The Norman Transcript

Headlines

November 8, 2012

The economy Obama faces: Slow but gaining steadily

(Continued)

WASHINGTON —

Economists surveyed last month by The Associated Press said they expected the economy to grow a lackluster 2.3 percent next year, too slight to generate strong job growth. From July through September, the economy grew at a meager 2 percent annual rate.

Part of the reason is that much of Europe has sunk into recession. Leaders there are struggling to defuse a debt crisis and save the euro currency. Europe buys 22 percent of America’s exports, and U.S. companies have invested heavily there.

And China’s powerhouse economy is decelerating, slowing growth across Asia and beyond.

Most urgently, the U.S. economy will fall over a “fiscal cliff” without a budget deal by year’s end. Spending cuts and tax increases that would total about $800 billion in 2013 will start to kick in. The combination of those measures would likely trigger a recession and drive unemployment up to 9 percent next year, according to estimates by the Congressional Budget Office.

For local news and more, subscribe to The Norman Transcript Smart Edition, or our print edition.

Text Only | Photo Reprints
Headlines
  • Braddy_1. Norman North teen struck by freight train recovering with therapy

    A Norman North teen struck by a freight train in May is on the road to recovery and ready to get back to school after spending most of his summer in a hospital. Harrison Braddy, 16, has been staying busy with rehab and physical therapy ...

    July 28, 2014 1 Photo

  • Storm victims face loan dilemma

    The tornadoes, flooding and hail that struck Oklahoma last year left hundreds of millions of dollars in property damage, causing many home and business owners to seek help in the form of low-interest federal loans....

    July 27, 2014

  • Teen critical after rescue

    A 17-year-old Yukon male was transported to the hospital Sunday after a near drowning incident at Lake Thunderbird in the Party Cove area. Emergency crews responded to the lake after a report of a possible drowning around 5:30 p.m. ...

    July 27, 2014

  • Migrant kids go to Mass

    The services have all the elements of a typical Sunday Mass — singing, scripture, a sermon, prayers, communion and worship....

    July 27, 2014

  • Injury accident reported

    Transcript Staff Emergency crews responded to an injury accident around 10:20 p.m. Sunday in the 1000 block of 80th Avenue Southeast where there were reports of someone pinned. Several reports indicated a vehicle struck a tree causing one ...

    July 28, 2014

  • Photo Slideshow: James Garner through the years

    Photos of James Garner...

    July 27, 2014

  • Prisons expand reach to bring training to more officers

    McALESTER — Joshua Drake once was offered the chance to be a corrections officer but turned it down because he didn’t want to leave his wife and aging parents for six weeks to train hundreds of miles away in El Reno....

    July 27, 2014

  • SWIMMER Aquatic center could serve many community needs

    Michael Yoch could have been the kid with asthma sitting on the sidelines — could have been, but wasn’t. Michael had trouble running because of his asthma, which made it difficult to play soccer and many other sports his friends loved. ...

    July 27, 2014 1 Photo

  • Director leaves decade of memories

    Maureen Dolan is giving up the post as director of St. Joseph’s Early Childhood Development Center, fondly called “St. Joe’s” by the many parents whose pre-school children have spent their weekdays under her care over the past 10 years....

    July 27, 2014

  • Health officials prepare for flu

    OKLAHOMA CITY — Following a flu season in which a record number of Oklahomans died as a result of the virus, state and county health officials say educating the public and general common sense are vital to reducing both the death rate and ...

    July 27, 2014