Is President Barack Obama working on a proposal to keep Uncle Sam deeply involved in the mortgage business and taxpayers on the hook for billions of dollars in home loans? The White House says no, the President is merely examining his options. Meanwhile, the Washington Post, based on leaks from anonymous officials, reports that he is indeed looking to maintain the federal government’s outsized role in guaranteeing mortgages.
At a time when each day seems to bring more dire news regarding the economy, Americans have one silver lining: the price at the pump is going down. According to energy experts, gas prices should fall anywhere from 30 to 50 cents per gallon over the next several weeks.
Residents of the Windy City may have to do without their favorite ice cream for a while, and possibly for good; and they have government to thank for it. According to the Chicago Tribune, Kris Swanberg, a laid-off Chicago public school teacher who chased the American Dream by starting her own business making artisanal ice cream, was recently told by the Illinois Department of Public Health that she will have to stop selling her product, Nice Cream, until she obtains a dairy license.
The Obama administration has unveiled a new round of fuel economy standards for cars and trucks, which are expected to require mileage gains of nearly double the current figure. The new CAFE (Corporate Average Fuel Economy) standards will last through the year 2025.
When public debt abounds, politicians look to slippery ways to keep buying votes with tax dollars while reassuring skittish markets that everything is okay. America, of course, faces a deficit showdown driven, largely, by the explosion in federal expenditures during the reign of Obama. The glut of mandated money (currency backed by the “full faith and credit of the United States” — and nothing else) has produced predictable economic behavior.