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Since the early 1980s, with the exception of that brief downturn during the recession of 1990-91, consumer spending in the U.S. has risen every quarter. Over that period, our pocketbooks have come to commandeer an ever greater portion of the economy, from 62% of gross domestic product (GDP) in 1981 to 70% now. Spending by U.S. consumers accounts for 19% of global economic activity...
...standards before automakers. But Obama also sees political necessity to pander, proposing, for instance, that senior citizens who earn less than $50,000 be exempt from income taxes. That stance could explain how his support among older voters, who make up a disproportionate share of the Iowa electorate, has risen 8 points since July in a Washington Post/ABC poll...
...past summer, but the celebratory pageantry masked an underlying identity crisis. In many ways, the country is a success story, the very model of a modern Asian nation. Buoyed by oil revenue, capital Kuala Lumpur bristles with skyscrapers and industrial parks, while a massive administrative capital called Putrajaya has risen from what were palm-oil plantations two decades ago. In September, Malaysia's first astronaut blasted into space, his flight mirroring the nation's ambitions. Poverty has been reduced from half the population at independence to just 5% today, as an affirmative-action policy created a prosperous Malay middle class...
...human population. But with an African elephant population growing at a rate of 4.5% a year, the animals are moving into areas where they haven't been seen in 100 years, if ever. From his base next to Victoria Falls in Livingstone, Zambia, a country where their numbers have risen from 7,000 to 30,000 in the last decade and where up to 10 people are being gored or trampled each year, Osborn found elephants were making new enemies. "The view of most people I met was that if they could have elephants shot, they would," he says...
...July 2006, the world's oil rigs pumped out crude at a rate of nearly 85.5 million bbl. a day. They haven't come close since, even as prices have risen from $75 to $98 per bbl. Which raises a question of potentially epochal significance: Is it all downhill from here...