economy

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Obama Asks to Unveil Jobs Plan to Congress

He wants to address joint session on Sept. 7

(Newser) - Congress will hear about President Obama's plan to create jobs directly from the source: He has asked to address a joint session at 8pm EST on Sept. 7, reports the Hill . His plan would be delivered on the same night and the same time as a GOP presidential debate...

Obama to GOP: 'Stop Drawing Lines in the Sand'

President winds up bus tour, says Republicans blocking economic growth

(Newser) - President Obama accused Republicans of keeping a politically motivated stranglehold on the US economy as his three-day bus tour of the Midwest wrapped up today, the Los Angeles Times reports. "I need you to send a message to folks in Washington," he told voters at a seed-production facility...

New York Times Editors: Why the Gas Tax Is Essential

 Why the 
 Gas Tax Is 
 Essential 
OPINION
Aug 16, 2011 12:32 PM CDT

Why the Gas Tax Is Essential

It protects our highways, creates jobs, and aids the planet

(Newser) - The federal gas tax—18.4 cents per gallon—is due to expire Sept. 30. For the sake of our infrastructure, our economy, and our environment, we can’t let that happen, write the editors of the New York Times . Its expiration “would bankrupt the already stressed Highway Trust...

Paul Krugman: Rick Perry's 'Texas Miracle' Economy Pure Myth
 Rick Perry's 
 'Texas Miracle' 
 Is Pure Myth 
paul krugman
Aug 15, 2011 11:13 AM CDT

Rick Perry's 'Texas Miracle' Is Pure Myth

Texas hasn't escaped unemployment—and 'Perrynomics' wouldn't work nationally

(Newser) - Rick Perry’s campaign will probably focus on an “alleged economic miracle” in Texas, predicts Paul Krugman: People think the state “sailed through the Great Recession almost unscathed thanks to conservative economic policies," which Perry will no doubt argue that he can replicate nationwide. Thing is, there...

Crash May Have Been Worse Than Thought
Crash May Have Been Worse Than Thought
nate silver
Aug 4, 2011 12:57 PM CDT

Crash May Have Been Worse Than Thought

Nate Silver sees bad things in long-term GDP graph

(Newser) - Need a pick-me-up given today's depressing stock news ? Then be advised that Nate Silver's column in the New York Times is not for you. The stats guru plots GDP going back to 1877 and sees signs that our recent "economic crash was even worse than economists...

Moody's Keeps Triple-A Rating for US, but ...

It says the outlook is 'negative;' no word yet from S&P

(Newser) - Two of the big three rating agencies have spoken, and neither is yanking the nation's triple-A credit rating—for the time being. Moody's kept the Aaa in place in the wake of the debt ceiling deal but said the rating outlook is "negative," meaning it can...

59% Pessimistic About US Economy
 59% Pessimistic 
 About US Economy 
survey says
Jul 25, 2011 3:27 PM CDT

59% Pessimistic About US Economy

That's the highest level in nearly 15 years

(Newser) - With unemployment levels high and the US on the brink of default , is it any surprise that American pessimism has reached a 15-year high? A new CNN poll cited by Politico finds that 59% expect the economy to be in bad shape a year from now, the highest percentage since...

More Gloom: Layoffs Hit 9-Month High

And the future is looking bleak, say economists

(Newser) - Layoffs have climbed to their highest level in nearly a year—1.78 million workers were handed pink slips in May, the most since August 2010—increasing ever-present fears about the US economy. The Wall Street Journal highlights the latest casualties: Cisco Systems plans to slash 6,500 jobs; Lockheed...

Obama: I Won't Sign Any 'Stop-Gap' Debt Deal

President says budget talks will continue 'every day'

(Newser) - Compromise was the theme of President Obama's press conference today, during which he acknowledged that yesterday's budget talks did not result in a deal—but promised that "we're gonna meet every single day until we get this thing resolved." He insisted that he and "...

Next for South Sudan: Building an Economy

Officials want to wean the new nation off oil

(Newser) - In South Sudan, the world's newest nation , 98% of revenue comes from oil—and one of the first tasks its nascent government must tackle is how to change that, since oil revenue must still be split with the north. Work will begin today on building an economy that's...

