Higher Taxes Will Create Jobs and Cut the Deficit: David Cay Johnston

      Bartlett, a former advisor to Presidents Ronald Reagan and George H.W. Bush and Congressman Ron Paul, explains why the GOP tax pledge has harmful consequences for the economy. Government spending will rise over the coming decades as more baby boomers retire. But if tax revenues don't keep pace with spending, the

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    • In less than three weeks, massive tax hikes and spending cuts are set to take effect unless the White House and Congress can agree on a plan to avoid the so-called fiscal cliff. President Barack Obama and House Speaker John Boehner held their first face-to-face meeting Sunday to discuss possible outcomes. Negotiations are likely continue until Congress leaves for the holiday recess. Republicans are starting to accept the fact that higher taxes on high-income earners will be part of a fiscal cliff deal.

      Republican Senator Bob Corker from Tennessee told Fox News over the weekend that a growing number of Republicans, including himself, are willing to raise the tax rate on the top 2% of Americans if cuts are made to entitlements. The three top entitlement programs --Social Security, Medicare and Medicaid -- account for about 10% of U.S. GDP. Social Security and Medicare are expected to grow substantially over the next 10 years as baby boomers retire and become beneficiaries. But the

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