stimulus funds

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Bernanke Taking Big Gamble on Policy

Lower dollar stimulates economy but risks trade wars: Allan Sloan

(Newser) - Ben Bernanke's push to keep interest rates low might be stimulating the US economy, but it's also raising the risk of currency wars, writes Allan Sloan at Fortune . "Cutting interest rates faster and more deeply than most other central banks has weakened the dollar against the currencies... More »

Job Creation in Green Energy Overstated

Wall Street Journal thinks 100K figure is way off

(Newser) - The Obama administration says a $10 billion portion of its 2009 stimulus directly prompted the creation of 100,000 jobs in alternative energy, but the claim is difficult to measure. Trouble is, such assessments are based on mathematical formulas and reports, not straightforward counts. Indeed, the Congressional Research Service urged... 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 »

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 »

Even 'Stimulus Skeptics' Should Back Obama's Plan

It's a reasonable effort to guard against a double-dip: David Brooks

(Newser) - David Brooks counts himself among the "stimulus skeptics," but he's signing on to President Obama's plan to juice the economy. The president's proposals come from "the middle of the ideological spectrum," and collectively they help guard against the "truly horrifying" prospect of... More »

We Might Be Doomed, Debt Deal or Not

Paul Krugman: Focus on 'deficit panic' could be disastrous

(Newser) - So Greece has a bailout deal , and the US is maybe closing in on its own agreement to avoid a default. Cause for celebration? More like depression, writes Paul Krugman. Or, as he puts it in the New York Times , a "Lesser Depression." Policy-makers might "manage to... More »

Bernanke Clarifies Stimulus Talk, Markets Tumble

Fed isn't ready to take action soon

(Newser) - Wall Street semantics: Yesterday, Ben Bernanke appeared before Congress and mentioned the word "stimulus." His remarks were widely interpreted to mean that the Fed was poised to take action to bolster the economy, and the markets rose in response. Today, Bernanke resumed testimony and made clear the Fed... 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 »

US Keeps Repeating Same Mistake on Economy

Paul Krugman: We have to worry about jobs, not the deficit

(Newser) - The US made a terrible mistake last year by not spending enough money on the economic recovery, and it's on track to repeat the error on a larger scale this year, writes Paul Krugman in the New York Times . Deficit hawks were allowed to overrule those concerned about job... More »

Tax Cheats Raked in Federal Stimulus Bucks

Thousands of businesses owing tax bills collected $24B

(Newser) - Thousands of US companies that raked in federal stimulus money are tax cheats who owe the government millions. At least 3,700 government contractors and nonprofit organizations that received more than $24 billion in stimulus funds owed $757 million in back taxes while they were collecting their booty, according to... 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 »

Top Polluters Got Waivers, Cash for Stimulus Projects

BP, DuPont escape environmental rules

(Newser) - The White House has handed wads of stimulus cash to the biggest US polluters and given them "sweeping exemptions from the most basic form of environmental oversight," finds a Center for Public Integrity investigation. Coal burners like Westar Energy and chemical maker DuPont have been among the beneficiaries... 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 »

Bernanke: Fed Still Has Tricks Up Its Sleeves

... but it's not going to use them unless things get even worse

(Newser) - Ben Bernanke admitted that economic growth was “less vigorous than expected,” in his speech at Jackson Hole today, but said the Federal Reserve wasn’t going to act just yet. The Fed Funds Rate is near zero, but Bernanke said the central bank still had some “unconventional... More »

Hey, Stimulus Backers, Don't Be So Arrogant

At least concede the possibility you're wrong

(Newser) - David Brooks sounds a bit fed up with all the economists— Paul Krugman , he's looking at you—loudly demanding another stimulus. Among the shots in today's New York Times column:
  • "The Demand Siders are brilliant, but they write as if changing fiscal policy were as easy as adjusting the
... More »

Senate Faces Another Fight on Extending Benefits

Starring Tom Coburn as Jim Bunning

(Newser) - With the Senate scheduled for a two-week recess after tomorrow, there’s another showdown brewing over unemployment benefits—and this time, the Republicans have introduced a bill of their own in an apparent effort to avoid the negative publicity that came with Sen. Jim Bunning’s one-man filibuster earlier this... More »

Senate Unveils $87B Jobs Bill

But vote will have to wait because of snow

(Newser) - Senate Democrats revealed their long-awaited $87 billion jobs bill today, but thanks to the snow, lawmakers may not get around to voting on it for a while. The bill calls for a combination of tax breaks for businesses and construction projects to boost employment, and has the support of two... More »

Bernanke Reveals Plan to Tighten Credit

Federal Reserve will use new tool to boost interest it pays banks

(Newser) - Ben Bernanke has begun outlining the Fed's strategy for reeling in stimulus money once the economy has recovered further, telling the House Financial Services Committee today that the Reserve will likely increase the interest rate it pays banks that deposit money with it. That would encourage banks to leave more... More »

Big Mistakes of Obama's First Year

President's miscalculations include scale, momentum

(Newser) - Scott Brown’s Senate victory in Massachusetts is the final nail in the coffin of the Obama administration’s first-year political strategy, John F. Harris and Carol E. Lee write for Politico . The miscalculations cover “three major counts":
  • Believing 2008 was a game-changer: The Obama team thought the "
... More »

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