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Keyword: stimulus

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  • Presented With Letters, Ryan Admits Requesting Stimulus Cash

    08/17/2012 4:06:54 PM PDT · by Mozilla · 26 replies
    Yahoo ^ | 8/18/12 | Gregory J. Krieg
    After repeated denials, Paul Ryan has admitted he requested stimulus cash even after sharply criticizing the program. As recently as Wednesday in Ohio, Mitt Romney's running mate told ABC's Cincinnati affiliate, WCPO, he did not. "I never asked for stimulus," Ryan said. "I don't recall… so I really can't comment on it. I opposed the stimulus because it doesn't work, it didn't work." Two years ago, during an interview on WBZ's NewsRadio he was asked by a caller if he "accepted any money" into his district. Ryan said he did not. "I'm not one [of those] people who votes for...
  • Biden’s ‘good friend,’ donor receives $20M federal loan...

    08/17/2012 6:02:29 AM PDT · by SumProVita · 13 replies
    Daily Caller ^ | August 17, 2012 | Christopher Bedford
    ...to open foreign luxury car dealership in Ukraine (Title) According to a public summary document, the loan, from the federal government’s Overseas Private Investment Corporation, is for “[u]p to $20.0 million,” and is designed to “expand Winner Import Ukraine’s automobile business, [and] construct and operate ‘Winner Autocity,’ which will have two new, state-of-the-art dealership facilities for Porsche and Land Rover/Jaguar automobiles.” ...snip... Under “U.S. Economic Impact,” the summary document says, “This project will have a positive developmental impact on the host country, Ukraine. The project will generate a significant number of new local jobs. Running a dealership for premium automobile...
  • More ‘stimulus’?: Facts of failure

    08/09/2012 10:42:36 AM PDT · by neverdem · 2 replies
    Pittsburgh Tribune-Review ^ | August 7, 2012 | Masthead Editorial
    With data showing slower economic growth has followed increased government spending, the Obama administration and others advocating more “stimulus” couldn’t be more wrong. Renowned supply-side economist Arthur B. Laffer, writing in The Wall Street Journal, notes that among the 34 nations of the Organization for Economic Cooperation and Development, “those with the largest spending spurts from 2007 to 2009 saw the least growth in GDP rates before and after the stimulus.” An 8.4 percent decline in GDP growth followed the U.S. government’s 7.3 percent spending surge. Further confirming the correlation between “stimulus” and slowdown is the fact that the steepest...
  • Federal Spending: Killing the Economy With Government Stimulus

    08/07/2012 8:52:18 PM PDT · by Innovative · 6 replies
    Forbes ^ | Aug 6, 2012 | Doug Bandow
    President Barack Obama's presidency hangs in the balance after another disappointing employment report. He continues to advocate new government "stimulus" programs to boost his reelection campaign. However, Washington is awash in government "stimulus," without effect. Only productive private investment will spark economic revival. If government could spend America to prosperity, good times would have arrived long ago. Yet President Obama won't stop. ...In fact, UCLA economists Harold L. Cole and Lee E. Ohanian blamed the New Deal for prolonging the Great Depression by seven years. ...
  • Arthur Laffer: The Real 'Stimulus' Record

    08/06/2012 5:07:30 AM PDT · by bt_dooftlook · 5 replies
    WSJ ^ | 08/06/2012 | Arthur Laffer
    In country after country, increased government spending acted more like a depressant than a stimulant. - Policy makers in Washington and other capitals around the world are debating whether to implement another round of stimulus spending to combat high unemployment and sputtering growth rates. But before they leap, they should take a good hard look at how that worked the first time around. It worked miserably, as indicated by the table nearby, which shows increases in government spending from 2007 to 2009 and subsequent changes in GDP growth rates. Of the 34 Organization for Economic Cooperation and Development nations, those...
  • Arthur Laffer: The Real 'Stimulus' Record

    08/06/2012 4:26:25 AM PDT · by RoosterRedux · 17 replies
    online.wsj.com ^ | 8/5/2012 | Art Laffer
    If you believe, as I do, that the macro economy is the sum total of all of its micro parts, then stimulus spending really doesn't make much sense. In essence, it's when government takes additional resources beyond what it would otherwise take from one group of people (usually the people who produced the resources) and then gives those resources to another group of people (often to non-workers and non-producers). Often as not, the qualification for receiving stimulus funds is the absence of work or income—such as banks and companies that fail, solar energy companies that can't make it on their...
  • GM profits slip 41% as European struggles take their toll

