All Entries Tagged With: "Stimulus"
Dean Baker: Incentives for Recovery
“No one could’ve seen this coming.” We heard that line over and over again as the economy crumbled around our ears. Yet many people DID see it coming, and Dean Baker was one of them. Co-Director of the Center for Economic And Policy Research, blogger at Beat the Press, and author of a new book, False Profits: Recovering from the Bubble Economy
GRITtv: Dean Baker: Incentives for Recovery.
U.S. threatens to rescind stimulus money over wage cuts
U.S. threatens to rescind stimulus money over wage cuts
The Obama administration threatens to rescind billions in stimulus money if Gov. Schwarzenegger and lawmakers do not restore wage cuts to unionized home healthcare workers.
Reporting from Sacramento — The Obama administration is threatening to rescind billions of dollars in federal stimulus money if Gov. Arnold Schwarzenegger and state lawmakers do not restore wage cuts to unionized home healthcare workers approved in February as part of the budget.
Schwarzenegger’s office was advised this week by federal health officials that the wage reduction, which will save California $74 million, violates provisions of the American Recovery and Reinvestment Act. Failure to revoke the scheduled wage cut before it takes effect July 1 could cost California $6.8 billion in stimulus money, according to state officials.
via U.S. threatens to rescind stimulus money over wage cuts – Los Angeles Times.
More Fiscal Stimulus is Needed to Reverse Economic Decline
More Fiscal Stimulus is Needed to Reverse Economic Decline – by Mark Weisbrot
In February the Congress approved $787 billion of federal spending, in order keep the economy from sinking into a deeper recession. However it is increasingly clear that this is not enough, and a third stimulus (the first was a small stimulus package early last year) will be necessary.
About $584 billion of the stimulus package will be spent over the next two years, in order keep the economy from sinking into a deeper recession. This sounds like a lot of money, but it is only about two percent of Gross Domestic Product (GDP) over the next two years. Our economy shrank at an annual rate of 6.3 percent in the fourth quarter of last year; economists surveyed by the Wall Street Journal project negative 1.4 percent for 2009, with recovery beginning in the second half. However these forecasts have been over-optimistic in the past — most economists missed the housing bubble and the disastrous impacts of its inevitable collapse.
In short, we really don’t know where the bottom of the recession is, or whether a prolonged period of high unemployment and weak growth will follow. There has been a lot of emphasis on curing the ills of the financial system, and this is surely necessary for a sustained recovery to take hold. However it is not sufficient. Even if the U.S. Treasury’s latest plan were to restore solvency to the entire financial system — and this seems very unlikely — we would still be facing a serious recession in the real economy. Even solvent banks are not going to increase lending if there are no additional credit-worthy borrowers seeking loans.
via More Fiscal Stimulus is Needed to Reverse Economic Decline | CommonDreams.org.
A meaningful stimulus for Main Street
A meaningful stimulus for Main Street
By Ethan Pollack
Recent news that retail sales dropped 1.2% in September—on top of analysts’ predictions of negative gross domestic product growth in the third quarter—leave little room for doubt that a new serving of stimulus is certainly needed. While Congress may be tempted to model the next round after the last one—that is, emphasizing large tax rebates—the current economy demands a final stimulus package that will provide maximum economic bang for the buck.
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via A meaningful stimulus for Main Street.
79 percent support the Stimulus package
The Rising (Progressive) American Electorate, A New Survey by Women’s Voices, Women’s Vote
Women’s Voices, Women’s Vote (WVWV) released a new survey on voting and civic engagement in the 2008 election (h/t Tom Manatos). The survey looks specifically at the “Rising American Electorate”, defined by those demographics that are increasingly progressive and populous–unmarried women, African American voters, Latino and young voters. These demographics were strong Obama supporters and voters. The survey totals 1,649 interviews, 337 of which are of young voters. While the youth sample size is smaller than other surveys on similar topics (as well as when compared to the over three demographics groups in the survey), it is the most recent survey of its kind to investigate the 2008 election. Let’s begin with some of the big findings on young voters.
* 79 percent support the Stimulus package that was passed by Congress and signed by President Obama
* Only 36 percent rate their personal economic situation as ‘Excellent’ or ‘Good‘
* 77 percent feel that President Obama is speaking directly to them and the issues they care about
* 46 percent reported that they were absolutely certain they would vote in the 2010 election cycle.
PAUL A. VOLCKER: JOINT ECONOMIC COMMITTEE | The Big Picture
PAUL A. VOLCKER: JOINT ECONOMIC COMMITTEE
STATEMENT OF PAUL A. VOLCKER
BEFORE THE JOINT ECONOMIC COMMITTEE
WASHINGTON, DC FEBRUARY 26, 2009
Madame Chairwoman and Members of the Joint Economic Committee:
It is no secret that we are living in a difficult time for the economy, with unprecedented complexities,
complications and risks for financial markets and financial institutions. You have entitled this hearing “Restoring the Economy: Strategies for Short-term and Long-term change”.
