Economy

Archive: ‹ First  < 6 7 8 9 10 11 12 13 14 15 16 >  Last ›

Reid Says ‘Someone’ Should Offer Amendment to Stop Financial Reform from Empowering Treasury to Probe Financial Records of Law-Abiding Citizens

CNS News

Senate Majority Leader Harry Reid (D.-Nev.) says he wishes “someone” would offer an amendment to the financial regulatory bill to prevent the federal government from probing private financial records through a provision in the bill that would allow a new Treasury Department agency to demand “any data or information” from any financial firm and to use a subpoena to get that information if necessary.

Reid, however, did not respond when asked whether he would personally support such an amendment.

Obama Gives Unions a 'Massive Payback' with Executive Order, Contractors Claim

CNS News

The nation’s non-union contractors, who constitute the bulk of the construction industry, say President Obama has given a “massive payback” to unions by implementing an executive order that would help them secure billions of dollars in construction contracts on public projects -- and a House Republican congressman agrees.

The executive order, implemented in mid-April, encourages federal agencies to use “project labor agreements” or PLAs on their construction projects, which could require any non-union workers to pay into ailing union pension funds and follow work guidelines set out by a union.

Bernanke says prompt action needed on deficit

Reuters

Federal Reserve Chairman Ben Bernanke said on Tuesday the country's budget deficit is on an unsustainable path and requires near-term action from policymakers to avoid dangerous outcomes.

Though he offered no concrete proposals for fiscal reform, Bernanke flagged the rising cost of healthcare and social security programs as key hurdles in refreshing his warnings on the United States' growing debt burden.

"In the absence of further policy actions, the federal budget appears set to remain on an unsustainable path," Bernanke told the 18-member National Commission on Fiscal Responsibility and Reform.

Unemployment challenges Obama's economic narrativ

Associated Press

Even as he touts his efforts to put more Americans to work, President Barack Obama faces a public increasingly skeptical of his ability to bring jobs back to Main Street.

During stops in Iowa, Illinois and Missouri, Obama will try to convince voters that his economic policies are working, despite an unemployment rate that's expected to remain at painfully high levels for months if not years.

Those voters - many of them crucial independents - will be key to Obama's re-election prospects in 2012. And his fellow Democrats, facing a tough political climate in the November, need their support even sooner.

Economists: The stimulus didn't help

CNNMoney.com

The recovery is picking up steam as employers boost payrolls, but economists think the government's stimulus package and jobs bill had little to do with the rebound, according to a survey released Monday.

In latest quarterly survey by the National Association for Business Economics, the index that measures employment showed job growth for the first time in two years -- but a majority of respondents felt the fiscal stimulus had no impact.

Obama suggests value-added tax may be an option

Associated Press

President Barack Obama suggested Wednesday that a new value-added tax on Americans is still on the table, seeming to show more openness to the idea than his aides have expressed in recent days.

Before deciding what revenue options are best for dealing with the deficit and the economy, Obama said in an interview with CNBC, "I want to get a better picture of what our options are."

After Obama adviser Paul Volcker recently raised the prospect of a value-added tax, or VAT, the Senate voted 85-13 last week for a nonbinding "sense of the Senate" resolution that calls the such a tax "a massive tax increase that will cripple families on fixed income and only further push back America's economic recovery."

Income falls 3.2% during Obama's term

The Washington Times

Real personal income for Americans - excluding government payouts such as Social Security - has fallen by 3.2 percent since President Obama took office in January 2009, according to the Commerce Department's Bureau of Economic Analysis.

For comparison, real personal income during the first 15 months in office for President George W. Bush, who inherited a milder recession from his predecessor, dropped 0.4 percent. Income excluding government payouts increased 12.7 percent during Mr. Bush's eight years in office.

Federal Reserve Chairman Ben Bernanke sounds a warning on growing deficit

The Washington Post

Federal Reserve Chairman Ben S. Bernanke warned Wednesday that Americans may have to accept higher taxes or changes in cherished entitlements such as Medicare and Social Security if the nation is to avoid staggering budget deficits that threaten to choke off economic growth.

"These choices are difficult, and it always seems easier to put them off -- until the day they cannot be put off anymore," Bernanke said in a speech. "But unless we as a nation demonstrate a strong commitment to fiscal responsibility, in the longer run we will have neither financial stability nor healthy economic growth."