    08/02/2012 9:09:06 AM PDT · by Beave Meister · 4 replies
    The Guardian ^ | 8/2/2012 | Dominic Rushe
    Business General Motors GM profits slip 41% as European struggles take their toll America's largest car firm made $1.5bn in the second quarter of 2012, with European division reporting operating loss of $361m Share 531 Email Dominic Rushe guardian.co.uk, Thursday 2 August 2012 09.25 EDT General Motors GM's CEO Dan Akerson said: 'We have more work to do to offset the headwinds we face.' Photograph: Jeff Kowalsky/EPA General Motors' profits fell 41% in the second quarter as troubles in Europe undercut strong sales in North America. America's largest automaker made $1.5bn in the second quarter of 2012, compared with $2.5bn...
  • NH police departments finding less personnel funding as federal COPS dollars dry up

    08/01/2012 6:33:54 PM PDT · by AlmaKing · 10 replies
    New Hamphire Union Leader ^ | 7-31-12 | Barbara Taromina
    New Hampshire police departments that have tapped into national grant programs to help pay for personnel and equipment that town budgets don’t cover are finding less support as federal agencies rein in spending. Those who’ve opposed the use of these grants would argue that’s for the best. The U.S. Dept. of Justice Community Orientated Policing Services (COPS) grants, which cover most of the cost of hiring new police officers, have been cut by more than 50 percent. And grants from the Dept. of Homeland Security that pay for training and equipment such as armored vehicles, surveillance cameras, radios, protective clothing...
  • Why Government Stimulus Is Not Working...

    07/31/2012 11:42:16 AM PDT · by The Looking Spoon · 18 replies
    The Looking Spoon ^ | 7-31-12 | The Looking Spoon
    A couple of days ago there was a #ConceptsProgressivesCantGrasp hashtag game on Twitter. I tweeted... #ConceptsProgressivesCantGrasp you can't get economic growth by taxing the private sector & then give that $ to the public sector A dumb liberal tweeted back... "uhhh actually...yeah that is exactly how it works ....look at history" To keep this brief. I fired back with a quote from FDR's treasury secretary that the New Deal failed (after she said it didn't). Suddenly, she changed the subject to a different burden of proof (her opinion...that's it), and history didn't matter anymore...RAH KEYNES!The exchange got me wondering how/if I...
  • WH Senior Advisor: Unemployment Stimulates the Economy

    02/22/2012 7:57:35 AM PST · by Lazamataz · 115 replies
    Fox News ^ | Insanity in the form of Valerie Jarrett
    This evening, speaking at North Carolina Central University in Durham, North Carolina, White House senior adviser Valerie Jarrett said that folks getting and spending unemployment checks is a healthy thing . . . because it stimulates the economy: "Even though we had a terrible economic crisis three years ago, throughout our country many people were suffering before the last three years, particularly in the black community," Jarrett said. "And so we need to make sure that we continue to support that important safety net. It not only is good for the family, but it's good for the economy. People who...
  • HHS Sends $5.9 Million to Program Run by Obama Buddy (U of Chicago program tied to MO)

    05/14/2012 11:49:21 AM PDT · by STARWISE · 26 replies
    White House Dossier ^ | 5-14-12 | Keith Koffler
    The Department of Health and Human Services last week announced it had awarded a $5.9 million grant to a University of Chicago Medical Center program tied to Michelle Obama and run by Eric Whitaker, one of President Obama’s closest friends. The Urban Health Initiative, which received the award, was originally based on a smaller program launched during the last decade by Michelle Obama, who was an executive at the University of Chicago Medical Center before she departed to become first lady. The UHI is headed up by Obama basketball and golf buddy Whitaker, who has known the president since Obama’s...
  • GDP: Economy Grew at Sluggish 1.5% Rate in 2Q

    07/27/2012 6:16:55 AM PDT · by kristinn · 47 replies
    AP via The Chicago Tribune ^ | Friday, July 27, 2012
    The U.S. economy grew at an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The slowdown in growth adds to worries that the economy could be stalling three years after the recession ended. The Commerce Department also said Friday that the economy grew a little better than previously thought in the January-March quarter. It raised its estimate to a 2 percent rate, up from 1.9 percent. Growth at or below 2 percent isn't enough to lower the unemployment rate, which was 8.2 percent last month. And most economists don't expect growth...
  • Justin Bieber, benefits from Obama Stimulus

    07/25/2012 8:00:39 PM PDT · by coldbluesteel · 13 replies
    Fox News | 7/25/2012 | coldbluesteel
    I personally watched Fox News tonight. Yes I am one of "those people". Shepard Smith had a snippet of Justin Bieber caling 911 to report 5 cars full of paparazzi following him. When the operator asked him what kind of car he was in, he replied a Fisker. The OP had to ask a couple of times to get the name of the automobile correct.
  • Obama, After Three Years of High Unemployment: ‘We Tried Our Plan — and It Worked’

