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Jobless Rate Dips Below 9 Percent but White House Holds the Applause
By Tom Diemer - Politics DailyThe Obama administration greeted news that unemployment finally fell below 9 percent with caution and restraint, calling the February downtick "encouraging" but warning against reading "too much into any one monthly report." "Though unemployment remains elevated, we are seeing signs that the initiatives put in place by this administration -- such as the payroll tax cut and the investment tax credit -- are creating the conditions for sustained growth and job creation," said Council of Economic Advisers Chairman Austan Goolsbee. Declines in the jobless rate over the last three months -- to the ...
Obama Adds News Conference to Tuesday Schedule
By Lynn Sweet - Politics DailyPresident Obama will hold a news conference Tuesday morning at 11 at the White House. A White House source told Politics Daily that the main purpose of the press conference is for Obama to discuss his fiscal 2012 budget, under attack from Republicans who assert his cuts did not go deep enough. Other questions will likely focus on the future of Egypt and uprisings in other Mideast nations. The press conference, which was a late addition to the president's schedule, means that the debut of new White House Press Secretary Jay Carney is probably delayed another day, since no briefing is on the ...
Winter Weather Isn't What's Ailing a Sick Jobs Economy
By Joseph Schuman - AOL NewsAmid some awfully wicked weather, the U.S. economy last month eked out a feeble number of new jobs, and hundreds of thousands of Americans stopped looking for work, which paradoxically contributed to a drop in the unemployment rate. But today's weak report from the Labor Department wasn't the result of a wintry economic cold. Rather, it was just the latest symptom of the long-term labor market affliction that has yet to evolve into a sustainable recovery. In responding to the news, Austan Goolsbee, the chief economic adviser to President Barack Obama, called the economic trends of recent ...
Opinion: One Cheer for the Unemployment Number
By John Merline - AOL NewsThe sharp drop in the unemployment rate to 9 percent should be treated as good news. Any drop, after all, is welcome. But just how good this news is depends entirely on how low your expectations are for this economic recovery. After all, the unemployment rate has been at or above 9 percent for 21 months now -- a grim record that hasn't been seen since the Great Depression. And keep in mind, too, that Christina Romer, then head of the White House's Council of Economic Adviser, predicted in January 2009 unemployment wouldn't get above 8 percent with the economic stimulus plan -- it was ...
Startup America: Obama Takes Another Step Toward Detente With Business
By Jill Lawrence - Politics DailyThe Obama administration is launching what President Barack Obama calls "a historic partnership with business leaders, investors, universities, foundations, and non-profits" to foster new businesses and the entrepreneurs who start them. The White House defined "Startup America" as a national campaign to spur private sector investment in startups and small firms, accelerate research, and knock down barriers to success. "Everybody deserves at least one chance to change the world," Austan Goolsbee, chairman of the Council of Economic Advisers, said Monday in announcing the administration ...
Federal Debt Tops $14 Trillion, U.S. Treasury Reports
By Carla Baranauckas - Politics DailyThe national debt has risen by $1 trillion since June, reaching a new high of more than $14 trillion, the U.S. Treasury reported on its website Monday. The new high was reached on Friday. To be precise, the amount of money the government owes is $14,025,215,218,708.52, according to the Treasury website. And that figure is growing ever closer to the debt limit of $14.294 trillion set by Congress. If Congress does not vote to raise the debt limit, the U.S. government could be in danger of shutting down or defaulting on its obligations. But passing an increase in the limit may be difficult, ...
Unemployment Epidemic May Be Here to Stay
By Joseph Schuman - AOL News
ANALYSIS (Dec. 3) -- The dissatisfying job numbers for November don't just represent one bad month of meager payroll expansion and snowballing unemployment. They paint the picture of a sputtering economy still so weak nearly a year and a half into a recovery that long-term high unemployment seems an increasingly likely prospect. And they do so at a time when Democrats and Republicans in Washington seem no closer to bridging their differences on how to improve the situation. Charles Dharapak, AP Vice President Joe Biden, center, Treasury Secretary Timothy Geithner, left, and Budget ...
Obama: Helping the Unemployed Will Help the Economy
By Joseph Schuman - AOL News
(Dec. 2) -- Helping long-term unemployed Americans stay afloat isn't just a good idea, it's an economic necessity. That's the argument the White House is making in a fight to get Republican support for an extension of unemployment insurance for people who have been unable to find work for half a year or longer. Federal funding of state unemployment checks for people out of work 27 weeks, put in place during the financial crisis, expired Tuesday. And unless Congress passes an extension soon, about 2 million people will lose coverage this month and nearly 7 million will be cut off by November ...
Opinion: The Tax Cut Debate Explained [VIDEO]
By not in system - AOL News(Sept. 30) -- Austan Goolsbee, the new chair of the Council of Economic Advisers at the White House, tackles the tax cut fight and what it means when congressional Republicans are "holding middle-class tax cuts hostage." Editor's note: This video first appeared on The White House Blog. ...
Meet Austan Goolsbee, Obama's Hilarious New Economic Chair
By Dana Chivvis - AOL News(Sept. 10) -- Austan Goolsbee, President Barack Obama's pick to replace Council of Economic Advisers Chairwoman Christina Romer, was once described by Washington Post columnist George F. Will as "a masochist with a sense of humor." The description is apt for one of Washington, D.C.'s most colorful personalities, the man who famously said during the 2008 presidential campaign that "there is more information on the back of a box of Fruit Loops" than in John McCain's economic plan. At 41 years old, Goolsbee will be the youngest economist to chair the council since 1969, and he is taking the ...
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