Obama Eyes Economic Triage for Unemployed

Posted on October 3, 2009. Filed under: America | Tags: , , , , , , , , |

Obama Eyes Economic Triage for Unemployed

The Obama administration has begun talks with congressional Democratic leaders on moves to extend health insurance subsidies, the $8,000 first-time home buyer tax credit and jobless benefits, congressional and administration officials told FOX News late Friday.

After another grim jobless report, President Obama is turning his attention to extending a lifeline to the unemployed and making the case that his health care plan would create jobs by making small business startups more affordable. 

The Obama administration has begun talks with congressional Democratic leaders on moves to extend health insurance subsidies, the $8,000 first-time home buyer tax credit and jobless benefits, congressional and administration officials told FOX News late Friday.

Meanwhile, in his weekly radio and Internet video address Saturday, the president linked one of his biggest challenges — joblessness — with passage of far-reaching changes to the nation’s health care system.

The economic moves were recently pulled together by White House economic advisers as an act of economic triage aimed at millions of chronically unemployed Americans. The White House is loathe to call this emerging package a second economic stimulus.

Read More On Fox News.com

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Jobless rate reaches 9.8 percent in September

Posted on October 2, 2009. Filed under: Labor | Tags: , , , , |

By Christopher S. Rugaber, AP Economics Writer

Unemployment rate rises to 9.8 percent in September, as employers cut 263,000 jobs

WASHINGTON (AP) — The U.S. unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected.

The report shows that the worst recession since the 1930s is still inflicting widespread pain and underscores one of the biggest threats to the nascent economic recovery: that consumers, worried about job losses and stagnant wages, will restrain spending. Consumer spending accounts for about 70 percent of America’s economy.

Most analysts expect the economy to continue to improve, but at a slow, uneven pace. Government stimulus efforts, such as the Cash for Clunkers auto rebates, likely boosted the economy in the July-September quarter, but economists worry that growth will slow once the impact of such programs fades.

“Consumers … are going to struggle to increase their income,” said Brian Fabbri, North American chief economist for BNP Paribas. “If they’re struggling, they’re not consuming. That just takes some of the legs out of recovery.”

The Labor Department said Friday that the U.S. economy lost a net total of 263,000 jobs last month, from a downwardly revised 201,000 in August. That’s worse than Wall Street economists’ expectations of 180,000 job losses, according to a survey by Thomson Reuters.

The unemployment rate rose from 9.7 percent in August, matching expectations.

If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.

Read More at Yahoo Finance

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Chicagoland

Posted on October 2, 2009. Filed under: America | Tags: , , |

Crime: Instead of lobbying Olympics officials to bring the games to his hometown of Chicago, President Obama should be huddling with local officials to figure out how to control violence there.

Some say Chicago is too broke to host the Olympics. Others say it’s too corrupt. Above all, it’s too dangerous. Crime is out of control, and the president shares some blame for the trend.

As an Illinois state senator representing South Side Chicago, he helped pass one lenient crime bill after another — and now he wants to go even further at the federal level.

Chicago is the new Murder Capital USA, passing New York with close to 500 homicides last year.

Teen gang violence is horrific, as the nation witnessed this week with the beating of an honor student outside a South Side high school. Derrion Albert was clubbed to death with a two-by-four, then kicked and stomped by a pack of crazed youth.

Following that, a 14-year-old boy was chased down in the same area and hit with a pipe, fracturing his skull. The teen was found lying in the road in a pool of blood. In the past year, school violence in Chicago has claimed the lives of 30 students.

This violent crime wave has gone unabated since actress Jennifer Hudson’s mother, brother and nephew were gunned down last year in a triple homicide in Chicago.

As his hometown turned into a killing field, Obama remained silent until the Albert video inconveniently went viral in the middle of his and the first lady’s courtship of Olympic honchos. Now he expresses belated shock through a spokesman.

Maybe there’s a reason for his silence. As a local legislator, Obama was soft on violent gang crime, as we repeatedly noted on these pages before the election. He voted to weaken penalties on gangbangers who deal drugs in schools. He also blocked a bill that would send youth who commit a second violent felony to prison. He fought to keep even the most violent juvenile offenders out of the adult system.

Read the rest of the article at Investors Business Daily

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Gibbs on Chicago Olympics Crony bid

Posted on September 29, 2009. Filed under: America | Tags: , |

At the White House briefing today, spokesman Robert Gibbs touted the “tangible economic benefits” of the Obamas’ Chicago Crony Olympics bid.

Well, there would certainly be “tangible economic benefits” for certain Chicago crony developers — like Michael Scott, Jr.

And fellow business crony Gerald Fogelson.

The Chicago Tribune reported last week:

   —–> Read More Michelle Malkin

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The Brainy Bunch- Thomas Sowell

Posted on September 29, 2009. Filed under: America | Tags: , , , , |

Many people, including some conservatives, have been very impressed with how brainy the president and his advisers are. But that is not quite as reassuring as it might seem.

It was, after all, Franklin D. Roosevelt’s brilliant “brains trust” advisers whose policies are now increasingly recognized as having prolonged the Great Depression of the 1930s, while claiming credit for ending it. The Great Depression ended only when the Second World War put an end to many New Deal policies.

(more…)

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“How Would You Fix the Economy?” Patriot Retirement Plan

Posted on September 27, 2009. Filed under: Uncategorized | Tags: , |

This is from an article in the St. Petersburg, FL Times Newspaper on Sunday

The Business Section asked readers for ideas on “How Would You Fix the Economy?”

I think this guy nailed it!

Dear Mr. President:

Please find below my suggestion for fixing America ‘s economy.

Instead of giving billions of dollars to companies that will squander the money on

lavish parties and unearned bonuses, use the following plan.

You can call it the Patriotic Retirement Plan:

There are about 40 million people over 50 in the work force.

Pay them $1 million apiece severance for early retirement with the following

stipulations:

1) They MUST retire. Forty million job openings – Unemployment fixed.

2) They MUST buy a new American CAR. Forty million cars ordered – Auto Industry fixed.

3) They MUST either buy a house or pay off their mortgage – Housing Crisis fixed.

It can’t get any easier than that!

If more money is needed, have all members of Congress and their constituents pay

their taxes…

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