    07/24/2012 2:46:20 PM PDT · by jazusamo · 39 replies
    PJ Tatler ^ | July 24, 2012 | Bryan Preston
    Speaking to supporters in Oakland, CA, President Obama declared that his economic policies are already proven successes. “We tried that and it didn’t work,” Obama said of Mitt Romney’s proposed tax cuts and spending cuts, which he dismissed as a Bush-style “top down” economic policy. “Just like we’ve tried their plan, we tried our plan — and it worked,” he added later in the speech. “That’s the difference. That’s the choice in this election. That’s why I’m running for a second term.” The president mentioned the auto bailouts, and it’s reasonable to conclude that he is also discussing the two...
  • Transportation Dept. Hands Out $500 Million More Stimulus Funds – Including $100 Million...

    07/20/2012 12:23:55 PM PDT · by jazusamo · 8 replies
    CNSNews ^ | July 20, 2012 | Penny Starr
    Full title: Transportation Dept. Hands Out $500 Million More Stimulus Funds – Including $100 Million for Trains in Obama’s Hometown (CNSNews.com) – In a fourth round of funding grants paid for by the $831 billion American Recovery and Reinvestment Act, Chicago is receiving $100 million of $500 million for CREATE, a regional rail task force. The task force web site describes the program as a “partnership” between the Transportation Department, the state of Illinois, city of Chicago and the Metropolitan Rail Corporation (Metra), Amtrak, and freight railroads using the rail lines. The task force goals include improving infrastructure, passenger service,...
  • Energy Dept. 'Unable to Locate' $500,000 in Equipment Bought With Stimulus Money

    07/17/2012 8:10:26 AM PDT · by kevcol · 20 replies
    CNSNews ^ | July 16, 2012 | Penny Starr
    An audit conducted by the Energy Department’s Office of Inspector General was "unable to locate" $500,000 worth of equipment purchased with stimulus money by a recipient of funds distributed through the deparment's “Advanced Batteries and Hybrid Components Program,” according to an audit report published by the OIG. The DOE said it would not be "appropriate" to release the name of stimulus-money recipient where the $500,000 worth of equipment could not be located. . . This is the second audit conducted by OIG on the program. The first was in April 2010. The office said a “follow-up” audit was necessary, in...
  • WH: Stimulus ‘Widely Recognized to Have Broken the Back of Recession’ (Carney)

    07/16/2012 7:58:42 PM PDT · by Nachum · 22 replies
    CNS News ^ | 7/16/12 | Terence P. Jeffrey
    (CNSNews.com) - White House Press Secretary Jay Carney said last week that the $831 billion economic stimulus law that President Barack Obama signed on February 17, 2009 is “widely recognized to have broken the back of the recession.” When President Obama signed the law three and a half years ago, the Congressional Budget Office estimated it would cost $787 billion. Since then, the CBO has revised its estimate, eventually concluding the stimulus cost $831 billion. In January 2009, the month before Obama signed his stimulus, the national unemployment rate was 7.8 percent, according to the Bureau of Labor Statistics. It...
  • Obama Administration Outsourced Jobs with Stimulus Funding

    07/15/2012 7:32:51 AM PDT · by tobyhill · 4 replies
    cns ^ | 7/10/2012 | By Matt Cover
    The Obama administration allowed millions of dollars in federal stimulus funds to go to foreign companies, despite recent statements by President Barack Obama that he opposes “shipping jobs overseas." “I want to stop giving tax breaks to companies that ship jobs and factories overseas,” Obama said in a speech in Cedar Rapids, Iowa on Tuesday. “As long as I’m president, I will keep fighting to make sure jobs are located here in the United States of America,” said Obama. However, Obama’s 2009 economic stimulus spending law--the $787 billion American Recovery and Reivnestment Act--gave millions of federal dollars to foreign companies...
  • White House: Stimulus ‘Widely Recognized To Have Broken The Back Of The Recession’

    07/14/2012 7:14:25 AM PDT · by yoe · 55 replies
    Freedom Outpost ^ | July 2012 | Editor
    White House Press Secretary must be going through a couple of bottle of Scotch a day in order to maintain any demeanor of holding things together because his rhetoric is as reprehensible as Barack Obama’s. “The entire purpose of the Recovery Act was to grow the American economy and grow American jobs here at home, and that’s what it did. It’s widely recognized to have broken the back of the recession,” he said at Thursday’s briefing. explicitly claimed that if he got the stimulus money, which was in excess of $800 billion of tax payer money, that the unemployment rate...
  • (Your Government Dollars At Work) Bureau Of Land Management Gives Advice On Finding Bigfoot

