US economy

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Obama Pushes $50B Infrastructure Plan

Prez seeks GOP support for 'roads, railways, runways' spending

(Newser) - President Obama has made a fresh call for bipartisan support for his $50 billion "roads, railways and runways" plan to upgrade the nation's infrastructure. Obama warned that a failure to invest in infrastructure is eroding America's competitive edge and called for lawmakers to choose between "decline and prosperity,...

Why America Is So Angry and Miserable
Why America Is So Angry and Miserable
OPINION
Sep 23, 2010 8:53 AM CDT

Why America Is So Angry and Miserable

Blame our culture of entitlement, victimhood, and greed

(Newser) - These days, America seems defined by a near-ubiquitous “simmering resentment, frustration, and anger,” writes Charles Hugh Smith on his Of Two Minds blog. Why is that? Smith blames:
  • A culture of entitlement: From Social Security recipients to Wall Street welfare queens, “most of us have to elbow
...

The Stimulus May Have Worked
The Stimulus May Have Worked
Sep 23, 2010 8:21 AM CDT

The Stimulus May Have Worked

(Newser) - Jim Surowiecki, writing for the New Yorker, says that the Obama stimulus package worked surprisingly well. Yet, Surowiecki notes, Obama gets little credit for it because he did the economically, rather than politically, expedient thing. Rather than lump-sum tax rebates, which consumers tend to horde, he gave taxpayers a small...

Stewart Mocks Biden's 'Summer of Recovery'

'Summer of bedbugs' might have been more accurate

(Newser) - America had a summer of bedbugs and mosque controversy instead of the "summer of recovery" Joe Biden promised, complains Jon Stewart. The Daily Show host, pointing to dismal jobs numbers and the sagging stock market, says "summer of recovery" is about as accurate as calling last summer the...

Tax Cuts: Good for Politicians, Not Economy

There are better ways to go, but no one wants another stimulus

(Newser) - “Tax cuts” is a phrase politicians love, especially in election season—but they may not do the economy much good at all. Those in favor of extending the Bush tax cuts (Republicans and a few Democrats) argue that ending the tax cuts, thus increasing taxes, for anyone—even the...

When It Comes to Global Competitiveness, US Is ... 4th

Large deficits, bleak economic outlook to blame

(Newser) - Today is not a great day for US dominance : For the second year in a row we've taken a hit in the global competitiveness rankings, this time falling from second to fourth due largely to our government debt and weak economic outlook. In first place until two years ago, we've...

It's 1938 All Over Again
 It's 1938 All Over Again 
Paul Krugman
Sep 6, 2010 10:32 AM CDT

It's 1938 All Over Again

And World War II isn't walking through that door

(Newser) - The US economy has been crippled by financial crisis, and the president’s too-cautious policies have failed to stem the bleeding. More stimulus is needed, but the public has soured on spending and plans to kick Democrats out of office. Sound familiar? That was the situation in 1938, writes Paul...

GDP Growth Slows to 1.6%
 GDP Growth Slows to 1.6% 
Aug 27, 2010 8:44 AM CDT

GDP Growth Slows to 1.6%

News comes ahead of Bernanke's big speech

(Newser) - The economy grew at a much slower pace this spring than previously estimated, mostly due to the largest surge in imports in 26 years and a slowdown in companies' restocking of goods. The nation's gross domestic product, the broadest measure of the economy's output, grew at a 1.6% annual...

New Home Sales Drop 12.4% in July
 New Home Sales 
 Drop 12.4% in July 




SLOWEST PACE ON RECORD
Aug 25, 2010 9:22 AM CDT

New Home Sales Drop 12.4% in July

Sales pace falls way short of 330K expected

(Newser) - Sales of new US homes dropped sharply last month to the slowest pace on record, the latest sign that the economic recovery is fading. The Commerce Department says new home sales fell 12.4% in July from a month earlier to a seasonally adjusted annual sales pace of 276,600....

Budget Deficit Will Be $1.3T: CBO
Budget Deficit Will Be $1.3T: CBO
Aug 19, 2010 11:30 AM CDT

Budget Deficit Will Be $1.3T: CBO

But analysts expect it to improve soon

(Newser) - Congress' budget analysts are estimating that this year's federal deficit will exceed $1.3 trillion, slightly below last year's total but still a huge ocean of red ink. The nonpartisan Congressional Budget Office said the enormous shortfall is a result of the still staggering economy, which has meant lower federal...

