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Will Federal Stimulus Money for States Expire Before Recovery Arrives?
By Lou Cannon - Politics DailyWhen White House economic adviser Lawrence Summers testified before Congress last year to urge passage of the American Recovery and Reinvestment Act of 2009, he promised that the $787 billion stimulus would be "timely, targeted and temporary." But as David Wyss, chief economist for Standard and Poor's, observes, "the three T's did not occur." The Recovery Act was passed late and politics trumped targeting in many states. Of necessity, federal stimulus has also proven less temporary than Summers and his boss, Barack Obama, envisioned. In an effort to spur the lagging recovery, Congress has ...
Officials Say Jobs Will Grow Next Year, but It Will Be a Long Road Back
By Bruce Drake - Politics DailyTop Obama administration economic officials, as well as former Federal Reserve Chairman Alan Greenspan, expressed confidence today that job growth will resume next year, but they cautioned that it will take time until the unemployment rate returns to its pre-recession levels. ...
Summers: "People Forget Just How Close to the Edge the Economy Was''
By Walter Shapiro - Politics DailyLarry Summers, the president's leading economic adviser, can identify in retrospect the moment when the world financial crisis eased. It was in April, when the former Treasury secretary realized that he was no longer nervously awakening at 4 in the morning to check the Asian markets. Now in mid-summer, as the Dow Jones industrial average crossed the 9000 mark for the first time since Barack Obama was inaugurated, it is easy for most voters to forget the white-knuckle fears of economic collapse. As Summers said in a Thursday afternoon interview, "The combination of complexity of the economy ...
Advisor Pledges Barack Obama Will Hold Unemployment Below Ten Percent
By Mark Impomeni - Politics DailyClearly playing the expectations game ahead of President-elect Barack Obama taking office, the incoming chairman of the National Economic Council said Sunday that Obama's economic plan will keep the nation's unemployment rate below ten percent. The unemployment rate is currently 7.2 percent, which means that Summers' pledge can be seen as an admission that the incoming Administration expects to see staggering job losses in the sort term. "I think while we're going to see substantial job losses, frankly what's important about the president's program here is that it is going to contain what ...
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