    07/11/2012 7:37:09 PM PDT · by DogByte6RER · 10 replies
    Cadling.com ^ | July 11, 2012 | Sean McLachlan
    Bureau Of Land Management Gives Advice On Finding Bigfoot Last week we reported on how the U.S. National Ocean Service publicly denied the existence of mermaids in response to a joke documentary on Animal Planet. Meanwhile, another federal agency has taken a different course. The Bureau of Land Management in Oregon & Washington has released this video titled "Bigfoot and the BLM." In it, people, who I assume to be BLM staff, are asked about their belief in Bigfoot and the narrator gives handy tips about where to go looking for the mysterious creature. Is this all just a bit...
  • Former Obama auto czar, Treasury officials break in eleventh hour...

    07/10/2012 3:46:41 PM PDT · by Hotlanta Mike · 10 replies
    The Daily Caller ^ | 07/10/2012 | Matthew Boyle
    President Barack Obama’s former auto industry adviser and two former Treasury Department officials cracked at the last minute before a House oversight committee subcommittee hearing and agreed to stop stonewalling an investigation into alleged union favoritism during the administration’s General Motors bailout. Ron Bloom, Obama’s former auto czar, and former Treasury officials Matt Feldman and Harry Wilson have refused to give interviews to the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) about their roles in topping up pensions for union workers while non-union workers lost nearly their entire pensions. The Treasury Department’s actions during the auto bailout...
  • Is "Porkulus", Disability Claims, and Meredith Whitney's Muni Bond call related?

    07/09/2012 10:02:04 AM PDT · by taildragger · 3 replies
    n/a | 07/09/2012 | taildragger
    Last week we find out Disability Claims equal employment numbers in terms of increase.In the Stimulus, a great deal of the money went to Obama's constituencies i.e Muni-based Unions, Police, Fire and Teachers to keep them afloat as revenues declined locally and to maybe further the federal roll in that area.At approx. the same time Meredith Whitney was on a screed about the coming Muni-Bond potential default problem.With that as a backdrop, many here are aware of phenomenon of certain Muni jobs where the Disabilty payments just before retiring are greater that retiring healthy.So, are some of these Muni workers...
  • A disappointing jobs picture and no, we're not doing better than Europe

    07/06/2012 6:04:31 PM PDT · by Bobbys1963 · 14 replies
    Fox News ^ | July 6, 2012 | John Lott
    Americans faced another disappointing jobs picture today. Of course, we could go through the numbers again. With the working age population growing by 191,000 last month, 80,000 more jobs doesn’t even come close to absorbing all these new workers, let alone employing those who have long been out of work. And then there’s the most important number of all: for 41 months, the unemployment rate has been above 8 percent. But how does the US labor market compare to Europe or the rest of the world? Earlier this week news reports may have made Americans feel a little better, if...
  • Black Unemployment Rate Tops 14.4%!

    07/06/2012 8:51:17 AM PDT · by Reaganite Republican · 6 replies
    Reaganite Republican ^ | July 6 , 2012 | Reaganite Republican
    Ironically, glaringly incompetent Obama regime has turned-out to be Black America's worst enemy... 'History is going to say that the black middle class was decimated.' _____________________________________________________________________________ Seems the flexible Chicago Machine template for exploiting the minority vote -where Obama/Jarrett/Rezko profited from government projects while South Side blacks they promised new apartments got crumbling, unsafe slums instead- was (predictably) scaled-up to the national level for Obamanomics: over-promise, under-deliver, and take real good care of all your fellow racketeers in the process.  rate Meanwhile nothing of value has been created by massive government largess such as the Porkulus bill, and the numbers continue to make that hard to deny. But some cities in this country would be delighted...
  • Company Awarded $120 Million: 'We have no experience in the markets in which we intend to operate'

    07/03/2012 10:18:01 AM PDT · by MichCapCon · 12 replies
    Michigan Capitol Confidential ^ | 6/28/2012 | Jarrett Skorup and Matt Neeham
    A "green" energy company that received tens of millions of dollars from taxpayers while promising 70 jobs by the end of this year has created only three and received strong criticism from environmental and fiscal groups across the political spectrum. Mascoma Corp., a New Hampshire-based business, was awarded a grant of $20 million from the state of Michigan as part of the Centers of Energy Excellence program in 2008 and amounts totaling up to $100 million from the federal government over the last few years to build a plant in Kinross, a small town in the Upper Peninsula. The company...
  • US economic recovery is tepid, says IMF

