For those who think a recession is the worst thing that could happen to the U.S. economy, the NYT and WSJ both front looks at increasing fears that the country could enter into a period of stagflation. The United States hasn't experienced this dreaded mixture of rising inflation and unemployment coupled with slumping growth since the 1970s, and the prospect raises big questions for the Federal Reserve because it can't deal with one problem without making the other one worse. "They are walking a very fine line right now," an expert tells the NYT.
Many have expressed skepticism that the administration would undertake such an expensive and complex operation to shoot down a satellite for something that carried a negligible risk. Some have suggested the Pentagon wanted to test its capabilities a year after China shot down an aging weather satellite, while others say it had to do with testing missile defense technology. "This is only conceivable if you can imagine that the people who are in charge of intelligence-gathering might attempt to mislead the American public," writes the NYT'sGail Collins.