Economy

Nancy KilleferBarack Obama appointed Nancy Killefer as his "chief performance officer." It will be her job to find government waste to cut. Obama hopes to cut much of an expected $1.2 trillion federal deficit. (Most of this deficit takes the form of new bailouts and stimulus packages and can be cut anytime — but that's not "waste" in the mindset of the incoming Obama administration, which is pushing for both more bailouts and stimulus.) Killifer's problem, as aptly described by David Greising in the Chicago Tribune: "Name a government function, and there is likely a critic who sees nothing but waste, countered by an advocate who will defend every penny spent."

obama stimulsThe price tag for the incoming Obama administration's proposed stimulus bill continues to rise. This morning, a few hours in advance of a planned announcement, the Associated Press, which managed to obtain an advance copy of the latest version of the stimulus bill drawn up by House Democrats, gave the newest figure for the stimulus as $825 billion, up $50 billion from Obama's earlier proposal.

obama stimulu splanAccording Barack Obama's presidential transition team, the new stimulus plan being prepared by the upcoming Obama administration can be expected to create between 3.3 million and 4.1 million jobs. This according to the Washington Times, which also pointed out that "the president-elect wants [the plan] to total slightly less than $800 billion but ... some Democratic leaders say [it] should near $1 trillion."

socialismSocialism, once abhorrent to most Americans, is increasingly being embraced by them. But is more socialism likely to reinvigorate the U.S. economy and help Americans?

Apple logoOn Monday Apple's stock rose dramatically, gaining 4.22 percent by the end of trading and closing at $94.58. Analysts attribute this dramatic rise to an announcement made today by Steve Jobs, Apple's CEO, regarding his health situation.

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