Jobless Claims Hit 9-Month High

Reach 500K mark as employers again cut back

(Newser) - New applications for unemployment insurance reached the half-million mark last week for the first time since November, a sign that employers are likely cutting jobs again as the economy slows. The Labor Department said today that initial claims for jobless benefits rose by 12,000 last week to 500,000,...

The South May Fall Again: 22 US Cities That'll Double Dip

(Newser) - It seems that low wages and taxes eventually catch up to you. Moody's has identified 22 cities in the US that are ripe for a double-dip recession. Twelve are in the South, five in the Midwest, and the rest are a smattering of smaller cities in the Northeast and West—...

We're All JetBlue Attendants Now

 We're All JetBlue 
 Attendants Now 
PEGGY NOONAN
Aug 13, 2010 8:16 AM CDT

We're All JetBlue Attendants Now

Shift to a service economy has left us ticked off

(Newser) - America has become a country of harassed JetBlue attendants longing to pull the emergency chute and tell everybody to go to hell, writes Peggy Noonan. Steven Slater's story has struck a chord with the public because the shift to a service economy combined with a decline in manners has left...

US Debt to Hit $19.6 Trillion By 2015

Debt on course to exceed GDP for first time

(Newser) - America's national debt is now at a dizzying $13.6 trillion and will reach $19.6 trillion in 5 years, according to a Treasury Department report. By 2015 the debt will, for the first time, exceed the value of all goods and services produced in America in a year, reaching...

Job Creation Up, but So Is Jobless Rate

Unemployment at 9.9% as job seekers re-enter market

(Newser) - Employers stepped up job creation in April, expanding payrolls by 290,000, the most in four years, the AP reports. The jobless rate also rose, to 9.9%, as people resumed their searches for work. The hiring of 66,000 temporary government workers to conduct the census helped overall payroll...

The Grass Isn't Greener in China
 The Grass Isn't 
 Greener in China 
JONAH GOLDBERG
Feb 23, 2010 1:22 AM CST

The Grass Isn't Greener in China

US problems won't be solved by mimicking other nations

(Newser) - America's present woes have revived the wrongheaded liberal tradition of believing that emulating other countries is the answer, writes Jonah Goldberg. People who suggested becoming more like the Soviet Union or Japan were wrong, and people like Thomas Friedman are just as wrong when they ignore obvious shortcomings to declare...

We Need to Fend Off the Recession's Social Blows
We Need to Fend Off the Recession's Social Blows
DAVID BROOKS
Feb 16, 2010 8:15 AM CST

We Need to Fend Off the Recession's Social Blows

Men have been hit hardest by high unemployment, writes David Brooks

(Newser) - America is facing a period of prolonged high unemployment that will require a strong response to stop the bonds of society from breaking, writes David Brooks. The recession's biggest impact has been on men, Brooks writes, noting that the gap between male and female unemployment is at its highest since...

US Expected to Report 5K New Jobs

Economy adds jobs, but more than expected were lost

(Newser) - January was the second month since the recession began in December 2007 that payrolls grew instead of fell, the Labor Department is expected to say in a report due out today. Some 5,000 new jobs were likely added last month, reports Reuters . Close to 4,000 jobs were added...

Off-Message Biden Is Right: US Must Stay on Top

EJ Dionne: Vice president recasts the political debate perfectly

(Newser) - Straying off-message yet again during an interview on the stimulus plan, Joe Biden gave EJ Dionne a new perspective on the Obama agenda. The vice president passionately insisted America will remain the world's most influential country—because of its economy, which needs the stimulus. "So many people have bet...

Dollar Rises, Markets Dip
 Dollar Rises, Markets Dip 
Dec 17, 2009 4:28 AM CST

Dollar Rises, Markets Dip

World markets down as investors predict interest rate hikes

(Newser) - The dollar climbed to a three-month high today on rosier-than-expected Fed economic predictions while markets fell on expectations that central banks will soon begin to raise interest rates. The greenback gained against 15 of 16 of its most commonly traded currencies, while major European and Asian stock indices were down...

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