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Obama Critics: Really So 'Dumb'?

Conservatives react to Andrew Sullivan's article

(Newser) - Andrew Sullivan's unflinching defense of President Obama in Newsweek is irking conservative bloggers today. No wonder, considering the headline: "Why Are Obama's Critics So Dumb?" Taking on the right, Sullivan calls Obamacare a "moderate," fiscally responsible program, and says "a depression was averted" with... More »

House Panel Subpoenas White House Solyndra Docs

Last-ditch efforts to avoid the move prove fruitless

(Newser) - Despite last-minute efforts by the White House, the House Energy and Commerce Committee panel today authorized subpoenas for internal White House documents related to the Solyndra mess. The Washington Post calls the move “apparently unprecedented.” President Obama’s top lawyer had sought a deal and White House officials... More »

Another US-Backed Energy Company Goes Bankrupt

Beacon Power adds to Obama administration's post-Solyndra woes

(Newser) - More potential trouble for the Obama administration: On the heels of Solyndra, another federally-backed power company has gone bankrupt. A year ago, Beacon Power received a $43 million loan guarantee from the Department of Energy, Reuters reports. The company drew down $39 million of that loan for a $69 million... More »

Perry's Job Program Claims Wildly Inflated

Wall Street Journal looks at the numbers and isn't impressed

(Newser) - Rick Perry often boasts of his $440 million Texas Enterprise Fund, which he says has created more than 59,000 jobs. But the program’s estimates often appear wildly exaggerated, the Wall Street Journal reports. A $50 million grant to Texas A&M for a new Genomic Institute, for example,... More »

George Soros: Double-Dip Recession Is Here

Rejection of stimulus a big mistake: investor

(Newser) - Worry no longer about an impending double-dip recession—it’s already here, says George Soros. “I think we are in it already,” the billionaire investor told CNBC , citing Republicans’ rejection of fiscal stimulus as a key problem. “We have a slowdown and basically a conflict about whether... More »

Green Jobs Program Coming Up Short on Jobs

Loans producing a lot fewer jobs than advertised

(Newser) - President Obama’s “green jobs” loan program—which recently grabbed the spotlight thanks to Solyndra's collapse —isn’t producing anything close to the 65,000 jobs promised, at least not directly. The program has already lent out half of the $38.6 billion allotted to it, but... More »

Obama Scrambles for Jobs Plan

But problem may be too big to fix

(Newser) - As he announced the appointment of Alan Krueger yesterday, President Obama promised a speech outlining his new jobs agenda next week—but behind the scenes, Obama and company haven’t actually agreed on that agenda yet, the Washington Post reports. The president is considering a number of options, including a... More »

Second Stimulus, Additional Debt Release Coming

President to trade short-term spending for long-term cuts

(Newser) - President Obama's promises to boost jobs and cut the deficit are taking shape, with a new stimulus and tax cuts for companies that hire new workers to be announced in a major address right after Labor Day, reports the Washington Post . The stimulus is said to focus on road... More »

Bernanke: We're Prepared to Dole Out More Stimulus

Says he expects more job creation once 'temporary shocks' pass

(Newser) - The Federal Reserve is ready and willing to pour more money into the economy if it has to, Ben Bernanke told Congress today. “The possibility remains that the recent economic weakness may prove more persistent than expected … implying a need for additional policy support,” Bernanke said. “... More »

Feds Have Given Up on Economy

'Short term is when government can be most effective': Paul Krugman

(Newser) - Not only has the US economy been "stuck in a rut," but now a "destructive passivity has overtaken our discourse," writes Paul Krugman in the New York Times . The common wisdom today is that there is nothing the government can do in the short run to... More »

Sorry, Our Economic ‘Recovery’ Is Tanking

Weak GDP growth is only the latest sign: Henry Blodget

(Newser) - The general consensus these days is that the economy is enjoying a steady if unspectacular recovery, writes Henry Blodget at Business Insider . After all, stocks and corporate profits are up and the unemployment rate is down. In a column headlined "Don't Mean To Be Rude, But The Economy... More »

Why Obama Gets No Credit for Success

His presidency's been about 'preventing disaster,' writes Michael Grunwald

(Newser) - President Obama “prevented an atrocity” in Libya, but no one’s giving him credit. Why? “Because he prevented an atrocity,” writes Michael Grunwald in Time . It’s called the “counterfactual problem:” “It's hard to get credit for avoiding a disaster when it's impossible to... More »

Feds Hit States With Interest on Unemployment Loans

Tax-free provision ended with first stimulus

(Newser) - With most states already swinging in the recessionary winds, more bad news—many will have to start paying interest on the money they borrow to pay unemployment benefits. When jobless levels hit the unthinkable, with some states seeing 14%-15%, many had to go cap in hand to the feds to... More »

Most Productive Congress Since 1960s Adjourns

111th passed vast legislation in 'dysfunctional' environment

(Newser) - The 111th Congress adjourned last night, after passing more key legislation that affected more Americans than any since Lyndon Johnson’s 1960s “Great Society,” Bloomberg reports. That included $1.67 trillion spent to save the economy, health insurance for 32 million people, and new regulations on Wall Street;... More »

Democrats Too Dumb to Realize Obama Won Tax Deal

Krauthammer: GOP gave him his stimulus, and looked bad doing it

(Newser) - Barack Obama pulled off a huge coup with his tax-cut deal, but House Democrats are too dim to realize it. Obama slyly negotiated “the biggest stimulus in American history,” complains Charles Krauthammer in the Washington Post . Republicans boast that this is their kind of stimulus—meaning mostly tax... More »

Ohio, Wisconsin Spurn $1.2B to Build Train Lines

Stimulus funds will go to other states

(Newser) - The US is redistributing $1.2 billion in federal stimulus money that had been headed to Ohio and Wisconsin, after both states' Republican governors-elect called for an end to proposed train projects, arguing they were unnecessary and would cost millions to operate. “Wisconsin taxpayers were victorious today in defeating... More »

So What Exactly Is in the Tax Deal?

Republicans, Obama agree to payroll tax holiday, middle class breaks

(Newser) - The tax cut deal President Obama struck with Republicans yesterday is far more sweeping than lawmakers on either side of the aisle were expecting, and aside from extending the Bush tax cuts across the board, here's the lowdown, as per the Washington Post:
  • Inheritance tax: After a year's lapse, individual
... More »

Stimulus Gave $140M to Faith-Based Groups

It's one of the quieter aspects of the federal package

(Newser) - Conservatives slammed it as “anti-religious”—but in fact, some $140 million from President Obama’s stimulus package has gone to faith-based organizations. The money “kind of fell from the sky, and it was unbelievable,” says the head of a church-backed nonprofit. But the matter has gone... More »

Enough With the Bush Nostalgia

He did a lot of things wrong, and some Republicans 'haven't forgotten'

(Newser) - With President Obama’s approval ratings in the toilet and George W. Bush’s highly-publicized Decision Points out today, it’s easy to get caught up in a bit of “Bush nostalgia.” And yes, W’s “candor, decency, self-effacement, and clear love of country stand in stark... More »

Obama Didn't Need to 'Focus' on Economy...

...he needed the guts to do something worthwhile to save it

(Newser) - Recently prognosticators—like Evan Bayh, in this article —have been accusing Barack Obama of “focusing on health care rather than job creation.” So Paul Krugman of the New York Times has a question: What does that even mean? Are they saying Obama should have pursued a bigger... More »

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