Blog: The Fine Print / Open, Accountable Government

Notes from the Economy: Getting Worse Before it Gets Better

Oct 27, 2008 by Craig Jennings

An article in the Wall Street Journal brings us another reason Congress should pass an effective stimulus package during a possible lame-duck session in November. One of the starkest indicators is that the number of people who have been unemployed for 27 weeks or more reached two million in September. That's 21% of the total unemployed, and approaching the prior peaks of about 23% in 2003 and 1992. [...]

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Silver Lining to the Financial Crisis

Oct 24, 2008 by Craig Jennings

If anything, the collapse of the nation's financial markets has forced even the staunchest of believers in the Free Market® to consider the possibility that sometimes the "market" doesn't know best.

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Notes from the Economy: Underemployment

Oct 17, 2008 by Craig Jennings

While the monthly number is an important component in summarizing the state of economy, it's an incomplete indicator. For example, at the state level in August, 20 states had unemployment rates greater than the national average of 6.1 percent, while 31 states had unemployment rates below the national average. Yet, the trend is unmistakable: compared a a year ago, 48 states have seen their unemployment rate increase with 34 percent increasing more than one percentage point.

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Nonsense

Oct 17, 2008 by Craig Jennings

Pushing back against Democratic congressional leadership's call for another stimulus package, White House spokesperson Dana Perino told reporters: A lot of their discussions yesterday, as I understood it, are not necessarily items that we think would stimulate the economy. Additional benefits to individuals who may need support during an economic downturn aren't necessarily stimulative. And yet, about three weeks ago, the non-partisan Congressional Research Service issued a report on the economic slowdown saying just the opposite.

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It's Official: Another Deficit Record Set

Oct 14, 2008 by Craig Jennings

Treasury Secretary Henry Paulson took time out of his busy schedule nationalizing recapitalizing banks to announce with OMB Director Jim Nussle that the federal budget deficit for FY 2008 was $455 billion or 3.2 percent of GDP. The deficit- a record in nominal dollars -- had been projected by the Congressional Budget Office last week to be $438 billion.

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House Democrats to Begin Crafting Stimulus Package

Oct 14, 2008 by Craig Jennings

Following a closed-door meeting with economic experts, Speaker of the House Nancy Pelosi (D-CA) said that she is instructing various committee chairs to begin holding hearings on what should be included in an economic stimulus package that could be voted on in Nove

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The Cost of TARP, Dollars and Opportunity

Oct 7, 2008 by Craig Jennings

Stan Collender ponders the bottom line of the Troubled Asset Relief Program (AKA "TARP", AKA "Wall Street Bailout", AKA "financial rescue", AKA "Just Trust Us") and what it means for the next administration inthis week's Fiscal Fitness column.

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House Approves, Bush Signs Bailout Bill

Oct 3, 2008 by Craig Jennings

In a stark reversal of Monday's vote, the House approved the Senate-passed version of a financial market rescue bill.

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Timely CTJ Report Pushes for Reagan Tax Proposal

Oct 2, 2008 by Adam Hughes*

Citizens for Tax Justice released a timely report yesterday examining the special tax breaks and subsidies that are currently handed out to Wall Street firms (and other companies). One in particular this report dissects is the special low rate on capital gains and dividends.

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