Obama to Sign Legislation Putting Government in Charge of Student Loans

Associated Press

President Barack Obama prepared Tuesday to sign the piece of his sweeping health care overhaul that makes the government the primary lender to students and strips banks of that power.

Obama's hard-fought legislative victory packaged two of his domestic priorities. Obama already signed the bulk of the health care legislation, but a final set of tweaks provided a route for the education package, the largest rewrite of federal college assistance programs in four decades.

The legislation has a wide reach. About half of undergraduates receive federal student aid and about 8.5 million students are going to college with the help of Pell Grants.

Bullet 333Barry Asmus, Senior Economist, National Center for Policy Analysis
Bullet 333David Bossie, President, Citizens United
Bullet 333Dan Celia, Host, "Financial Issues Live" Radio Program
Bullet 333Phil Clements, Managing Director, Center for Christian Business Ethics Today, LLC.
Bullet 333Chuck Colson, Prison Fellowship
Bullet 333Ward Connerly, Author/Founder and Chairman, American Civil Rights Institute
Bullet 333Tom DeLay, Former House Majority Leader, United States House of Representatives
Bullet 333William Devlin, National President, Redeem The Vote
Bullet 333Chuck Donovan, Senior Research Fellow-DeVos Center for Religion a, The Heritage Foundation
Bullet 333James Edwards, Cofounder, Olive, Edwards, & Cooper, LLC
Bullet 333Steve Elliott, President, Grassfire.org
Bullet 333Joseph Farah, CEO, Founder, WorldNetDaily
Bullet 333Frank Gaffney, Founder and President , Center for Security Policy
Bullet 333James Gelfand, Senior Manager of Health Policy, U.S. Chamber of Commerce
Bullet 333Lou Giuliano, Chairman, President and Chief Executive Officer (r, ITT Corporation
Bullet 333Rick Green, President, Torch of Freedom Foundation
Bullet 333Colin Hanna, Colin Hanna, President, Let Freedom Ring USA
Bullet 333Lowman Henry, Chairman & CEO, Lincoln Institute of Public Opinion Research, Inc.
Bullet 333Larry Hunter, President, The Social Security Institute
Bullet 333Phillip Kim, Assistant Professor of Management and Human Resour, University of Wisconsin-Madison School of Business
Bullet 333Cliff Kincaid, President, America's Survival, Inc.
Bullet 333Jennifer Marshall, Director of Domestic Policy Studies, The Heritage Foundation
Bullet 333Gary Marx, Executive Director, Judicial Confirmation Network
Bullet 333Ryan Messmore, William E. Simon fellow in Religion and a Free Soc, The Heritage Foundation
Bullet 333Joe Murray, Columnist, The Bulletin
Bullet 333Grover Norquist, President, Americans for Tax Reform (ATR)
Bullet 333Phyllis Schlafly, President and Founder, Eagle Forum
Bullet 333Chuck Stetson, Co-founder and Managing Director, PEI Funds
Bullet 333Tony Strickland, Taxpayer Advocate
Bullet 333Lorianne Updike, President & Executive Director, The Constitutional Sources Project
Bullet 333John Weiser, Board Member, Westminster Theological Seminary , In Medias Res

House to Vote on Jobs Bill That Includes Tax Breaks for New Hires

Associated Press

A measure blending highway funding eagerly sought by the states with tax breaks for companies that hire unemployed workers appeared headed for House passage Thursday as Democrats work to send President Barack Obama the first of several promised election-year jobs bills.

Some Democrats, especially those representing minority districts, feel that the Senate's $35 billion proposal is too puny. The pressure, however, is on Democrats to create jobs and to deliver a badly needed win for Obama and a Democratic Party that's struggling in opinion polls and faces losses in upcoming midterm elections.

American reliance on government at all-time high

The Washington Times

The so-called "Great Recession" has left Americans depending on the government dole like never before.

Without record levels of welfare, unemployment and other government benefits as well as tax cuts last year, the income of U.S. households would have plunged by an astonishing $723 billion — more than four times the record $167 billion drop reported last month by the Commerce Department.

Moreover, for the first time since the Great Depression, Americans took more aid from the government than they paid in taxes.

