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NEWS ABOUT: economic stimulus package

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Stimulus Shortchanges Cities

(Newser) - Two-thirds of the country lives in big cities, but less than half of the federal stimulus’ transportation money is going to fix their often crumbling roads, the New York Times reports. States were allowed to decide for themselves how stimulus money was spent, and state lawmakers have a long history... More »

Food-Stamp Funding Boost Gives Economy Quick Lift

Money gets spent fast; $5 in stamps yields $9.20 in activity

(Newser) - The boost in food-stamp funding included in President Obama’s stimulus bill is pumping cash into the economy, the Wall Street Journal reports. In April, families of four on food stamps started getting about an extra $80 a month. Every $5 spent in food-stamp money means a quick $9.20... More »

While US Dallies, France Spends Its Stimulus

(Newser) - France has a reputation for stifling bureaucracy and long vacations, but when it comes to stimulus spending, the country is racing ahead of the US. This summer, workers are completing massive renovation projects not just for roads and rails, but to museums and cathedrals, and royal palaces. According to the... More »

We're Doomed Without Another Stimulus: Krugman

Jobs report offers scary echoes of 1930s stagnation

(Newser) - Yesterday's grim jobs report is the clearest sign yet that the US desperately needs another fiscal stimulus, writes Paul Krugman in the New York Times. This is 1930s redux: a Democratic president has pushed through an insufficient program, while strapped state governments cancel out federal spending with their own budget... More »

Facing $24B Shortfall, Calif. Gets No Love From Feds

Washington refuses state's requests for aid

(Newser) - California may be the world’s 8th-largest economy and key to President Obama’s re-election, but requests for financial aid are falling on deaf ears in Washington, Politico reports. The Golden State remains deadlocked over a $24 billion budget deficit, and many of its own officials are unsympathetic. “Why... More »

Axelrod Won't Rule Out Second Stimulus

Grassley says GOP 'won't be hoodwinked' on health care reform

(Newser) - With unemployment rates still rising, the White House isn’t ruling out the possibility of a second stimulus package, The Hill reports. On This Week, David Axelrod refused to “prejudge” the issue. But on Face the Nation, Mississippi Gov. Haley Barbour countered, “The real long-term effect is very... More »

Stimulus Boosts Americans' Incomes

Consumers tuck funds away: Savings rate hits 16-year high

(Newser) - Incomes in the US got a big boost from federal stimulus dollars in May, the Commerce Department reported today. But weary consumers stashed most of that lucre away, sending the savings rate to a 16-year high. “Households are reverting to a more sustainable spending path vis-à-vis income,”... More »

Obama Needs to Toughen Up on Health Care: Krugman

President is dooming reform effort with 'giveaways': Krugman

(Newser) - Barack Obama loves to talk about his post-partisan approach to politics, finding common ground on domestic policy and bringing Republicans into his fold. But on many issues Obama "searches for common ground where none exists," New York Times columnist Paul Krugman writes, and the resulting bills are far... More »

Obama's Pet Power Plant Gets Stimulus Cash

(Newser) - When the stimulus was in the works, President Obama went to great lengths to show he was sacrificing his top pet project—a clean-coal power plant to be built in Illinois—on the altar of fiscal responsibilities. “It shows that we’re serious,” a rep for Nancy Pelosi... More »

It's Too Soon for Feds to Ease Up on Economy

If Washington cuts off the cash, recession will worsen: Krugman

(Newser) - With critics prematurely calling on Washington to scale back financial rescue efforts, economic history fans see “déjà vu all over again,” writes Paul Krugman in the New York Times. This is the third time a major economy has been stuck in a liquidity trap, and both previous... More »

Questionable Projects Gobble Stimulus Funds

Report skeptical of $2M dance center, $1M Okla. guardrail

(Newser) - The economic stimulus is funding a variety of projects, but some possibilities—like a $1.1 million move to fix a guardrail no one uses—don’t seem to fit President Obama’s vision for the money, the Los Angeles Times reports. Oklahoma Sen. Tom Coburn will question such projects... More »

Net Worth of US Households Sinks Another $1.33T

(Newser) - The net worth of US households—assets minus debt—fell $1.33 trillion in the first quarter to $51.71 trillion, the Wall Street Journal reports. The 2.6% drop is smaller than the 8.6% of 2008’s fourth, a Fed report says. The first-quarter data don’t include... More »

GM-Owning Feds Buy Rival Fords

General Services Administration spends $129M on competition

(Newser) - The federal government isn't letting its stake in General Motors and Chrysler stop it from doing business with rivals, the New York Times reports. Ford, the only one of the Big Three not to receive bailout funds, won the biggest order in the General Services Administration's recent stimulus-funded $287 million... More »

Obama's 'Jobs Saved' Claims Are Pure Hokum

Ex-Bushie: Media won't call White House on its unmeasurable metric

(Newser) - President Obama confidently declared yesterday that the stimulus plan had already “saved or created” 150,000 American jobs and would “save or create” another 600,000 by this summer. Which is pretty surprising, former Bush official William McGurn writes in the Wall Street Journal, because the economy’s... More »

Obama Promises 600K Stimulus Jobs

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... More »

SC Court Orders Gov to Take Stimulus Cash

(Newser) - The South Carolina Supreme Court has ruled that Gov. Mark Sanford must apply for $700 million in federal stimulus money aimed at education that the governor had strenuously resisted, the State reports. The state’s General Assembly had already mandated the move, but Sanford argued it had no authority to... More »

Stimulus Hasn't Reached States That Need It Most

(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... More »

Wanted: Female Bloggers Not Afraid of Math

Feminists focus on fluffy recession news, hurt women's cause

(Newser) - What movies do broke people watch? How do lipstick sales reflect a limping economy? A review of women's blogs shows a dangerous emphasis on "recession lite," writes Linda Hirshman for DoubleX. What women need is someone willing to do the math and go to bat against the men... More »

Gov. Sanford Sues State Lawmakers Over Stimulus

(Newser) - The fight over stimulus money in South Carolina is now a federal case. Gov. Mark Sanford sued the state legislature last night for passing a budget that requires him to accept $350 million in federal money for schools, the State reports. Sanford, adamantly opposed to the stimulus cash, says state... More »

Fed Dollars Overtake Taxes as States' Top Income Source

Federal money exceeds revenue from major taxes for first time ever

(Newser) - For the first time, state governments are receiving more money directly from the federal government than they collect in sales, property, and income taxes, reports USA Today. As the economic downturn saps tax revenue, stimulus money has filled the gap. Says an analyst, “This has more to say about... More »

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