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Econ High Extensions US economy up. Orders and global growth



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Econ High Extensions




US economy up. Orders and global growth.


Simpson 7/15 (Ian Simpson, Journalist for ABC News, July 15, 2010, “GE CEO Immelt Sees Slow U.S. and European Crisis Exit: Report”, http://abcnews.go.com/Business/wireStory?id=11167840, LS)

MILAN (Reuters) - The United States and Europe are slowly pulling out of the economic crisis, General Electric Co chairman and chief executive Jeffrey Immelt told la Repubblica daily in an interview on Thursday. "The base scenario is that which sees Europe and the United States exiting slowly from the crisis period," Immelt said. "I see it every day, I see the economy improving day after day. I especially see our orders improving day after day." China, India , Brazil, Africa , the Middle East and resource-rich areas "are clearly doing well," he said. He said General Electric was interested in acquisitions in Europe as the dollar strengthened. Mentioning the company's Nuovo Pignone energy research center in Italy, Immelt said: "We will find another investment, of the Nuovo Pignone kind."



Econ growing.


Nicolaci da Costa 7/15 (Pedro Nicolaci da Costa, Reporter and Cover the U.S. economy and Fed policy for Reuters, July 15, 2010, “UPDATE 2-Fed's Lacker says U.S. recovery looks sustainable”, http://www.reuters.com/article/idUSN1525323520100716. LS)

Va., July 15 (Reuters) - The U.S. economy is experiencing a moderate recovery that is unlikely to be derailed by weak housing and persistent unemployment, Richmond Federal Reserve Bank President Jeffrey Lacker said on Thursday. Speaking to a group of business executives, Lacker said U.S. monetary policy was still at "emergency levels," with interest rates effectively at zero and central bank credit to the banking system near its highest levels ever. "Recognizing the right time to begin normalizing our monetary policy settings is going to be hard, and reasonable people can differ about this," Lacker said in prepared remarks. "For my part, I will be looking for the time at which economic growth is strong enough and well enough established to warrant raising our policy rate."



The economy is improving— Consensus of economists.


Izzo 7/15 (Phil Izzo, Journalist and Reporter for WSJ, July 15, 2010, “Economists Express More Optimism Than General Public”, http://online.wsj.com/article/SB10001424052748703722804575368871006939294.html, LS)

Economists surveyed by The Wall Street Journal are more optimistic about the direction of the economy than the general public, though they are revising down forecasts for growth and jobs for the next 12 months. The majority (64%) of the 55 economists polled—not all of whom answer every question—said that the economy would get better over the next 12 months and 9% said it would get worse; the rest said it would stay about the same. In contrast, the latest WSJ/NBC News poll found 33% of the general public expected the economy to improve and 23% think it will get worse. The difference may depend on the definition of "better." The economy is "doing better, but not yet doing well," said Neal Soss of Credit Suisse. Economists, on average, now see the odds of double-dip recession at 20%. On average they expect the economy to grow at a pace below 3% through the second quarter of 2011, so slow that they anticipate the unemployment rate, now at 9.5%, will drop to just 8.6% by the end of 2011. Half don't see the jobless rate returning to 5.5%, roughly full employment, before 2015. "We see gradual improvement, with an emphasis on gradual," said Bruce Kasman of J.P. Morgan Chase.

Global economy up. Forecasts.


UPI 7/16 (United Press International, 7/16/10, “OPEC sees economic growth”, http://www.upi.com/Science_News/Resource-Wars/2010/07/16/OPEC-sees-economic-growth/UPI-76561279294083/)

VIENNA, July 16 (UPI) -- Increasing energy demand in Asia and a general improvement in the global economy suggests oil demand for 2011 could increase by 1.2 percent, OPEC said. The 12-member Organization of Petroleum Exporting Countries said oil demand for 2011 is expected to increase by 1 million barrels per day, or 1.2 percent. The increase is the first for the oil cartel in three years. "The world economy has gained momentum in 2010 and is expected to grow by 3.8 percent," the cartel said in its July report. "The recovery has so far been supported by unprecedented fiscal and monetary stimulus." The report said world oil demand in 2010 remains static with no growth expected for the rest of the year. This, the oil cartel said, was due primarily to declining energy demand in Europe. Growth for 2011, however, is expected in China, India, the Middle East and Latin America. An increase in gasoline demand in the United States is expected as well. "The demand for industrial fuel will be strong as a result of the continuing economic recovery, with healthy growth also expected in demand for transportation fuels," the July report said. Market collapses in 2008 forced OPEC to enact quotas in an effort to control sliding oil prices.




A2 Jobs Down




Econ up. Job growth.


Schneider 7/14 (Howard Schneider, Financial Washington Post Staff Writer, July 14, 2010, “Rising imports offset U.S. sales abroad”, http://www.washingtonpost.com/wp-dyn/content/article/2010/07/13/AR2010071306114.html?hpid=sec-business, LS)

Judged in isolation, American exports have rebounded smartly since the depths of the recession, up roughly $63 billion through May compared with the corresponding period a year ago -- and in theory generating perhaps 350,000 or more new jobs, according to the economic assumptions used by the Obama administration.






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