The Obama administration is expected to release a report soon estimating that the 10-year budget deficit for the United States will be roughly $9 trillion, up approximately $2 trillion from the previous projection of $7.108 trillion, Reuters reported on August 21.
Who is William White? The name is bound to be less familiar than that of former Federal Reserve Chairman Alan Greenspan, but they are in similar lines of work. In answer: White was one of the few economists who grew uneasy with the “irrational exuberance” of the 1990s.
Last week, the Obama administration revealed the 48 recipients of $2.4 billion in federal grant money supposedly designed to stimulate domestic production of batteries and other "green" car components while saving or creating jobs. But critics are already blasting the handouts, calling them politically biased, useless, and even unconstitutional.
Unemployment numbers ticked upward during July at a much slower pace than past months, leading many establishment forecasters to conclude that an economic recovery had already begun. The official unemployment rate actually shrunk from 9.5 percent to 9.4 percent, even though the U.S. economy lost an additional 247,000 jobs in July.
Item: President Barack Obama, reported the Bloomberg news agency for July 11, “said his $787 billion stimulus bill ‘has worked as intended’ as he pushed back against Republican criticism that his recovery program has failed to rescue the economy.”
Nine financial firms that received a total of $32.6 billion through the government's Troubled Asset Relief Program (TARP) paid their top traders and bankers more than $5 billion in bonuses last year, even as those same firms lost $81 billion, according to a report released on Thursday by New York Attorney general Andrew Cuomo.
First-time unemployment claims continue to increase at a faster pace than expected. “The Labor Department said the number of claims in the week ending July 25 rose by 25,000 from an upwardly revised figure the previous week,” the Agence France Press reported July 30.
Though data shows that the U.S. economy only shrank at a one-percent annual rate during the second quarter of the 2009 calendar year, according to “preliminary” data released July 31 by the U.S. Commerce Department’s Bureau of Economic Analysis (BEA), that number may be unrealistically low, owing to government involvement in the markets.
Just call it irony. The same day the value of the dollar plunged to a current-year low as measured against six other major currencies, and the same week in which the U.S. Treasury is in the midst of a record $106 billion debt auction, Federal Reserve Chairman Ben Bernanke fielded a question on PBS’s “News Hour” from a man who touched on the problem: