tagged w/ job creation
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Yesterday we found out that there was going to be some leftover money from TARP and that Obama wanted to put it to job growth. He gave a speech today outlining some plans. Among the highlights? Assisting small businesses, putting more money to infrastructure and encouraging investments in clean energy. He also called on businesses to do their part for job creation as well, saying there was only so much government could do.He'll meet with lawmakers tomorrow to get some of these plans rolling.
FROM THE NEWS BLOG: http://blogs.current.com/news/2009/12/08/obama-lays-out-plan-for-jobs-meeting-lawmakers-tomorrow/Yesterday we found out that there was going to be some leftover money from TARP and... more
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Vice President Joe Biden is joined by California Governor Arnold Schwarzenegger and Maryland Governor Martin OMalley as he reports on the success of the Recovery Act in creating or saving over a million jobs so far. October 30, 2009.Vice President Joe Biden is joined by California Governor Arnold Schwarzenegger and... more
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Larry Summers, the president's leading economic adviser, can identify in retrospect the moment when the world financial crisis eased. It was in April, when the former Treasury secretary realized that he was no longer nervously awakening at 4 in the morning to check the Asian markets.
Now in mid-summer, as the Dow Jones industrial average crossed the 9000 mark for the first time since Barack Obama was inaugurated, it is easy for most voters to forget the white-knuckle fears of economic collapse. As Summers said in a Thursday afternoon interview, "The combination of complexity of the economy and the quality of human nature -- which for evolutionary reasons smoothes over excruciating memories to make us all happier -- has led to a situation where people forget just how close to the edge the economy was last fall and early this winter."
"When the Dow was around 6,000, we made clear that our goal was to develop economic policy based on the long-run fundamentals – trying to put in place productive capacity," he recalled. "And that you couldn't judge the policies based on day-to-day market moves. That was the right and responsible approach." Summers' implicit message is that the current jump in share prices should embarrass the administration's critics, who painted a dire portrait of the Obama economy based on a 6600 Dow in March.
In a speech last week at the Peterson Institute for International Economics, Summers pointed out that the current 9.5 percent unemployment rate was "about 1 to 1.5 percentage points more than would normally be attributable to the contraction in the [economy]." In other words, something is screwy with the standard forecasting models, since layoffs have been much more severe than would be expected with the decline in the economic output, or Gross National Product (GNP). This was a major reason why the administration's economic forecast in January had erroneously predicted that unemployment would not rise above about 8 percent this year.
In his Thursday phone interview with me, Summers amplified his remarks about the breakdown of the traditional relationship between GNP and the jobless rate. "What's noteworthy about this recession is that GNP over the last six months has been only marginally worse than people expected it would be in January, while we are experiencing higher than expected unemployment," he said. "Normally in economic downturns, productivity decreases as firms keep workers employed even as the amount of work declines. In this recession, as in the last one, productivity has actually increased."
Traditionally, as the economy gathers momentum after a recession, jobs are slow to bounce back, a lagging indicator in economic lingo. What is difficult to figure this time around – and Summers acknowledges that there is not yet enough data to make a determination – is how reluctant businesses will be to hire new workers. It can be argued that because the layoffs were so much faster and graver than the economic models would suggest, the recovery in jobs will be equally accelerated. But there is also the more alarming prospect that companies are growing adept at doing more with fewer workers (the equivalent of an old-fashioned speed-up on the assembly line) – and that this largely may be a jobless recovery.Larry Summers, the president's leading economic adviser, can identify in... more
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Human Sustainability it is everyone's Daily question!
This group will engage in debates related to personal human development and sustainability. Their habitats, food, clothes, rent, projects and jobs, income and quality of living in a value society.
Many of us know that life and daily living have a monetary cost.
Therefore, it questions of how one can economically make a living in this planet and keep their lives in a cycle of well being and health.
How one goes by developing a valuable skill and from their skill earn an income thus creating an economy around themselves?Human Sustainability it is everyone's Daily question!
This group will engage... more
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The Treasury Department announced that another almost half billion dollars will go to the American Recovery and Reinvestment Act to help state housing agencies with affordable housing development. The money will be distributed to non-profit organizations to hire contractors to build the affordable housing. The money from the American Recovery and Reinvestment Act should help create jobs and provide affordable housing for more families.The Treasury Department announced that another almost half billion dollars will go to... more
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McNulty MP, Minister of State for Employment and Welfare Reform is interviewed by WORLDbytes volunteer Emma Grant on the new welfare reform bill and jobs. The reform bill proposes strict conditions that unemployed people must meet to access benefits, including a ‘work for your benefit’ scheme for the long-term unemployed which will force them to volunteer or work for no pay. But how will people find work when there are currently only 455,000 job vacancies and over 2.2 million unemployed?McNulty MP, Minister of State for Employment and Welfare Reform is interviewed by... more
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