    07/03/2012 9:22:59 AM PDT · by NormsRevenge · 6 replies
    BBC News ^ | 7/3/12 | BBC
    The US recovery "remains tepid", according to the annual report from the International Monetary Fund (IMF). It has cut its growth forecast for the US economy to 2% this year from an earlier estimate of 2.1%. The IMF warned of risks from the eurozone debt crisis and uncertainties surrounding domestic policies, with an election in November and the debt ceiling needing to be raised in 2013. But it said there was also a chance that the economy could recover faster. The IMF said non-financial firms could invest more than expected and the housing market recovery may accelerate. Its report said...
  • Another Stimulus Backed ‘Green Energy’ Company Goes Bankrupt ( Pat Stryker mentioned )

    07/02/2012 6:29:29 PM PDT · by george76 · 8 replies
    The Heritage Foundation ^ | June 28, 2012 | Lachlan Markay
    Another stimulus-backed green energy company has filed for bankruptcy, further fueling criticism of Energy Department programs that backed highly-risky investments on the taxpayer dime. Like Solyndra and a number of other green energy investments made under this administration, Abound Solar had a very poor credit rating, but enjoyed a wealth of political connections. ... Abound had to remove an entire rooftop of defective solar panels from the headquarters of one of its top investors, Bohemian Companies, a venture capital firm owned by Pat Stryker. Stryker is particularly noteworthy, given her extensive ties to Democratic causes and politicians, including President Obama....
  • Americans afraid to quit their jobs

    06/25/2012 5:47:50 AM PDT · by richardb72 · 26 replies
    New York Post ^ | June 25, 2012 | John Lott
    In case you missed it, hiring fell a staggering 9 percent last month. The hidden secret is how bad hiring has been throughout the “recovery.” Economists say the recovery started in July 2009 — but the jobs picture still looks more like a recession. New hires not only fell during the recession, they’ve kept on falling during the “recovery” — something that isn’t supposed to happen. The economy has added jobs for 20 months, but very slowly. The total number of jobs has grown by just 1 percent during the 36-month “recovery.” In all past recoveries since 1970, the average...
  • A Nation just too scared to quit

    06/24/2012 10:30:56 PM PDT · by ThomasHart · 10 replies
    New York Post ^ | June 24, 2012 | John R. Lott
    In case you missed it, hiring fell a staggering 9 percent last month. The hidden secret is how bad hiring has been throughout the “recovery.” Economists say the recovery started in July 2009 — but the jobs picture still looks more like a recession. New hires not only fell during the recession, they’ve kept on falling during the “recovery” — something that isn’t supposed to happen. The economy has added jobs for 20 months, but very slowly. The total number of jobs has grown by just 1 percent during the 36-month “recovery.” In all past recoveries since 1970, the average...
  • Obama's Green-Jobs Fraud Exposed

    06/21/2012 5:49:46 PM PDT · by Kaslin · 6 replies
    IBD Editorials ^ | June 21, 2012 | Editor
    Industrial Policy: For a $9 billion investment, the administration created just over 900 new, permanent jobs. We could've had 20,000 jobs building a pipeline with not a dollar of taxpayer money being wasted. According to the report by the National Renewable Energy Laboratory, which is part of the U.S. Department of Energy, Section 1503 of the American Recovery and Reinvestment Act (aka the stimulus), the part that covers green energy projects got some $9 billion in stimulus cash for 2009-11 and created a whopping 910 direct jobs — those involved in the ongoing operation of the wind and solar projects...
  • As Growth Ebbs, Brazil Powers Up Its Bulldozers [How Marxists run economies into the ground]

    06/22/2012 6:13:37 AM PDT · by Cincinatus' Wife · 3 replies
    New York Times ^ | June 21, 2012 | SIMON ROMERO
    IPOJUCA, Brazil — More than 40,000 laborers swarm the port complex here in northeast Brazil, building a refinery for the state oil company. Five thousand others toil at a shipyard, another government-led project. Real estate prices are soaring and unemployment is falling in this region along the Atlantic coast, once known for its festering poverty. In a show of the extraordinary sway that Brazil’s government wields in nearly every important area of the economy, President Dilma Rousseff is accelerating an array of stimulus projects throughout the country aimed at blunting a slowdown that has reduced Brazil’s economic growth to a...
  • Worldcom convict gets $7.5 (Million) loan guarantee from Obama’s stimulus [Tax Dollars for Crooks]