Obama Says Raising Taxes Will Fix Social Security

Associated Press

President Barack Obama says Social Security is slowly running out of money but that it can exist well into the future with a slight fix.

The system is funded with a tax on earnings, up to $109,000 a year. Obama says lifting that cap to tax a larger share of income would be one way to extend the system of monthly payments for retirees. It also would be unpopular with some.

Without an adjustment, Obama said Social Security will start to run out of money in about 20 years as more people begin collecting benefits.

Economy forces states to reduce Medicaid spending

USA Today

More than half the states are reducing Medicaid services and payments to health care providers this year as the recession propelled enrollments to record levels and sapped money from treasuries.

Governors who will meet with President Obama this weekend have taken some actions to close budget deficits. Arizona froze enrollment in its Children's Health Insurance Program. California plans to close adult day health care centers next month. Nevada is cutting coverage for eyeglasses, dentures and hearing aids.

Most states are threatening bigger cuts starting in July unless Congress extends a higher federal contribution included in last year's $862 billion economic stimulus law. Some of those cuts would make it harder for low-income people to qualify.

Brand names fight to stay in stores

CNNMoney.com

Don't be shocked if you can't find your favorite salad dressing or mouthwash on your next trip to Wal-Mart.

Large retailers -- including Wal-Mart (WMT, Fortune 500), the world's biggest -- are wrestling with having too many types of brand-name products. At the same time, shoppers are buying less and looking for bargains.

So unless a particular brand is a top seller in its category, it's getting knocked off the shelf -- and sometimes getting replaced by a cheaper store brand.

U.S. Debt Will Keep Growing, Even With Recovery

Associated Press

It's bad enough that Greece's debt problems have rattled global financial markets. In the world's largest economic and military power, there's a far more serious debt dilemma.

For the U.S., the crushing weight of its debt threatens to overwhelm everything the federal government does, even in the short-term, best-case financial scenario -- a full recovery and a return to pre-recession employment levels.

Senate Democrats Scrap Bipartisan Jobs Bill for Pared-Down Version

Associated Press

Senate Democrats scrapped a bipartisan jobs bill in favor of one they say is leaner and focused solely on putting Americans back to work, and they're all but daring Republicans to vote against it.

The new, stripped-down proposal followed criticism that the bipartisan version wouldn't create many jobs.

Bailout panel cites commercial real estate danger

Associated Press

Over the next several years, failed commercial real estate loans could litter American cities with empty stores and office complexes, cause hundreds of bank failures and weaken the economy, a watchdog report says.

Banks face up to $300 billion in losses on loans made for commercial property and development, according to a report released Thursday by the Congressional Oversight Panel. The panel monitors the government's efforts to stabilize the financial system.

Senators Spar Over Jobs Bill

Wall Street Journal

Democratic and Republican senators struggled to hammer out a modest bipartisan job-creation package Thursday, reflecting how a turbulent political atmosphere is snarling even legislation with popular support.

The halting cross-party cooperation reflects intense public pressure for the parties to develop legislation designed to tackle the nation's high unemployment. But even if a jobs bill passes in the Senate next week, it faces skepticism in the House, which passed its own comprehensive jobs package in December. An array of more controversial job-creation proposals have been left for later, leaving their fate in doubt.

Public Health Tab to Hit Milestone

Wall Street Journal

For the first time, government programs next year will account for more than half of all U.S. health-care spending, federal actuaries predict, as the weak economy sends more people into Medicaid and slows growth of private insurance.

The figures show how federal and state spending is taking a bigger role while Congress hesitates over a health-care overhaul.

Over the next ten years, health spending is expected to balloon to $4.5 trillion. Despite this, the government's health overhaul has stalled, Peter Landers reports.

First-time jobless claims rise unexpectedly

Associated Press

The number of newly laid-off workers filing initial claims for jobless benefits rose unexpectedly last week, evidence that layoffs are continuing and jobs remain scarce.

The rise is the fourth in the past five weeks. Most economists hoped that claims would resume a downward trend that was evident in the fall and early winter.

Our Mission: We want to stimulate thoughtful debate and presentation of controversial issues on radio and television news and public affairs shows by representing guests who have something to say, and who know how to say it.