It's a jungle out there. And we brought it all here.
Filed under: U.S. Government, EconomyNew Treasury Secretary Jack Lew told CNBC that the United States may not reach its debt ceiling until Labor Day. Just a few months ago, many experts believed that the president and Congress would have to wrestle wit…
Filed under: Economic Recovery, Job Market, Barack Obama, Economy
By DARLENE SUPERVILLE
AUSTIN, Texas — Offering a more upbeat view of the economy, President Barack Obama resurrected his jobs proposals Thursday, advancing modest initiatives as he pushed for action on more ambitious efforts that face resistance from congressional Republicans. “We’re poised for progress,” he declared.
The president chose the bustling Texas capital as a backdrop to refocus on higher wages, education and a manufacturing-driven agenda that had been eclipsed by his struggles over gun control and spending cuts and his ongoing push for an overhaul of immigration laws.
“You might not know this, because if you listen to all the doom and gloom in Washington and politics, and watching cable TV sometimes you might get kind of thinking nothing is going right,” Obama told students at a technology high school. “The truth is there’s a lot of reasons for us to feel optimistic about where we’re headed as a country.”
“Thanks to grit and determination of the American people we cleared away the rubble of the worst economic crisis in our lifetime,” he continued.
Still, Obama said, that while housing markets are improving, corporate profits are skyrocketing, and the energy and auto industries are thriving, there is still a need to improve.
The president’s visit to Austin is the first in a series of field trips aimed at giving a high profile to the economy and jobs, issues still clearly at the forefront of the public’s concerns.
By traveling to Texas to begin this renewed attention to his jobs initiatives Obama is choosing a state represented by two of the most conservative Republican members of the Senate — John Cornyn and tea party hero Ted Cruz. Texas also has the second-highest Hispanic population in the country, an attractive demographic group for Democrats and a key audience for Obama as he also pushes for an overhaul of immigration laws.
Obama reiterated his push for college affordability measures and expanded pre-school, points he made during his State of the Union speech earlier this year.
The White House also used the trip as an opportunity to launch administrative initiatives to demonstrate continued action even as his bigger proposals find opposition in Congress.
Among those actions is a plan to launch a competition to create three new Manufacturing Innovation Institutes, partnerships among businesses, universities and government to help U.S.-based manufacturers and workers create good jobs. Five federal agencies — the Defense, Energy and Commerce departments, NASA and the National Science Foundation — are putting $200 million toward the effort.
“We believe that manufacturing is worthy of that priority because it punches above its weight economically,” said Gene Sperling, director of Obama’s National Economic Council.
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Filed under: Banking, EconomyWhat happened to all the talk about a rapid rise in interest rates? A Treasury bill auction today went off that effectively lends the U.S. government money for free. This was a four-week T-Bill auction of $20 billion and th…
Filed under: Economic Indicators, Stocks, Stock Markets, Economy
By BERNARD CONDON
NEW YORK (AP) – Are stocks worth buying now?
With the Dow Jones industrial average breaking through 15,000, it’s natural to worry that stocks have gone up too far. But…
Filed under: Global Economy, Economy
Europe believes that it is doing poorly, financially. The European Commission (EC) put out its forecast for gross domestic product (GDP) activity for this year and next. This year, at least, the prediction is awful. All that EC officials can say is that the region’s leaders have to do better. It is a refrain heard repeatedly for government leaders and other policy makers.
From the EC report on the slow EU economic recovery:
Following the recession that marked 2012, the EU economy is expected to stabilise in the first half of 2013. GDP growth is projected to turn positive gradually in the second half of the year before gaining some traction in 2014.
Further:
Annual GDP growth this year is now forecast at -0.1% in the EU and at -0.4% in the euro area. For 2014, economic activity is projected to expand by 1.4% in the EU and 1.2 % in the euro area.
And, the deep concern:
Olli Rehn, Commission Vice-President for Economic and Monetary Affairs and the Euro said: “In view of the protracted recession, we must do whatever it takes to overcome the unemployment crisis in Europe. The EU’s policy mix is focused on sustainable growth and job creation. Fiscal consolidation is continuing, but its pace is slowing down. In parallel, structural reforms must be intensified to unlock growth in Europe.”
So far, “whatever it takes” has not been nearly enough.
Filed under: 24/7 Wall St. Wire, Economy, International Markets
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