    06/21/2012 5:03:59 PM PDT · by SoFloFreeper · 13 replies
    Washington Examiner ^ | 6/21/12 | Joel Gehrke
    David Myers, a former Worldcom executive who served 11 months in prison after being convicted of fraud, received a $7.5 million loan that was guaranteed by the federal government with money from the 2009 stimulus. Worldcom filed the largest Chapter 11 bankruptcy in U.S. history 2002, after three years of “falsely professing financial growth and profitability to increase the price of WorldCom’s stock.” As Worldcom controller, Myers was one of the three executives most intimately involved in perpetrating the fraud, which exaggerated that company’s value by $11 billion.
  • The Obama Debacle

    06/21/2012 10:21:42 AM PDT · by ThomasHart · 2 replies
    National Review ^ | June 21, 2012 | Kathryn Lopez & John Lott
    John R. Lott Jr. and Grover G. Norquist are the authors of Debacle: Obama’s War on Jobs and Growth and What We Can Do Now to Regain Our Future. Lott, a former colleague of the president’s at the University of Chicago Law School, answers some questions about the depth of the debacle and the way out from National Review Online’s Kathryn Jean Lopez. KATHRYN JEAN LOPEZ: John, you say that when you were a faculty colleague of Barack Obama, he tagged you as “the gun guy” and announced that “I don’t believe people should be able to own guns.” That...
  • A123's Positive Developments Are Like Clockwork

    06/13/2012 10:29:32 AM PDT · by jazusamo · 4 replies
    National Legal & Policy Center ^ | June 13, 2012 | Paul Chesser
    Seems like every time stimulus recipient battery-maker A123 Systems suffers bad news or a stock price hit, its leaders miraculously produce great news via press release that temporarily bumps shares higher. The latest example came yesterday, when A123 announced a “technological breakthrough” called Nanophosphate EXT that officials claim would reduce or eliminate the need for cooling systems for overheating batteries, and lower the cost of electric vehicle batteries by $600 . This followed news that A123 plans to hire 400 employees (125 were laid off in November) in the coming months, thanks to new contracts it has won. Apparently...
  • The private sector is not doing fine, Mr. Obama

    06/11/2012 9:20:52 PM PDT · by richardb72 · 3 replies
    Fox News ^ | June 11, 2012 | John Lott
    “The private sector is doing fine. Where we're seeing weaknesses in our economy have to do with state and local government,” President Obama claimed on Friday. His solution to fix the public sector was more government spending. When people started screaming, Obama clarified his remarks and said “It’s absolutely clear economy is not doing fine,” but he just couldn’t bring himself to disown his statement about the private sector generally doing “fine.” His clarification still asserted that there is “good momentum in the private sector.” But private sector employment growth has fallen in each of the last four months, reaching...
  • The Limits of Monetary Policy and the Importance of Fiscal Policy

    06/06/2012 5:19:42 PM PDT · by moneyrunner · 2 replies
    The Virginian ^ | 6/6/2012 | Moneyrunner
    Here is the rub. As mentioned, the FOMC sets monetary policy for the nation, for all 50 states—its influence is uniform across America. The same rate of interest is charged on bank loans to businesses and individuals in Texas as is charged New Yorkers or the good people of Illinois or Californians; Texans pay the same rates on mortgages and so on. Why is it that the Texas economy has radically outperformed the rest of the states? A cheap answer is to revert to the hackneyed argument that Texas has oil and gas. It is true that we produce as...
  • Romney Surrogate McDonnell Says Obama Stimulus Plan Helped Virginia [Foolish Utterances!]

    06/03/2012 1:46:18 PM PDT · by Steelfish · 35 replies
    Washington Post ^ | June 03, 2012 | Dan Eggen
    Romney Surrogate McDonnell Says Obama Stimulus Plan Helped Virginia By Dan Eggen June 3 Virginia Gov. Bob McDonnell (R) wandered off script somewhat Sunday as a surrogate for the Mitt Romney presidential campaign, conceding that President Obama’s stimulus measures helped his state weather the economic crisis. McDonnell, a potential vice presidential candidate who has sought to walk a tightrope between conservatives and moderates, acknowledged on CNN’s “State of the Union” that federal assistance aided Virginia in balancing its budget, but said it had no positive long-term impact. “Did it help us in the short run with health care and education...
  • The Time Has Come Mr. Bernanke For More Stimulus!

