Too-Speedy Bailout Spending May Squander Billions

(NEWSER) - President Obama's top economist is confident that swift action by the administration averted disaster, ABC News reports. “We were at the brink of catastrophe at the beginning of the year,” Larry Summers says, “but we have walked some substantial distance back from the abyss.” Summers credits the recovery to the two-tiered plan that moved quickly to stabilize the financial system while simultaneously preparing for future growth. More»

Public works, schools, summer youth programs to see US cash

(AP) - President Barack Obama promised today to deliver more than 600,000 jobs through his $787 billion stimulus plan this summer, with federal agencies pumping billions into public works projects, schools, and summer youth programs. Obama is ramping up his stimulus program this week, promising an accelerated pace of federal spending over the next few months to boost the economy and produce jobs. More»

(NEWSER) - The states President Obama’s $787 billion stimulus package was most intended to help aren’t yet getting much out of it, USA Today reports after analyzing government contracts. The eight states with unemployment rates higher than 10% have seen an average of $7.42 per person from the $4 billion dispersed so far; the US average is about $13. Michigan, with the highest unemployment rate, has gotten 21¢ per person. More»

Responds to Europe's stimulus reluctance with global op-ed blitz

(NEWSER) - President Obama published an op-ed piece in more than 30 newspapers worldwide today, urging the G-20 nations to take immediate, bold action to fix the economy. “The United States is ready to lead,” he wrote in the Los Angeles Times, among others, “and we call on our partners to join us with a sense of urgency.” Included was a call for broad stimulus action—something the European Central Bank opposes. More»

(NEWSER) - Larry Summers sounded a note of cautious optimism today about President Obama's stimulus plan, the Washington Post reports. While it's way too early to assess its "broader economic impact," Obama's chief economic adviser called it "moderately encouraging" that consumer spending appears to be back on track. More»