Congressional Budget Office to underscore the remarkable deterioration in the govt's fiscal health over the last
two years and to forecast bigger deficits than President Bush has predicted in both the short- and long-term. The CBO has said the government will run a deficit of around $157 billion in fiscal year 2002

HOUSE SALES AND VALUES UP -
Motivated by low interest rates, buyers pushed sales of new homes up 6.7 percent in July. The advance propelled sales to a seasonally adjusted annual rate of 1.02 million, an all-time monthly high, the Commerce Department reported today. The increase surprised analysts who were forecasting sales to fall around 3 percent. Clearly the butcher, baker and candlestick maker (aka ordinary folks securities selldowns) went into realty or mortgage returns.

Recent months show a mild upturn in cars and computer sales but consumer spending accounts for about two-thirds of the nation's economic activity and that is down more then analysts predicted. Looks a kind of haves and more havenots scenario.. huh?

The Pharmaceutical Research and Manufacturers of America (PhRMA) and allied patients groups presented oral arguments today in federal court in
Washington, D.C., in support of their lawsuit to stop Michigan and other states from using preferred drug lists to cut Medicaid costs. The lawsuit
(PhRMA v. Thompson and Scully), which is opposed by the Bush
administration, seeks to ensure that Medicaid patients have access to any drugs prescribed by their doctors in Michigan and 13 other states that have implemented or plan to adopt drug formularies. Under Michigan's law, the approved Medicaid list is limited to drugs whose manufacturers pay
rebates to the state.
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US steel tariffs have proven the disaster every economic analyst predicted. Since the imposition of steel tariffs in March, steel prices have risen 30 to 50%, and manufacturers are unable to obtain needed steel supplies. Steel shortages are forcing layoffs and it is estimated that 8 times as many jobs will be lost in the steel-consuming sector than will be saved by steel producers. Tariffs mean heightened prices for the American consumer, as well as higher prices -- and loss of U.S. competitiveness -- on exports. But in the Exclusions Register it is understood the Japanese are mildly impressed with recent additions.
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JUST WHEN THE NEWS IS ALL ABOUT FLOODING.. THIS..
Drought on virtually every continent has slashed worldwide grain production, depleted inventories, and drained underground water tables, making higher food prices a certainty, the Earth Policy Institute said Wednesday. It also raises questions about how well the world will be able to feed itself during the next few decades, said Lester Brown, president of the environmental think tank.
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Irish tax on shopping bags nets 3.5 million euros. That's right, folks, cut down plastic bag use with a 15cents/bag charge. High reuse gets to be the way and sustainability.
National Association of Scientists is well-respected for its broad expertise, objectivity and coverage of science in the USA. Never more so than about its most recent report on biotechnology in non-food chain animals. Asked to review the state of progress from a negative aspect - side-effects, ill-effects - it came out with a 'mild to moderate' rating overall, nothing that a precautionary approach would be unable to tolerate.
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ONLINE SALES RISE:
Online sales of consumer goods worldwide totaled $6 billion last month, up 26 percent from the year-earlier month, according to ComScore Networks Inc., an Internet research firm. Contributing to the rise were online sales of computer hardware, which grew 30 percent to $927 million, and travel services, which grew 32 percent to $2.9 billion. ComScore tracks the Internet surfing and purchasing habits of 1.5million people around the world, 1.1 million of whom are in the United States.
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