economic recovery

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Dear Financial 'Experts,' Check Out Iceland

It avoided harsh austerity measures and is doing better: Paul Krugman

(Newser) - Markets are thrilled that Europe finally cut a deal, "however vague the details and however inadequate it may prove," writes Paul Krugman in the New York Times . The deal is better than nothing, he writes, but it once again highlights the misguided doctrine he says is doing great... More »

Obama's Jobs Bill Goes to Congress Tonight

But it's missing one crucial element, 'Los Angeles Times' notes

(Newser) - "Pass this bill," President Obama said more than two dozen times during his two speeches last week touting his jobs bill —and he’ll say it again tonight when he officially sends the American Jobs Act to Congress. “He will call on Congress to pass the... 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 »

Obama Pushes $450B Jobs Plan

He wants to extend the payroll tax cut, spend on infrastructure projects

(Newser) - President Obama made his pitch to Congress this evening for what he's calling the American Jobs Act, a wide-ranging proposal whose centerpiece is an expansion of the payroll tax break (he figures it's worth $1,500 a year to the average family), along with more spending on school... More »

Odds of a Double-Dip? Probably 50-50 Now

This kind of stalled job growth often leads to recession: David Leonhardt

(Newser) - Bleak reading for the White House ahead of the president's jobs speech : David Leonhardt of the New York Times thinks the odds of a double-dip recession have spiked of late and might be around 50-50 now. The US had been putt-putting along in what looked to be a modest... More »

What Obama Must Say in His Jobs Speech

He has to offer specific solutions, not platitudes: John Nichols

(Newser) - President Obama gives his jobs speech next week, and John Nichols of the Nation has some words of advice: Don't blow it. This speech cannot be political boilerplate, for the sake of Obama's presidency and the economy. Nichols offers some suggestions:
  • Be specific: Skip vague generalities. He must
... More »

Dow Surges Back Again: Up 423

S&P 500 and Nasdaq join the rebound

(Newser) - Dizzy yet? The stock market rebounded strongly yet again, with analysts giving credit to decent jobs data, better-than expected results from tech bellwether Cisco, and decreased worries about Europe. The numbers:
  • Dow: Up 423 (3.9%) to 11,143
  • S&P 500: Up 52 points (4.6%) to 1,173
... More »

Dow Plunges 520

Nasdaq and S&P 500 plummet, too

(Newser) - Yesterday's big market gains vanished and then some today as investors worried about Europe's debt problems and the weak US recovery, reports MarketWatch .
  • Dow: Down 520 points, or 4.6%, to 10,719
  • S&P 500: Down 52 points, or 4.4%, to 1,121
  • Nasdaq: Down 101
... More »

Dow Bounces Back, Soars 430

Nasdaq, S&P also post huge gains

(Newser) - Another crazy day for the markets, but this time they ended way up in positive territory. The Dow rose 430 points to close at 11,239, up nearly 4%. The Nasdaq rose 125 to 2,483 (5.29%) and the S&P 500 jumped 53 to 1,173 (4.74%).... More »

Obama Sticks to Theme: Jobs, Jobs, Jobs

President says jobs report hopeful, but not good enough

(Newser) - President Obama stayed on the jobs message today: He said he's happy that the unemployment rate ticked downward , but that it's nowhere near good enough. The country needs to create far more jobs per month to make up for the 8 million lost during the recession, and he... More »

How to Be Happy About Today's Stock Sell-Off

For one thing, your 401k contribution goes further: Felix Salmon

(Newser) - Let's see: Europe's stocks tanked, US stocks tanked , Asian stocks will no doubt tank, tomorrow's jobless report is likely to be awful, and "it’s hard to see where confidence and optimism are going to come from in the coming months," writes financial blogger Felix... More »

Sinking Confidence Behind Market Collapse

Investors starting to panic that nobody has answers

(Newser) - What's behind the market meltdown? Some on-the-fly observations:
  • Ezra Klein, Washington Post : The market is "diving because of forces Washington can’t control, and in many cases, doesn’t understand very well. How many members of Congress do you think could give a coherent account of what has
... More »

Crash May Have Been Worse Than Thought

Nate Silver sees bad things in long-term GDP graph

(Newser) - Need a pick-me-up given today's depressing stock news ? Then be advised that Nate Silver's column in the New York Times is not for you. The stats guru plots GDP going back to 1877 and sees signs that our recent "economic crash was even worse than economists... 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 »

Obama on Jobs: 'We've Still Got a Long Way to Go'

President urges Congress to act on several initiatives to juice economy

(Newser) - President Obama didn't try to put a pretty face on today's bleak unemployment figures : The numbers confirm "what most Americans already know," he said: "We still have a long way to go and a lot of work to do." He urged Congress to pass... More »

In This Crappy Economy, Corporate Profits Soar

There's a disconnect between profitability and jobs

(Newser) - There's a whole lot of evidence that the US' economic recovery isn’t going well—unemployment remains too high, consumer lending too low, and consumer confidence in shambles—but one place you won’t find that evidence is on corporate balance sheets. US companies are poised to post big... More »

Brace for $150 Oil —and $4.50 Gas

Barron's projects those averages for next spring

(Newser) - Enjoy the relative lull in gas prices while it lasts: Barron's cover story projects $4.50 a gallon "will become the norm" by next spring. "That will put a huge dent in consumer wallets, while ramping up the desirability of fuel-efficient cars," writes Gene Epstein. He... More »

Consumer Spending Weakest in 20 Months

May showed first decline since January 2010

(Newser) - Americans spent in May at the weakest pace in 20 months, a sign that high gas prices and unemployment are holding back the economy. Consumer spending was unchanged, the worst result since September 2009, the Commerce Department said today. When adjusted for inflation, spending actually dropped 0.1%—the first... More »

Let's Give Jobless a 'Signing Bonus'

But cut off benefits after 39 weeks: Todd Buchholz

(Newser) - Todd Buchholz, an economic adviser to the elder President Bush, thinks the idea of 99 weeks of unemployment benefits is foolish. It gives people little incentive to find work, he writes in the Washington Post . His solution: Cut off benefits at 39 weeks but add a "signing bonus" for... More »

Obama: Economy 'Going to Take Time'

President pleads for patience in weekly address

(Newser) - President Obama today sought the public's patience with a slowing economy and said training workers for manufacturing jobs despite declines in that sector will help put the economy on a path toward growth. "We didn't get into this mess overnight. And we won't get out of... More »

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