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Economy

NEWS
November 4, 1991 | BY MIKE ROYKO
I got a hole in my shoe," said Slats Grobnik, "but I don't know what to do about it. " What are you talking about? Your choices are simple. Get a new pair of shoes or get the old pair resoled. "Not that simple. I wanna do what's best for the country. " What does a hole in your shoe have to do with the well-being of this country? "See? You never did know nothing about economics, did you? The hole in my shoe is what this recession is all about. " Your shoe? "It works this way. If I go out and buy a new pair of shoes, I'm gonna be spending money on consumer stuff, right?
NEWS
October 31, 2012 | By Christopher S. Rugaber and Martin Crutsinger, Associated Press
WASHINGTON - Superstorm Sandy will end up costing about $20 billion in property damages and $10 billion to $30 billion in lost business, according to IHS Global Insight, a forecasting firm. In the long run, the devastation the storm inflicted on New York City and other parts of the Northeast will barely nick the U.S. economy. That's the view of economists who say a slightly slower economy in coming weeks will likely be matched by reconstruction and repairs that will contribute to growth over time.
SPORTS
March 6, 1991 | By Robert Seltzer, Inquirer Staff Writer
Boxers are known for absorbing blows, but the sluggish economy is forcing them to take the punches to their pocketbooks - an area that may be even more vulnerable than their chins or bellies. The hard times have become apparent with the Carl "The Truth" Williams- Tim Witherspoon card on Friday night at the Trump Taj Mahal in Atlantic City. Williams, who will defend his United States Boxing Association heavyweight title, will make $175,000, while former world champ Witherspoon will earn $165,000 - purses that would have been bigger, according to promoter Bob Arum, if the economy were healthier.
NEWS
July 14, 1991 | By Owen Ullmann, Inquirer Washington Bureau
Six years ago, David A. Stockman, the brash Reagan administration budget director, left Washington, vilified by the city's establishment for warning that the President and Congress would drive the country to financial ruin by failing to cut the federal budget deficit. Today, the former supply-side Wunderkind, who has barely been heard from since arriving on Wall Street in 1986, sounds more like Pollyanna than Cassandra. He thinks the budget and the U.S. economy are back on a healthy track.
BUSINESS
December 10, 2007 | By Joseph N. DiStefano, Inquirer Staff Writer
Metro Philadelphia's mix of corporate employers makes for a mellow regional economy, slow-growing but also recession-resistant. An Inquirer survey of more than 200 major employers shows the region's biggest job engines are the hospital system affiliated with Thomas Jefferson University, and the combination of the University of Pennsylvania and its hospital network. Other big employers include drugmakers and medical-device manufacturers such as Merck & Co. Inc. , GlaxoSmithKline P.L.C.
NEWS
September 5, 2007
By Matt Joyce As I slid slowly into Thomas Jefferson University Hospital's glistening, space-age MRI machine recently, preparing for a 40-minute, $1,500 procedure that would yield more than 100 images of my injured wrist, thoughts of American entrepreneurship, preventive care, and the glaring ironies of our health-care system circled through my head. Three years ago, my former college roommate, Tim Ifill, and I started a nonprofit organization called Philly Fellows. Both of us chose to forgo traditional jobs with stable salaries and benefits to build a program that we were passionate about, and that we felt would make a tangible impact on the city of Philadelphia.
NEWS
July 18, 1986
The editorial of July 10, "Time for action to boost growth of U.S. economy," correctly lists the economy's troubles, but does not say why it is in trouble. In 1945, the United States was the most outstanding industrial nation in the world. Japan, on the other hand, was prostrate, with Gen. Douglas MacArthur reordering Japanese life after that country's military defeat. In the post-war period, Japan de-emphasized militarism, but the United States concentrated on that activity.
BUSINESS
November 8, 2012 | Associated Press
Upper-income Americans may face a tax increase. Auto fuel-economy standards might be raised. Stocks of construction and engineering companies could benefit. America's decision to reelect President Obama may affect all that and other elements of the U.S. economy and financial system - from the health-care law to the overhaul of financial rules. At the same time, a gridlocked Congress will limit Obama's influence. Tuesday's election kept Republicans in control of the House. Democrats still control the Senate, but without a commanding majority.
NEWS
April 7, 2013 | By Christopher S. Rugaber and Paul Wiseman, Associated Press
WASHINGTON - A streak of robust job growth came to a halt in March, signaling that U.S. employers may have grown cautious in a fragile economy. The gain of 88,000 jobs was the smallest in nine months. Even a decline in unemployment to a four-year low of 7.6 percent was nothing to cheer: The rate fell only because more people stopped looking for work and were no longer counted as unemployed. The weak jobs report Friday from the Labor Department caught analysts by surprise and served as a reminder that the economy is still recovering slowly nearly four years after the Great Recession ended.
BUSINESS
January 29, 2013 | By Christopher S. Rugaber, Associated Press
WASHINGTON - The U.S. economy is a study in contrasts. The housing, banking and auto industries are surging back to health, and that has helped push the stock market to a five-year peak. Higher prices for homes and stocks tend to make people feel wealthier and spend more. Yet, unemployment remains high and hiring modest. The end of a Social Security tax cut is shrinking already flat pay. Federal budget fights have put businesses and consumers on edge. Balanced between those tailwinds and headwinds, the economy is struggling to accelerate.
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