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NEWS ABOUT: economic stimulus package

It Was the Economy, Stupid

Voters didn't trust Democrats to turn fortunes around

(Newser) - Those who went to the polls cared about the economy and President Obama's handling of it, not witchcraft, masturbation, or college pranks, exit polls show. More than 60% of voters polled said the economy was the country's top problem and more than 90% said they were worried about its condition... More »

Government Isn't Bigger

Obama hasn't expanded spending—and that's too bad

(Newser) - The Obama presidency has mobilized hundreds of thousands of conservatives to clamor against the "big expansion of government spending," but said expansion simply didn't happen—and that's the problem, writes Paul Krugman for the New York Times . The president hasn't created new benefits for the poor, large new... More »

72K Stimulus Payments Went to Dead People

But amounts were small, and about half were returned

(Newser) - The Social Security Administration sent 72,000 stimulus payments of $250 each to dead people, and another 17,000 to prison inmates, according to a new report from the inspector general. That amounts to $22.3 million in accidental checks, of which about $12 million has been returned, the Wall ... More »

The Stimulus May Have Worked

(Newser) - 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... More »

Greenspan: Forget Stimulus, Let Markets Take Over

Government spending is less effective than we hoped

(Newser) - Alan Greenspan says stimulus spending isn't perking up the economy as much as hoped—and that at this point, it's better to let businesses and the markets handle the recovery, the Wall Street Journal reports. “We’d probably be better off doing less than more” because “you’d... More »

Tax Cuts: Good for Politicians, Not Economy

There are better ways to go, but no one wants another stimulus

(Newser) - “Tax cuts” is a phrase politicians love, especially in election season—but they may not do the economy much good at all. Those in favor of extending the Bush tax cuts (Republicans and a few Democrats) argue that ending the tax cuts, thus increasing taxes, for anyone—even the... More »

If Obama Could Do It All Over...

He wouldn't have focused on stimulus, health care

(Newser) - Democrats appear headed for a big November defeat, but it didn’t have to be this way. In today’s New York Times , David Brooks imagines an alternate history, in which Obama took a wiser path. In December 2008, as his staff was clamoring to recreate the New Deal, “... More »

Obama Promises Action On Economy

...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... More »

Prof Gets $700K in Stimulus Cash to Write Jokes

Take my tax dollars ... please!

(Newser) - Here’s a knee-slapper for you: A Northwestern University professor has snagged $712,883 worth of stimulus funds for his efforts to teach computers how to create jokes. Kristian Hammond and his grad students are working on a “machine-generated humor” project that aims to create “structured queries that... More »

Obama Weighs New Wave of Tax Cuts, Stimulus

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... More »

Fixing the Economy Is a Lot Like Parenting

It's all about 'good values' and a secure environment

(Newser) - Americans debated the merits of fiscal stimulus a lot—in particular how big it should be. But it's important not to lose the forest for the trees when engineering an economic recovery, David Brooks writes for the New York Times . Consider Germany, which had a much smaller stimulus and is... More »

Overlooked Part of the Stimulus: A Green Revolution

Joe Biden: 'Now the fun stuff starts'

(Newser) - President Obama's stimulus package has so far been debated in narrow terms of how many jobs it may or may not have saved or created, writes Michael Grunwald in Time. Lost in the rhetoric are the many profound and long-term ways it can change America—first and foremost in creating... More »

Schools Not Using Stimulus to Hire Teachers

They're saving it for an imminent rainy day

(Newser) - The federal government gave schools around the country $10 billion to bolster their budgets this spring, in the hope that it would allow them to avoid layoffs or hire new teachers. But many of the nation’s biggest districts aren’t doing that, the New York Times reports. Instead, they’... More »

House Approves $26B in Jobs Aid

Republicans criticize it as another bailout

(Newser) - The House today approved $26 billion in emergency funding intended to protect the jobs of teachers and other government employees across the country, the Washington Post reports. Nancy Pelosi called the House back from August recess for a 1-day session to approve the bill, which she thinks will save 300,... More »

Fed to Meet as Economy Sputters

Central bank expected to tackle deflation danger

(Newser) - The Federal Reserve meets today to decide what medicine the wheezing American economy needs, and world markets will be keenly watching for the outcome. With no new stimulus spending from Congress likely, the central bank is the only body poised to react to signs that the recovery is running out... More »

Obama Sticks to Agenda, Polls Be Damned

He's 3 for 3 on stimulus, health care, financial reform

(Newser) - President Obama completed a legislative hat trick yesterday, as he passed a landmark financial reform bill, to go alongside his landmark health care bill, and his mammoth stimulus bill. These victories essentially line up with his campaign promises, but they’ve come at a political cost, giving plenty of ammunition... More »

World Risks Repeat of '30s Double Dip

Spending cuts could send economy plummeting again

(Newser) - The world's top economies are all talking about tightening their belts, and in so doing risk repeating the mistakes of the 1930s, writes David Leonhardt of the New York Times . When President Roosevelt tried balancing the budget in 1936, it plunged the recovering country back into depression. But austerity enthusiasts... More »

Budget Director Orszag Stepping Down

Senior official's departure expected as soon as next month

(Newser) - White House Budget Director Peter Orszag is planning to leave the administration, Democratic officials say. Orszag will be most senior official to leave the Obama team and his departure could come as soon as next month, insiders tell the Wall Street Journal . Orszag, a former director of the Congressional Budget... More »

It's the Anti-Stimulus We Should Be Worried About

State budget cuts are wiping out the effects of the stimulus

(Newser) - The success of the Obama stimulus in creating jobs has been broadly, and furiously, debated—and will continue to be as the election season nears. But Ezra Klein argues today that in the end it's the "anti-stimulus"—the massive constriction of state budgets—that will decide our economic... More »

US Economy Needs Less Caution, More Spending

Forget deficit; fret over threat of 'lost decade'

(Newser) - No matter what you've heard panicked commentators say, the US is not the next Greece, and the government is not trying to do or spend too much in the face of the slumping economy. In reality, Washington isn't doing or spending enough, and as a result, the US could be... More »

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