    06/02/2012 5:52:11 PM PDT · by blam · 19 replies
    TMO ^ | 6-2-2012 | Sy Harding
    The Time Has Come Mr. Bernanke For More Stimulus! Stock-Markets / Economic Stimulus Jun 02, 2012 - 02:26 PM By: Sy Harding For several months Fed Chairman Ben Bernanke has been assuring Congress and by extension, investors, that the Fed stands ready with ammunition to re-stimulate the economy “if it becomes necessary.” It has become necessary. In each of the last two summers the Fed waited until the economic recovery had stumbled near the point of sliding into recession, and the stock market correction was close to crossing the 20% line into a bear market, before coming to the rescue...
  • CBO: Obama stimulus may have cost as much as $4.1 million a job

    05/30/2012 2:50:12 PM PDT · by Nachum · 8 replies
    American Enterprise ^ | 5/30/12 | James Pethokoukis
    The Congressional Budget Office in a new report: When [the American Recovery and Reinvestment Act] was being considered, the Congressional Budget Office (CBO) and the staff of the Joint Committee on Taxation estimated that it would increase budget deficits by $787 billion between fiscal years 2009 and 2019. CBO now estimates that the total impact over the 2009–2019 period will amount to about $831 billion. By CBO’s estimate, close to half of that impact occurred in fiscal year 2010, and more than 90 percent of ARRA’s budgetary impact
  • Spain Ejects Clean-Power Industry With Europe Precedent

    05/30/2012 6:55:12 AM PDT · by Oldeconomybuyer · 9 replies
    Bloomberg via Yahoo! News ^ | May 30, 2012 | By Alex Morales and Ben Sills
    Spanish renewable-energy companies that once got Europe's biggest subsidies are deserting the nation after the government shut off aid, pushing project developers and equipment-makers to work abroad or perish. Saddled with a budget deficit more than twice the European Union limit and a ballooning gap between income and costs in its power system, Spain halted subsidies for new renewable-energy projects in January. The surprise move by Prime Minister Mariano Rajoy one month after taking office helped pierce investor confidence in stable aid for clean energy across Europe. "They destroyed the Spanish market overnight with the moratorium," European Wind Energy Association...
  • The Real Scandal Is Obama's Public-Equity Ventures (Not Bain Capital)

    05/26/2012 6:32:50 AM PDT · by SeekAndFind · 9 replies
    IBD ^ | 05/26/2012 | By MARC A. THIESSEN
    Despite a growing backlash from his fellow Democrats, President Obama has doubled down on his attacks on Mitt Romney's tenure at Bain Capital. But the strategy could backfire in ways Obama has not anticipated. After all, if Romney's record in private equity is fair game, then so is Obama's record in public equity — and that record is not pretty. Since taking office, Obama has invested billions of taxpayer dollars in private businesses, including as part of his stimulus spending bill. Many of those investments have turned out to be unmitigated disasters — leaving in their wake bankruptcies, layoffs, criminal...
  • Employee behind lavish Las Vegas conference out at GSA (Jeff Neely, ex-GSA Regional Director)

    05/24/2012 7:55:16 PM PDT · by DogByte6RER · 6 replies
    The L.A. Times ^ | May 24, 2012 | Morgan Little
    Employee behind lavish Las Vegas conference out at GSA WASHINGTON -- Jeff Neely, the regional director responsible for much of the General Services Administration’s highly controversial $823,000 conference in Las Vegas in 2010, is no longer employed by the agency, a spokesman said. "GSA is in the process of completing its review of activities associated with the Western Regions Conference and pursuing all available avenues for appropriate disciplinary action against those responsible. Jeff Neely was placed on administrative leave based on his involvement in the WRC. As of today, he’s no longer employed with GSA,” Deputy Press Secretary Adam Elkington...
  • The Fairy's Mistake's Mistake

    05/20/2012 12:39:03 PM PDT · by zantus · 5 replies
    zPatriot ^ | May 18, 2012 | Andrea Clark
    Today, I’m going to use economics to dissect “The Fairy’s Mistake” by Gail Carson Levine: 87 short pages that can be read in an hour. Levine writes charming fairy tales. “Ella Enchanted”, probably her most famous, is about how the use of power leads to unintended consequences, and why liberty is to be desired above all else but requires hard work and bravery to attain. (That’s the book. I haven’t seen the movie and can’t vouch for it.) “The Fairy’s Mistake” is also about unintended consequences. In the classic fairy tale, the naturally good, sweet young maiden freely provides some...
  • Risk (Even Further) Off as Investors Await Government Stimulus

    05/19/2012 11:04:20 AM PDT · by Son House
    Asset International Inc. ^ | May 16, 2012 | Elizabeth Pfeuti
    Large investors have retreated further into their shells this month as they await action from governments around the world to kick-start economic growth and prevent collapses in the Eurozone, a survey has shown. Over a third of investors responding to the monthly Bank of America Merrill Lynch fund manager survey said they were taking lower than normal risks in their portfolios. This was a significant shift from around a fifth of investors agreeing with this statement last month - which was already low. The BoA Merrill Lynch Risk and Liquidity Composite indicator, which measures market sentiment, has fallen below its...
  • Brazil Stimulus Fails to Raise Growth