Paul Krugman: President Obama Seems to Have Accepted Republicans' Economic Fixes

 Obama Now 
 Talking Like 
 a Republican 
Paul Krugman
Jul 8, 2011 1:26 PM CDT

Obama Now Talking Like a Republican

Paul Krugman: It's getting harder to trust him on the economy

(Newser) - The way President Obama is talking lately, it sounds an awful lot like he's accepted the "economic fallacies" of Republicans, writes Paul Krugman in the New York Times . He seems more concerned about cutting the deficit and slashing spending than creating jobs. It's possible this is part...

Obama on Jobs: 'We've Still Got a Long Way to Go'

President urges Congress to act on several initiatives to juice economy

(Newser) - President Obama didn't try to put a pretty face on today's bleak unemployment figures : The numbers confirm "what most Americans already know," he said: "We still have a long way to go and a lot of work to do." He urged Congress to pass...

In This Crappy Economy, Corporate Profits Soar

There's a disconnect between profitability and jobs

(Newser) - There's a whole lot of evidence that the US' economic recovery isn’t going well—unemployment remains too high, consumer lending too low, and consumer confidence in shambles—but one place you won’t find that evidence is on corporate balance sheets. US companies are poised to post big...

Consumer Spending Weakest in 20 Months

May showed first decline since January 2010

(Newser) - Americans spent in May at the weakest pace in 20 months, a sign that high gas prices and unemployment are holding back the economy. Consumer spending was unchanged, the worst result since September 2009, the Commerce Department said today. When adjusted for inflation, spending actually dropped 0.1%—the first...

Bill Clinton's 14 Ways to Create Jobs

Clinton prepares for Global Initiative meeting—on fixing America

(Newser) - If unemployment seems like an insurmountable problem, never fear: Bill Clinton is here, and he has solutions—14 of them, which he’ll bring next week to the first US-focused meeting of the Clinton Global Initiative. Among the highlights of his jobs blueprint, as shared with Newsweek :
  • Make it easier
...

Paul Krugman: Don't Listen to Joe Lieberman--Medicare Means Savings

 Actually, We 
 Need More 
 Medicare 
paul krugman
Jun 13, 2011 9:58 AM CDT

Actually, We Need More Medicare

Lieberman's plan to raise eligibility to 67 would mean huge costs

(Newser) - Joe Lieberman’s proposal to raise Medicare eligibility to age 67 is proof that we’ve really “gone off the rails,” writes Paul Krugman in the New York Times . Really, we should be doing the opposite: extending Medicare, because it “actually saves money—a lot of money—...

Bernanke, Obama Agree: No Double-Dip

Fed chief, president expect recovery will strengthen

(Newser) - Ben Bernanke isn’t worried about a double-dip recession, despite an economy he acknowledged as unexpectedly troubled this year, reports MarketWatch . “I expect hiring to pick up from last month’s pace as growth strengthens in the second half of the year,” the Fed chairman told a meeting...

US Keeps Repeating Same Mistake on Economy

Paul Krugman: We have to worry about jobs, not the deficit

(Newser) - The US made a terrible mistake last year by not spending enough money on the economic recovery, and it's on track to repeat the error on a larger scale this year, writes Paul Krugman in the New York Times . Deficit hawks were allowed to overrule those concerned about job...

Dow Plunges 280, Erases Quarter of Year's Gains

Two bleak reports raise fears about recovery

(Newser) - Fears that the US economy is stalling sent the Dow Jones industrial average down 280 points, erasing more than a quarter of the stock market's gains for the year. A pair of reports raised new doubts about the economy's strength: A key manufacturing index fell from its April...

Kids, Law School May Be a 'Ruinous' Investment

Don't go just to wait out the job market: Elie Mystal

(Newser) - The lousy economy has lots of new college grads moving back in with the folks and heading to law school to wait out the job market. Very bad idea, writes Elie Mystal at the AbovetheLaw blog . "You know what’s worse than walking around with a bunch of college...

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