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    • America in Danger if California Goes Off Fiscal Cliff

      The biggest economy in the U.S. is turning around, which could mean good news for the overall national economy.

      "About half all the new jobs created in the United States in the last year were in California,” says Bill Lockyer, California's Treasurer.

      The unemployment rate in the Golden State is still well above the national average — 10.1% compared to 7.7% — but it’s far below the state’s 11.5% rate a year ago.

      In other good news, the state reduced its $30 billion deficit to just under $2 billion.

      “We’re actually getting the structural deficit resolved,” says Lockyer. “We’re seeing in the not-too-distant future long-term balanced budgets.”

      Related: UH OH: The Current Fiscal Cliff Situation Is The "Worst-Case Scenario"

      Helping California reduce its deficit is a tax increase that voters approved on Election Day. Prop 30 — as it’s known — raises the statewide sales tax by a quarter of a penny and increases income taxes for individuals earning more than $250,000 (over $500,000 for

      Read More »from America in Danger if California Goes Off Fiscal Cliff
    • As 2012 comes to a close, the U.S. housing market remains one of the bright spots of the economy.

      In November, existing home sales rose 5.9% to an annualized rate of 5 million, beating Wall Street expectations. Last month was the 17th consecutive month of growth in the housing market and the highest level of sales since November 2009. The national price for an existing home also rose 10.1% to $180,600 in November.

      "I think housing is going to continue to improve," says Mark Zandi, chief economist at Moody's Analytics. "So for the next 3 or 4 years we will see better home sales, more housing construction and higher house prices. All of which is good news for the economic recovery."

      Even though there are roughly 3 million homes in foreclosure, Zandi is very optimistic about housing demand.

      Here are the key points of his housing outlook for next year and beyond:

      • The recovery has legs for the next 2-4 years.
      • Expect a rise in sales, construction and prices, which could positively impact
      Read More »from Housing Recovery Has Legs for Another 2-4 Years: Mark Zandi
    • Congress this week is considering a $60 billion bill to pay for damages inflicted by Superstorm Sandy across three Northeastern states in late October. Though some Republican congressional members are balking at the sum, which the White House is requesting, New York, New Jersey and Connecticut say the damage is closer to $82 billion.

      In either case, these sums are nothing compared to the long-term price the U.S. will pay as a result of extreme weather caused by climate change says Michael Hanemann, an economics professor specializing in climate change at Arizona State University.

      "What we're going to experience is unprecedented in human history in terms of the type of climate we're creating for ourselves," Hanemann tells The Daily Ticker. "The rate of warming has increased maybe five times what it was in the early part of the 20th century. The earth is getting warmer faster."

      The first 11 months of this year were the warmest on record for the United States and this summer's drought

      Read More »from Climate Change Is Killing the Economy: Here’s What Can Be Done to Stop It
    • The U.S. economy grew at a 3.1% annual rate in the third-quarter, more than previous government estimates of 2% and 2.7%. The July to September quarter was the nation’s fastest rate of growth since the fourth-quarter of 2011. Inventory investment was the main driver of economic growth in Q3 according to the Commerce Department. Stronger trade, increased consumer demand for durable goods and health care services as well as a rebound in local, state and federal defense spending also contributed to higher growth. The economy expanded at a 1.3% rate in the second-quarter.

      Related: Want Economic Growth in 2013? Get Govt. Out of the Way, Says Ayn Rand’s Brook

      Mark Zandi, chief economist at Moody’s Analytics, says in an interview with The Daily Ticker that the big increase in inventory accumulation would likely “steal growth away” from the current quarter. He predicts that economic growth will stay in the 2% to 2.5% range over the next year, roughly the same level as three years ago when the

      Read More »from Mark Zandi’s 2013 Outlook: Strong Housing, Modest Growth, Average Job Creation

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