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American Recovery and Reinvestment Act
Stimulus Provided Large Jobs Boost, Says CBO Report
By Steven Hoffer - AOL News(Nov. 24) -- Here is one thing you can be thankful for: The heavily criticized American Recovery and Reinvestment Act generated a rise of between 1.4 and 4.1 percent in national output from July to September, according to a report from the nonpartisan Congressional Budget Office. With the unemployment rate still at the forefront of public concerns, the CBO said the stimulus package also created between 1.4 million and 3.6 million jobs during the same period. The stimulus did not, however, decrease the unemployment rate to below 8 percent, as the Obama administration promised when it sold the ...
How a Poorer America Is Holding Back the Recovery
By Joseph Schuman - AOL News(Sept. 16) -- The nation's epidemic unemployment knocked nearly 4 million more Americans into poverty last year, swelling the ranks of the poor to the largest number in at least half a century. And if the depth of the pain wrought by the financial crisis is already familiar, what's emerging is a new picture of how that pain has undermined the economic recovery and complicated government efforts to get the country back on track. The Census Bureau today said the poverty rate climbed to 14.3 percent, or roughly one in seven people living in the U.S., from 13.2 percent in 2008. That's the ...
Fighting the 'Big Is Bad' Narrative: Dems Go Bite-Sized on Recovery, Health Laws
By Jill Lawrence - Politics DailyHouse Republicans have gone home for their August recess armed with a memo mocking Democrats for billing this season as "Recovery Summer." A better name, campaign committee chairman Pete Sessions wrote, might be "Run for Cover Summer." Democrats "have their backs to the wall," he said, because of their unpopular "big-government agenda." There is plenty of fodder for Republicans' "big is bad" narrative, given the huge stimulus, health care and financial regulation laws enacted in the last 18 months over their near-solid opposition. The GOP story line is simple and thus far effective: Big ...
As Federal Debt Spirals, States May Not Be Able to Count on U.S. Help
By Lou Cannon - Politics DailyWhen he was faced with conflicting fiscal assessments, Ronald Reagan often quipped that if all the economists were laid end to end they wouldn't reach a conclusion. Nor was he the first president to question such equivocation. Harry Truman supposedly asked aides to provide him with a one-armed economist "because economists are always saying, 'On the one hand, on the other. . .' " The Truman story is likely apocryphal, but it reflected a frustration of the time of chief executives -- namely that economists tended to hedge their bets. No longer. Today, economists are offering President Barack ...
Change Index: Obama's 5 Most Far-Reaching Accomplishments to Date
By David Knowles - AOL News(July 21) -- On Tuesday, President Barack Obama signed a new financial reform bill into law, the culmination of a two-year struggle to fundamentally alter how Wall Street does business in the wake of the 2008 economic crisis. Surge Desk's Dana Chivvis earlier highlighted the main changes the law will herald for consumers and industry alike, but we are also keeping tabs on where President Obama now stands vis-a-vis the overall change he promised to deliver to the country. Setting aside the question of whether his legislative accomplishments are positive or negative, Surge Desk has gone back ...
Opinion: Washington's Phony Stimulus Debate
By John Merline - AOL News(July 9) -- A recent Los Angeles Times headline seems to say it all: "With federal stimulus funds running out, economic worries grow." It's but one of a running series of articles and commentaries about the alleged dangers of the stimulus drying up just as the economy is softening. Here are some more. Time: "Do We Need a Second Stimulus?" CNN Money: "Stimulus: The big bang is over." Washington Times: "Recovery slows down as stimulus funding expires." A Washington Post story warns: "If Congress doesn't provide additional stimulus spending, economists inside and outside the ...
Biden Lays Out Plans for 'Recovery Summer'
By Alex Wagner - Politics DailyThe White House this week revealed plans to make the summer of 2010 "Recovery Summer" -- focusing on the economy and the job market in a period projected to have the highest levels of recovery act-sponsored activity to date. On Thursday, Vice President Joe Biden noted, "We've gone from hemorrhaging over 700,000 jobs a month the first several months . . . to adding several hundred thousand jobs a month in the last several months." He cited 2.3 to 2.8 million jobs saved or created by last year's stimulus bill, and projected that the U.S. was on track to create or save 3.5 million jobs by the end ...
Stimulus Anniversary: What the Numbers Say
By Joseph Schuman - AOL News(Feb. 17) -- So how much did the stimulus help the economy? President Barack Obama hailed the one-year anniversary of the American Recovery and Reinvestment Act on Tuesday, arguing that the massive stimulus package averted a depression and is "one of the main reasons the economy has gone from shrinking by 6 percent to growing at about 6 percent." The money pumped into the economy last year by the stimulus "is responsible for the jobs of about 2 million Americans who would otherwise be unemployed," he added. To House Republican leader John Boehner, however, the bill produced a "year of broken ...
Government Waste Under the Cloak of Greenness
By Joann M. Weiner - Politics DailyIt's time to stop covering up government waste, fraud and abuse with a "green" cloak. Yes, global warming is happening and, yes, the government can help slow the process by encouraging companies to reduce their greenhouse-gas emissions. One way is to retrofit high-polluting buildings with equipment more environmentally sound than that used when the buildings were constructed decades ago. But putting that equipment in buildings slated to be razed, as the Washington Post discovered has been happening, is not the way to go. It's not just wrong to spend limited government resources this way, ...
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