USA Today (January 27)
Americans gave “high ratings to President Obama’s State of the Union Address,” according to a USA Today/Gallup Poll. During his third annual address to Congress, Obama focused on jobs, the budget deficit, bipartisanship and foreign policy. His address was rated positively by 65% of those surveyed, versus 28% who reacted negatively.
Tags: Congress, Obama, State of the Union, U.S.
New York Times (January 18)
“The number of Americans living in poverty rose by 1.7 million to nearly 47.5 million” or nearly 16% of the population during 2008. Regrettable, this was nonetheless expected given the extent of the Great Recession. Surprisingly, the poverty level remained stable during 2009, despite mounting job losses. This shows the Government’s stimulus and safety net measures made a difference. The New York Times urges Congress not to slash essential spending, “reducing federal help now will almost ensure more poverty later.”
Tags: Congress, Great Recession, Poverty, U.S.
New York Times (January 11, 2011)
Congress must pass laws to strengthen gun control. The shooting in Tucson of 20 individuals, including Congresswoman Gabrielle Giffords, was committed with a Glock 19 and an oversized ammunition clip, previously outlawed, which allows 33 shots without reloading. Jared Loughner, the shooter, had been rejected by the military due to a failed drug test. He was thrown out of junior college for disruptive behavior. Yet he was still able to buy a gun. “Members of Congress are legitimately concerned about their own safety now, but they should be no less worried about the effect of their inaction on the safety of all Americans.”
Tags: Congress, Gun control, Shooting, Tucson
New York Times (December 23)
Congress overcame partisanship to make this lame duck session one of the most productive in memory. Successes included the New Start nuclear arms treaty with Russia that is designed to reduce nuclear stockpiles. All in all, things have shaped “up to be a remarkably successful legislative agenda for President Obama’s first two years.”
New York Times (October 28)
In 2005, Congress decided public land should be used to build enough solar, wind and other sustainable energy projects to power 5 million homes. Yet, almost nothing was done. Real action is now being taken, but the U.S. has “fallen far behind Europe and China, which are investing heavily in the industries that manufacture wind turbines and solar panels.” The New York Times calls on President Obama and the Congress to pick up the pace because “no industry has greater potential to create jobs than clean energy.”
The New York Times (October 16)
Fearing deflation, the Federal Reserve appears poised to adopt quantitative easing measures. The Fed is widely expected to print new money and buy Treasury bonds, hence increasing the money supply. The Fed can’t, however, succeed alone. The New York Times calls on President Obama and Congress to adopt new stimulus measures to kick start the economy. “To put millions of Americans back to work, a lot more needs to be done. Mr. Bernanke can’t do it alone.”
The Economist (July 1)
Financial reform in the U.S. moved a step closer. The House of Representatives passed the 2,319-page Dodd-Frank Wall Street Reform and Consumer Protection Act. A vote in the Senate is expected later in July. Many are calling this legislation the biggest overhaul of the financial system since the 1930s. The Economist believes the act “does make progress,” though it “is an incomplete remedy.” That so much reform is nearly accomplished, however, shows the great motivation provided by the financial crisis.
Tags: Congress, Dodd-Frank Act, Financial Reform
The New York Times (June 23)
Financial reform is entering “a crucial phase” in Congress and derivatives trading must be addressed. The NYT blames derivatives for much of the economic crisis. Derivatives “fed the bubble, intensified the bust and led to the bailouts.” Congress should require derivatives be “traded on transparent exchanges and processed through third-party clearinghouses to guarantee payment in case of default.” This will help avoid another financial crisis.
Financial reform is entering “a crucial phase” in Congress. The Times believes derivatives trading must be addressed. The NYT blames derivatives for much of the economic crisis. Derivatives “fed the bubble, intensified the bust and led to the bailouts.” Congress should require derivatives be traded on transparent exchanges and processed through third-party clearinghouses to guarantee payment in case of default. This will help avoid another financial crisis.
Tags: Clearinghouse, Congress, Derivatives, Financial Reform
The Wall Street Journal (June 17)
Nationally recognized statistical ratings organizations (NRSROs) may finally be on their way out. The Journal calls it a miracle, giving much credit to Congressman Barney Frank who “is close to eliminating one of the root causes of the financial meltdown of 2008.” Not yet a done deal, it looks as if all requirements to use NRSROs will be eliminated from federal laws and regulations.
Washington Post (May 25)
In London, Paris, Madrid and Athens, governments are moving from fiscal stimulus to spending cuts. But in Washington, “the long-awaited ‘pivot’ to fiscal restraint” remains unseen. Instead, Congress is sneaking new spending into as many places as possible. The Post finds much of this spending wasteful and self-serving.
In London, Paris, Madrid and Athens, governments are moving from fiscal stimulus to spending cuts. But in Washington, “the long-awaited ‘pivot’ to fiscal restraint” remains unseen. Instead, Congress is sneaking new spending into as many places as possible. The Post finds much of this spending wasteful and self-serving.
Tags: Congress, Governments, Stimulus, Washington
