U.S. unemployment rates may officially be hovering around 9 percent but in reality, they’re up near the 20 percent levels around the time of the Great Depression, maybe even higher, economist and author Mark Skousen told Newsmax in an exclusive interview. Unemployment rates measure the number of people in the workforce looking for jobs. But […]
As Washington ties itself up in knots over what the Joint Select Committee on Deficit Reduction, better known as the Supercommittee, will recommend to Congress, thirty-three Senators are standing tall against continued overspending and overborrowing. In a letter of November 3, 2011, to the Members of the Supercommittee, Senators Jim DeMint, John Cornyn, Kelly Ayotte […]
Speech by Congressman McClintock given to the California Independent Automobile Dealers Association We are in the third year of policies predicated on the assumption that if Government just injects enough money into the economy, it can jump start consumer spending and therefore, economic growth. For three years, this administration has squandered more than a trillion […]
It sounds like a former Obama Administration official is changing his tune on two of the President’s early stimulus efforts. Austan Goolsbee, former chairman of President Obama’s Council of Economic Advisers, says that in retrospect he would not have supported the Cash for Clunkers program or the home buyer tax credit. Politico reports: “Because we didn’t know if […]
Federal employees whose compensation averages more than $126,000 and the nation’s greatest concentration of lawyers helped Washington edge out San Jose as the wealthiest U.S. metropolitan area, government data show. The U.S. capital has swapped top spots with Silicon Valley, according to recent Census Bureau figures, with the typical household in the Washington metro area earning $84,523 […]
(Examiner) The repealing of the Glass-Steagall Act was heralded as one of the greatest bipartisan achievements of our time. It was passed by an overwhelming majority by both Democrats and Republicans and signed into law by President William Jefferson Clinton on November 12, 1999. The minority who spoke out against the repeal were ridiculed and […]
By Stephen Lendman Chosen to serve power, not popular interests, Obama wrecked America’s economy to save giant Wall Street banks. He’s still doing it, despite claiming he’s been out in front doing all he can. By bailing out too-big-to-fail banks and waging multiple imperial wars, he intensified social misery. As a result, Main Street is […]
Home prices are unlikely to recover before 2020 and mortgage defaults will persist for years, says a survey of bank risk managers out Friday. The Survey conducted by the Professional Risk Managers’ International Association for FICO, found that 49 percent of respondents do not expect housing prices to rise back to 2007 levels for another […]
There is a growing risk that the global economy will move from the ‘Great Recession’ into the ‘Great Stagnation’, according to economists at Goldman Sachs. By Angela Monaghan, Stagnations typically mean long periods of sluggish growth of about 0.5pc, low inflation, rising and sticky unemployment, stagnant house prices, and lower returns on shares, they said. […]
By Tom McClintock Federal spending has ballooned 28 percent during the Obama Presidency while the government has amassed more debt than it acquired from the first day of George Washington’s administration to the last day of George H. W. Bush’s. Our nation is racing toward a fiscal cliff. Yet, as Sen. Jim DeMint noted, instead […]
