In the icy waters of the Arctic, U.S. and Canadian icebreakers have launched a five-week mission to collect data on what’s known as the “extended continental shelf.” Led by the U.S. Coast Guard Cutter Healy and the Canadian Coast Guard Ship Louis S. St-Laurent, this Arctic cruise is far more than just a scientific expedition. In fact, it could have economic, energy, and even military implications. Here’s why. Read more

A plunge in U.S. home sales and uncertainty over the Obama administration's housing policy plans are fueling fears about another looming recession. Sales of previously owned homes fell 27.2 percent in July, the lowest level in over a decade, followed by a sharp drop in new U.S. home sales, leading economists to predict a further decline in housing prices (WSJ), which stabilized last year. Such declines, coupled with high unemployment and slow hiring, could further depress consumer spending, key to short-term recovery (WashPost).

The recession that began in December 2007 ranks as the worst since World War II. It carved a huge slice out of Americans’ financial wealth and caused the biggest percentage decline in employment of the post-war era. Even though the stock market rebounded in 2009 and U.S. output began to grow in the second half of that year, the recession continues to take a terrible toll on the incomes and psychological health of many families. Read more