In 2008, the U.S. economy was already reeling from the burst housing bubble, a liquidity crunch, and large financial institutions teetering on the edge of failure. Starting that September, the confluence of all those factors “culminated in a string of unprecedented events and government interventions” that marked the escalation of the financial crisis.
Last week, The Washington Times released a story detailing five jobs programs that cost taxpayers at least $100 million per year, yet showed little results.
President Obama is taking full credit for the improved budget outlook even while railing against the spending cuts that help shrink the deficit.
In Washington in the dog days of summer, three things are certain: heat, humidity and hypocrisy.
The White House announced this week that President Obama would make several speeches around the country in the coming months to tout his economic policies.
As President Obama prepares to deliver another major speech on the struggling economy this Wednesday at Knox College in rural Illinois, the White House is warning Americans not to get their hopes up for any new ideas. The New York Times notes that administration officials say that this will be very similar to his 2011 speech in Osawatomie, Kan., and his 2009 speech at Georgetown University “when he talked about how the American economy would recover from the Great Recession.” So, if you haven’t seen how this story plays out, DO NOT READ BELOW. Major spoilers ahead.
This week news broke that the economic growth figures from the fourth-quarter were revised down to 2.4 percent from 2.5 percent. After trillions of dollars diverted away from taxpayers and the free-market, to be spent on stimulating the economy, the great “recovery” we were promised and hear about so often is no where to be found.
So, in case you hadn’t heard, it looks like the 2009 stimulus bill — that added nearly a trillion dollars to our national debt — might have failed to deliver the immediate and glorious economic recovery we were promised.
Today news broke that the fourth quarter growth has been revised down to 2.4%. After trillions spent trying to grow the economy, the results have been miniscule and millions are still out of work. It all begs the question, “Where’s the growth?”
Reuters says the president wants the Senate to make cuts to its farm bill. The Associated Press and Politico look at the Senate’s overall deliberations on the bill.