Tag Archives: economy

Did Obama Just End Welfare Reform?

(Read the full article here: Did Obama Just End Welfare Reform?)

The right wing blogotwittersphere is agog at a Health and Human Services directivereleased late Thursday that grants states greater leeway in apportioning welfare with regard to an individual’s ability to work. Specifically, they’re up in arms over the directive’s elimination of the reporting requirements for welfare’s work requirement—the part of the 1996 welfare reform package mandating welfare recipients engage in the labor force as a condition of aid. (It also allows states to grant assistance in exchange for education and training and the rest, but conservatives thinks those are all code words for “watch daytime tv.”)

What’s the big deal about a reporting requirement? Conservatives see it as an end route to eliminating the work requirement itself (if you don’t have to report it, you don’t have to do it), allowing bums to use the lie around on the government’s dime without so much as glancing at the want ads. Via Mickey Kaus, from the Daily Caller‘s Day Center For Cranky Bloggers:…Read More.

 

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Obama Calls For Tax Cut Extension On Middle Class; Romney Does Or Does Not Agree

(Read the full article here: Obama Calls For Tax Cut Extension On Middle Class; Romney Does Or Does Not Agree)

Just days after the third woeful jobs report in a row, Barack Obama will call on Congress Monday to extend the Bush-era tax cuts for one year on individuals making less than $250,000.

Obama extended the Bush tax cuts almost two years ago, striking a lame-duck session deal that exchanged tax cuts for the wealthy for middle-class tax cuts and stimulus measures. The compromise proved a winning one for Obama, who came out of the lame duck session with the wind at his back, but was deeply unpopular with liberals. More damaging, the extension of the tax cuts on the wealthy exacerbated the deficit, for which the Republicans have hammered him ever since. Not surprisingly, Obama has been adamant that the compromise will not happen again, and today’s announcement is a confirmation of that determination….Read More

 

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Economy added 80,000 jobs in June, well below expectations

(Read the full article here: Economy added 80,000 jobs in June, well below expectations)

 

The Bureau of Labor Statistics released June’s jobs report Friday morning, and the numbers were not encouraging: the U.S. economy added only 80,000 jobs last month, below what analysts had projected, and not enough to keep pace with population growth. June is now the third straight month of anemic job growth, following a winter that saw inflated hiring.

 

The unemployment rate remained at 8.2%, the same as May and up one notch from April’s 8.1%. The labor force participation rate stayed the same, after some mildly encouraging numbers last month that suggested more people were joining the labor force (which probably what kicked the rate up to 8.2%). The U6 rate, the real-world measure of unemployment, rose one-tenth of a percentile, to 14.9%.…Read more

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Operation Twist: Is The Fed Too Afraid Of Seeming Partisan To Help The Economy?

(Read the full article here: Operation Twist: Is The Fed Too Afraid Of Seeming Partisan To Help The Economy?)

In terms of influence over the next President, the Supreme Court pales in comparison to Ben Bernanke. Only Europe will have more influence than the bald, mild-mannered, and lightly-bearded Chairman of the Federal Reserve. With Congress dithering away their time lobbying softball questions at Jamie Dimon, the Fed is the only institution acting to save the recovery. Should Europe collapse, Bernanke stands alone between us and the abyss, and analyzing Bernanke’s every move has become a fevered science on Wall Street.

 

But weeks of speculation capped off Thursday in a disappointing decision that evoked neither excitement nor terror in the markets. Unable to commit, or ensure the success, of more aggressive action, Bernanke offered only a modest stimulus package to jolt demand…. Read More.

 

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Romney To Swing State Governors: Shut Up About All The Jobs

(Read the full article here: Romney To Swing State Governors: Shut Up About All The Jobs)

PoliticOlogy has reported before about the problem Mitt Romney is having campaigning against Barack Obama’s terrible economy in swing states where the economy is actually rebounding at above average rates.

Half of Romney’s entire campaign is that Obama has failed to turn the economy around, and his vehicle for delivering that message is ads titled “Despair” and stump speeches long on apocalyptic forebodings, i.e., Obama’s-campaign-slogan-is-‘Forward’-as-in-‘Forward-off-a-cliff’-ha-ha-get-it?… Read More.

 

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GOP Feels [Coming Soon] About Immigration

(Read the full article here: GOP Feels [Coming Soon] About Immigration)

Bloomberg News keeps the good news coming for Barack Obama. Its most recent pollshows Obama opening up a significant 13 point lead over Mitt Romney, Obama’s largest lead since the antediluvian era known as the Maverick Age.

Yes, you should view these numbers skeptically. Bloomberg’s outsized numbers have outlier written all over them. Just yesterday, Gallup had Obama at 45 and Romney at 46; even given that Gallup leans right, that’s still a huge disparity between polls released one day apart…Read More

 

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How Obama Can Turn The Tables On The GOP

(Read the full article here: How Obama Can Turn The Tables On The GOP)

“In an economic speech on Thursday that could set the tone for months of campaigning, Obama is not likely to unveil new ideas to boost the economy and create new jobs,” is one of the more curiously existential news ledes in memory. Presumably Obama will not drive a race car or fistfight a lemur on Thursday either, or do any of those things on Friday or Saturday. News!

Can Obama use Bush as a contextualization of the economy so thoroughly as to avoid responsibility for it?… Read More

 

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At Press Conference, Obama Warns Against European-Style Austerity, Calls For New Investment To Spur Job Growth

 

 

At the end of a bad week involving a desultory jobs report and a loss for his team in Wisconsin, Barack Obama held a professorial press conference Friday morning, notable mostly for its lack of mention of Mitt Romney.

The meat of the conference came in discussion of Europe’s fiscal woes, which the administration is focusing on for two reasons: 1) Europe’s fiscal strength is one of the biggest threats to our economic recovery, and 2) the Germany-led EU has been imposing harsh austerity measures of the type that the GOP would love to enact here, and they’re not working. The Democrats want to link European stagnation with GOP policies: if you want an economy like England’s or Spain’s, vote Republican. As PoliticOlogy noted yesterday, Obama has to work with European leaders like Angela Merkel and David Cameron, so he can’t explicitly make this case, but he can implicitly make it, and he just did… Read More

 

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Mitt Romney’s Real Swing State Problem

Ginger Gibson at Politico has a great catch on the one thing Mitt Romney’s campaign stops have in common: they don’t quite match the tale of economic woe he’s trying to sell about Obama’s admistration:

Half of Romney’s sales pitch is Obama=economy=bad (the other half is me=businessman=good), but to cleve voters from Obama he needs them not just to dislike Obama’s economy but to be angry enough about it to turn away from a candidate they otherwise generally like. If people are feeling okay about the economy, they might not feel this intensity… Read more

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Many Jobs Report Here To Ruin Everything

 

Put away last night’s bottle Black Label, people, and get out your morning bottle of Wild Turkey American Honey (ew): today’s jobs report was bad.

Jobs rose by only 69,000 in May, the lowest in a year, and well, well below the 150,000 that was expected (and that 150,000 being a lowered expectation from 225,000 average we saw December-February). Worse, this jobs report is so bad it’s even lowered previous jobs reports: April was revised down from 119,000 to 77,000…. Read More

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