    05/19/2012 6:31:11 AM PDT · by Son House · 7 replies
    Financial Times ^ | May 18, 2012 | Joe Leahy
    Brazil’s economic output shrank in March, defying government stimulus measures and surprising economists who had predicted that Latin America’s biggest economy would begin to recover from a prolonged slowdown. The 0.35 per cent contraction, compared with February, makes Brazil’s growth the second slowest in Latin America in real terms, after Argentina. The news comes as Asia’s major emerging market economies, China and India, are also decelerating. “The weak … conditions are likely to encourage the authorities to add more fiscal and monetary stimulus to the economy and to remain activist on the foreign exchange front,” said Alberto Ramos of Goldman...
  • A123 Systems Reports More Bad News (Another Obama Stimulooser Success)

    05/16/2012 7:52:10 AM PDT · by Red Badger · 7 replies
    MIT Technology Review ^ | 05-15-2012 | Kevin Bullis
    Based on this morning's quarterly earnings call, the financial numbers are pointing in the wrong direction for lithium-ion battery maker A123 Systems, a company founded 10 years ago based on technology developed at an MIT lab. A123 posted a net loss of $125 million, $40 million more than it lost in the previous quarter. It only brought in $11 million in revenue, down from $40 million in the previous quarter and $18 million a year ago. Meanwhile, its cash is dwindling, down from $187 million at the end of last year to $113 million at the end of the first...
  • Federal 'Stimulus' Spent $34.5 Million In Michigan For Only 183 Total Jobs

    05/16/2012 5:34:25 AM PDT · by MichCapCon · 5 replies
    Michigan Capitol Confidential ^ | 5/14/2012 | Anne Schieber
    If jobs are any measure, 14 Michigan "green" companies that were awarded $34.5 million in taxpayer funded grants and loans aren't generating much heat. According to the Michigan Economic Development Corp., the companies have reported a total of 183 jobs. While a final report will not be issued until June, calls and emails to the companies indicate the total number will not be much higher. The state awarded the grants and loans in 2009 and 2010 under its Clean Energy Advanced Manufacturing Program. The money came from federal stimulus funding under the American Recovery and Reinvestment Act. The federal government...
  • You Paid for It! Stimulus Dollars Fund Studies into Sexual History and Erectile Dysfunction

    05/15/2012 6:51:14 AM PDT · by SeekAndFind · 5 replies
    NBC Bay Area ^ | 05/15/2012 | By Tony Kovaleski, Liza Meak, and Felipe Escamilla
    The NBC Investigative Unit has raised questions about two grants totaling nearly $1.5 million dollars distributed to the University of California San Francisco. The money was part of the federal stimulus program and went to studies into the erectile dysfunction of overweight middle aged men and the accurate reporting of someone's sexual history. This is part of our ongoing series of investigations by the NBC Bay Area Investigative Unit into who got federal stimulus dollars, and why some projects did not break ground more than two years after receiving the grant. The Investigative Unit looked closely at the federal government's...
  • Canadian firm will receive up to 50 million stimulus dollars for NV solar plant with two employees

    05/14/2012 11:31:35 AM PDT · by NevadaPolicyResearchInstitute · 6 replies
    Nevada Journal ^ | May 10, 2012 | Kyle Gillis
    LAS VEGAS — The company behind the recently opened Silver State North solar plant is eligible to receive up to $50 million in federal tax credits under the Obama administration’s “stimulus” legislation, even though the plant created only two full-time jobs. According to a Department of Interior memo, Enbridge Energy Partners, a Canadian-based company with extensive energy holdings in the U.S. that purchased the Southern Nevada plant from Arizona-based First Solar, “can apply for payments of up to 30 percent of the eligible costs of the project — approximately $50 million.” The payments are available through the 1603 Program, a...
  • Federal 'Stimulus' Spent $8.5 Million For 11 Wind Energy Jobs

    05/11/2012 1:12:13 PM PDT · by MichCapCon · 3 replies
    Michigan Capitol Confidential ^ | 5/10/2012 | Anne Schieber
    If jobs are any measure, 14 Michigan "green" companies that were awarded $34.5 million in taxpayer funded grants and loans aren't generating much heat. According to the Michigan Economic Development Corp., the companies have reported a total of 183 jobs. While a final report will not be issued until June, calls and emails to the companies indicate the total number will not be much higher. The state awarded the grants and loans in 2009 and 2010 under its Clean Energy Advanced Manufacturing Program. The money came from federal stimulus funding under the American Recovery and Reinvestment Act. The federal government...