budgetOn Wednesday, July 21, President Obama triumphantly signed the latest plank in his bid to outdo Franklin Delano Roosevelt’s Depression-era radical expansion of federal government powers. While Obama’s overall program has yet to challenge the New Deal as the greatest federal power grab in U.S. history, the Dodd-Frank Wall Street Reform and Consumer Protection Act is certainly the most massive imposition of federal power ever inflicted on the financial sector.

money with flagOn August 10 President Barack Obama signed into law a $26 billion spending bill that, proponents claim, will save the jobs of 300,000 teachers, police officers, and other public employees in danger of being laid off.

On the heels of dismal second quarter results, mortgage finance giant Freddie Mac is asking for more taxpayer money to continue operations.

unemployment lineThe White House on July 21 extolled the extension of unemployment insurance by the Senate, claiming it was “not only the decent thing to do but one of the most effective ways to boost our economy.” President Obama signed the extension into law immediately, saying that this was “desperately needed assistance to two and a half million Americans who lost their jobs in the recession…Americans who…will finally get the support they need to get back on their feet during these tough economic times.”

budget and debtInstead of asking for a federal bailout, Maine is considering shifting part of its underfunded pension plan liabilities to Social Security. Without the proposed fix, the pension liability the state currently faces is “going to rip the guts out of our budget,” according to Peter Mills, the state Senator who initially suggested the plan.

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