I appreciate the invitation to address those issues, but I am sure you understand that any brief statement may elicit as many questions as answers. In the circumstances, I will proceed by making a few points that I consider highly relevant in the effort to achieve recovery, greater stability, and protection against a future financial crisis. We must not again leave the markets so vulnerable that a breakdown will again threaten the national and world economies.
1. My first point is to emphasize an essential longer-term reality.
The present crisis grew out a serious andunsustainable imbalance in the United States and world
via » Print PAUL A. VOLCKER: JOINT ECONOMIC COMMITTEE | The Big Picture.
FT.com / Wall Street rallies on US budget plans
Wall Street rallies on US budget plans
US financial stocks were notable winners early on Thursday, although the wider market struggled for momentum as investors digested the Obama administration’s projected $1,750bn fiscal deficit.
The gains came after Mr Obama proposed a deficit that was larger than previously forecast, including $250bn set aside as a “placeholder” in case more money is needed to aid the financial system.
via FT.com / Markets – Wall Street rallies on US budget plans.
The Raw Story | AP: Obama budget moves toward universal healthcare
Obama budget moves toward universal healthcare
WASHINGTON– President Barack Obama is sending Congress a “hard choices” budget that would boost taxes on the wealthy and curtail Medicare payments to insurance companies and hospitals to make way for a $634 billion down payment on universal health care.
Obama’s first budget, which will top $3 trillion, predicts the deficit for this year will soar to a whopping $1.75 trillion, according to administration officials who spoke on condition of anonymity before the public unveiling of the budget Thursday. The huge deficit reflects the massive spending being undertaken to battle a severe recession and the worst financial crisis in seven decades.
via The Raw Story | AP: Obama budget moves toward universal healthcare.
States of panic | Salon News
There’s fiscal chaos in capitals coast to coast and the stimulus didn’t stop it. A tour of the mayhem, from the nearly bankrupt, like California, to the flush.
Feb. 26, 2009 | On Monday, during a White House meeting with the nation’s governors, President Obama told his listeners that the check was in the mail. Fifteen billion in Medicaid money from the stimulus bill was distributed beginning Wednesday. “That means,” he said, “that by the time most of you get home, money will be waiting to help 20 million vulnerable Americans in your states keep their healthcare coverage.”
Obama cuts funds for Nevada nuclear dump
Obama cuts funds for Nevada nuclear dump Newsweek.com.
President Barack Obama is taking the first step toward blocking a nuclear waste dump at Nevada’s Yucca Mountain by slashing money for the program in his first budget, according to congressional sources.
Obama’s budget to be announced Thursday will eliminate virtually all funding for the Yucca project with the exception of money needed for license applications submitted last year to the Nuclear Regulatory Commission.
“The Yucca Mountain program will be scaled back to those costs necessary to answer inquiries from the Nuclear Regulatory Commission while the administration devises a new strategy toward nuclear-waste disposal,” the Energy Department will say as part of the budget document, said the sources, who asked not to be identified because the document had not been made public.
Obama approval ratings rise 17 percent after speech
Obama approval ratings rise 17 percent after speech.
A flash CBS News poll conducted Tuesday evening found broad increases of support in almost all areas surrounding President Barack Obama’s approval of the economy.
In fact, Obama’s approval rating for handling the economic crisis leapt 17 percent after the speech among those who watched it, from 63 to 80 percent.
51 percent of viewers felt that Obama’s economic plans would help them personally, with 36 percent before the speech — and increase of 15 percent.
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The oligarchs openly talking about a coup d'état in America?
Multi-millionaire lobbyist Grover Norquist is calling for the impeachment of President Obama. In an interview with the right-wing National Journal - Norquist warned that if President Obama wins re-election and decides to let the Bush tax cuts for the top 2% expire at the end of the year - then Republicans will "have enough votes in the Senate in 2014 to impeach [him]."What does that mean? It means that the super rich in America - and their political operatives like Norquist in Washington, DC - have now compared a tiny tax increase on the wealthy to high crimes and treason - the only Constitutional basis Congress can use to impeach a President. It sounds like the oligarchs are now openly talking about a coup d'état in America.-Thom(Do you think will try it? Tell us here.) -
LEGALIZE Democracy
" We the corporations" On January 21, 2010, with its ruling in Citizens United v. Federal Election Commission, the Supreme Court ruled that corporations are persons, entitled by the U.S. Constitution to buy elections and run our government. __________
MOVE to AMEND
a project of the CAMPAIGN TO LEGALIZE Democracy
Help end Corporate personhood
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The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. 
