The Supreme Court is due to hear this Wal-Mart sex bias lawsuit. Any ideas on how the Court will decide.
Category Archives: The Economy
With a victory on the financial regulation overhaul in his pocket—a “key pillar” in his recession recovery plan—President Obama said a Republican plan for the economy would move the country backward to the job-killing policies of his predecessor. “It took nearly a decade of failed economic policies to create this mess, and it will take years to fully repair the damage,” Obama said in his weekly address that aired Saturday, vowing that his policies would move the country forward. That’s expected to be one of the White House’s main messages during this fall’s midterm elections. The president admitted that the growth since the credit crisis two years ago hasn’t created enough jobs, but said the GOP would make things much worse. House Minority Leader John Boehner (R-OH) countered that the GOP would promote growth by cutting spending and taxes.
Read more here.
Or, listen to the address here.
There is no doubt in my mind that both as Senator and as President, Barack Obama did the right this regarding TARP and the Stimulus Bill. These measures were required, in my view, to keep our economy, and conversely the global economy, from sliding in another Great Depression.
Understanding the complexities of the world’s economies is far from being my strong suit. Quite frankly, I am just too intellectually lazy to pursue a complete knowledge of Wall Street v. Main Street and all that lies in between.
I am capable, in my defense, to place my trust in those that know far more about the subject than I do. And, I trust Barack Obama. Republicans, not so much. They drove the bus into the ditch in the first place.
Regardless of the need for spending bills to prevent the crash of the economy, the National Debt is rising to levels heretofore unimaginable. Of course, much of that debt was incurred under Republican administrations, but you’ll never get a Tea Bagger to admit that.
It’s easy to say “cut spending!” Okay, where? Now the equation becomes a bit more tricky. It’s kind of like earmarks – everyone hates them, everyone wants to see money going to their home district.
Here’s a few ideas of mine to cut spending:
Eliminate two third’s of our 700 foreign military bases.
Enact Secretary Robert Gates’ proposed cuts to the military.
Eliminate the Depart of Redundancy Department.
Freeze all new Federal hiring without specific Congressional approval.
End off-shore tax havens for American corporations.
Repeal and replace the Bush prescription drug bill.
Simplify the tax code to reduce loopholes.
Reduce salaries of all elected and appointed Federal employees by 10%.
Review and cut where necessary all tax subsidies and credits for business.
Those are my ideas, Pop Bloggers. What are yours?
William Stephenson Clark
The picture above shows what the current crop of Republicans in Congress have to run on in elections this fall. How successful do you think this strategy will prove to be? Although the Party of No didn’t participate beyond saying, “Hell No!,” here’s some facts about how the Stimulus bill passed by the Democratic majorities under the leadership of President Obama has saved America’s economy —
- Income tax rates in 2009 were the lowest they’ve been since Harry Truman was president. The tax rate paid by all Americans — rich and poor, combined — has fallen 26% since the recession began in 2007. Federal, state and local income taxes consumed 9.2% of all personal income in 2009, the lowest rate since 1950, the Bureau of Economic Analysis reports. One-third of last year’s $862 billion economic stimulus went for tax cuts.
- Most state governments counted on The Stimulus money to stay afloat. Most states are now seeing reports from their Departments of Labor showing how many jobs in their states are funded solely by The Stimulus package.
- American auto makers are making profits again.
- In 2010 small businesses will receive a tax credit of up to 35% of their premium costs for employee health coverage.
Check out the web site where the Obama administration is tracking the money. It’s an enormous task — publishing a real-time, reliable accounting of what the government is doing — and it wouldn’t have been possible a decade ago. Call it Government 2.0, or Democracy 2.0 — Deputy OMB Director Rob Nabors says it’s time for a new era. “We’ve never really been in a position before where the government took on the responsibility of showing at a state level, at a local level, how federal dollars are being spent. We’re allowing the public to connect the decisions that government makes in a way that’s relevant to their civic lives,” he says. “And that feedback look gives a sense of empowerment that they never had before.”
Recovery is slow going, but this wasn’t any run-of-the-mill recession, it was the worst economic downturn since the Great Depression. Our economy continues to sputter and joblessness persists — there is still work to be done, but great progress has been made. Obama’s economic policies helped America avoid a depression. America is going forward! We’ll get there even without Republican help.
While millions of Americans are foreclosing on their homes, Bank of America has stepped in by offering significant mortgage loan reductions—”the industry’s boldest move yet,” according to The Wall Street Journal. Struggling homeowners with subprime and other risky mortgages will be offered reductions as high as 30 percent on their loan principal. So far banks have been reluctant to reduce principal amid the financial crisis, instead offering lowered interest rates or extending the life of repayments. But these measures haven’t been enough to convince homeowners to hang on to their bum houses, which may never regain their purchase value. Bank of America’s approach reduces loan balances to the home’s current estimated value, and the bank estimates that at least 45,000 customers will qualify for the program.
Republicans who attack President Obama over the national debt were unwilling to create a bipartisan deficit commission with him. So the president has decided to go around them: He will issue an executive order on Thursday creating an 18-member deficit commission. The National Commission on Fiscal Responsibility and Reform will be chaired by Alan K. Simpson, a former Republican senator from Wyoming, and Erksine Bowles, the former chief of staff to President Clinton who brokered a 1997 balanced-budget agreement with Congress. “There isn’t a single sitting member of Congress—not one—that doesn’t know exactly where we’re headed,” Simpson tells The New York Times. “And to use the politics of fear and division and hate on each other—we are at a point right now where it doesn’t make a damn whether you’re a Democrat or a Republican if you’ve forgotten you’re an American.”
So much for a principled opposition: More than a dozen Republican lawmakers sent private letters to federal government agencies seeking stimulus money for pork projects even as they publicly criticized the stimulus. Missouri Senator Kip Bond, for example, sought more than $50 million for two projects in his state. “I strongly opposed the stimulus, but the only thing that could make it worse would be if none of it returned to the taxpayers of Missouri,” Bond said. Other guilty members include Rep. Joe “You Lie” Wilson, Senator Robert Bennett of Utah, and Tennessee Senator Lamar Alexander.
Read it here.