In a presentation (PDF) today, Congressional Budget Office director Douglas W. Elmendorf told the National Association for Business Economics that the gap between federal spending and revenues will likely remain “very large” when the U.S. finally returns to normal economic conditions.
Three other CBO observations given during the presentation More…
The headline on a top story in The New York Times today reads: “Wall Street Hiring in Anticipation of an Economic Recovery.” And here are the summary paragraphs:
The shift [towards hiring] underscores the remarkable recovery of the biggest banks and brokerage firms since Washington rescued them in the
Yesterday, Treasury Secretary Timothy Geithner made the dubious assertion that the government does not create jobs. Speaking on CNBC, he said, “Now, this president understands deeply that governments don’t create jobs, businesses create jobs. And our job as government is try to make sure we’re creating the conditions that allow More…
Today, The Washington Post’s Neil Irwin reports that the Federal Reserve — concerned about the sustained high level of unemployment and the general stall-out in the recovery — is considering taking steps to bolster growth. Irwin summarizes the “modest” possible measures:
One pro-growth strategy would be to strengthen language
Speaking with ABC News’ Sam Donaldson yesterday, Federal Reserve Chairman Ben Bernanke described the recovery as “moderate-paced” and demurred on the issue of whether there might be a double-dip, saying, “There seems to be a good bit of momentum in consumer spending and investment, so my More…
Via The Hill, here’s House Minority Leader John Boehner (R-Ohio) telling Fox News yesterday that the extended debate over Democratic priorities (ie, health care reform) has created an uncertainty in the business community that has hobbled economic recovery.
“It’s the policies that are coming out of this administration
Despite the recent good news that U.S. home prices rose 2.9 percent in the second quarter of 2009, it’s too early to call a turnaround for the battered housing sector. Although this modest increase in the S&P/Case-Shiller national home index is the first uptick since 2006, the number of homes More…
From the House Appropriations Committee, here is a summary of the final stimulus bill that both houses of Congress are expected to vote on tomorrow:
United States Congress
The American Recovery and Reinvestment Act of 2009
Creating Jobs, Supporting the States and Investing in Our Country’s Future
The United States
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