Chicago Sun-Times
Staff reports on all things politics - from City Hall to Springfield to Washington, D.C.

Recently in economy Category

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Beware the "fiscal cliff."

That's the warning that's been sounded by politicians, the media, and taxpayers since summer, gaining full force the moment President Barack Obama won re-election. While the term has only recently become part of the national vernacular, the build-up to this pivotal economic decision has been building for many years. The Democrats have refused to cut spending entitlements and Obama wants to raise taxes on the top income brackets. The Republicans, led by conservative super-lobbyist Grover Norquist, refuse to raise taxes and are opposed to losing currently implemented tax breaks. Also at stake is the defense budget that Dems want to scale back with the wars in Iraq and Afghanistan ending while Republicans are pushing back on any additional defense cuts.

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It's time for another debate in the 2012 Presidential race and tonight's event is the lone meeting of the VP candidates, standing Vice President Joe Biden and the GOP challenger Paul Ryan. Our live-blog will include running analysis from our writers (including Steve Huntley, Carol Marin, Neil Steinberg, and Roger Ebert), bloggers, and other insight as we follow tonight's face-off. Feel free to contribute comments below.

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Trader Michael Liloia works on the floor of the New York Stock Exchange Friday, Oct. 5, 2012. Stocks are rising in early trading on Wall Street after the government reported that the U.S. unemployment rate fell below 8 percent for the first time in almost four years. (AP Photo/Richard Drew)

The economy is still in lousy shape.

You didn't need to see the September jobs report from the U.S. Bureau of Labor Statistics to know that.

You can probably see it in your own life or by just looking around a little.

But the numbers are the numbers.

The unemployment rate dropped in September from 8.1 percent to 7.8 percent. The economy added an estimated 114,000 jobs.

It's good news. Not great news, but good. Be happy for the people who found work. Be encouraged that it could continue, no matter who gets elected in November.