Obama: the Economy Is on the Mend (if Slowly)

Government must remain involved for economy to gain new footing

(NEWSER) - The Obama administration must resist the temptation to leave the economy to its own devices too soon, Paul Krugman writes in the New York Times. “Getting to the point where our economy can thrive without fiscal support may be a difficult, drawn-out process,” he writes, with no bubble in sight to replace housing. “Things can’t just go back to the way they were.” More»

President winds up bus tour, says Republicans blocking economic growth

(NEWSER) - President Obama accused Republicans of keeping a politically motivated stranglehold on the US economy as his three-day bus tour of the Midwest wrapped up today, the Los Angeles Times reports. "I need you to send a message to folks in Washington," he told voters at a seed-production facility in Atkinson, Ill. "Stop drawing lines in the sand, stop engaging in rhetoric instead of getting things done. It’s time to put country ahead of party." More»

(USER SUBMITTED) - Jim Surowiecki, writing for the New Yorker, says that the Obama stimulus package worked surprisingly well. Yet, Surowiecki notes, Obama gets little credit for it because he did the economically, rather than politically, expedient thing. Rather than lump-sum tax rebates, which consumers tend to horde, he gave taxpayers a small break in every paycheck, which they spent—stimulating the economy. By giving money to the states to retain jobs, rather than create new ones, he maintained stability and reduced unemployment. More»

...But warns that there's 'no quick fix'

(NEWSER) - There is “no quick fix” for the economy, Barack Obama said today in a speech at the White House, but his team is working on a new series of proposals to boost growth and hiring. Obama spoke following the Labor Department’s latest employment report, which showed that private payrolls had jumped a better-than-expected 67,000 in August but that the unemployment rate inched up from 9.5% to 9.6%, Bloomberg reports. More»

Team searches for ways to bolster economy

(NEWSER) - With economic recovery looking sluggish at best , President Obama is considering a national infrastructure program, alongside a wave of tax cuts for businesses and individuals. Up for discussion are additional tax cuts for small businesses, a possible payroll tax cut for businesses and individuals, and other tax breaks aimed at encouraging businesses to hire, sources tell the Wall Street Journal . More»