President Obama's rebuff on stimulus spending by the G-20 and the latest Republican roadblock on the Senate jobs bill is producing fears of a deeper, double-dip global recession. While Thomas Frank urged the U.S. to avoid the "austerity trap," Paul Krugman warned that the "pain caucus" here and in Europe could produce the "Third Depression." […]

By almost any measure, the $787 billion stimulus program has worked exactly as designed. The overwhelming consensus of economists is that the federal package has been a success, while the Congressional Budget Office (CBO) estimates the American Recovery and Reinvestment Act has already added up to 4 points to GDP and 2.8 million jobs. But […]

Refusing to extend unemployment benefits to 1.2 million Americans by adding to the deficit, Senate Republicans by a 41 to 57 margin on Thursday again filibustered the Democratic $112 billion jobs bill. As it turns out, most of the roughly $35 billion still needed to pay for it could largely come from a single source: […]

For America's ultra-rich, two stories this month have been dominating the news. Thanks to Republican obstructionism, the one-year lapse of the estate tax is producing a windfall for the heirs of the nation's most well-off, including, as we learned two weeks ago, the heirs of Texas billionaire Dan Duncan. That was followed just days later […]

On Friday, Nobel prize-winning economist Paul Krugman and former Fed Chairman Alan Greenspan penned dueling op-eds on the federal budget deficit. While Greenspan warned that the "urgency to rein in budget deficits" is "none too soon," Krugman countered "many self-described deficit hawks are hypocrites, pure and simple." Which is exactly right. Only now, nine years […]

Over the weekend, President Obama wrote Congressional leaders urging action on a $50 billion aid package for the states designed in part to avert "massive layoffs of teachers, police and firefighters." Which is exactly right. Because while the federal American Recovery and Reinvestment Act has worked as intended to boost employment and GDP, the dire […]

From almost the moment he was elected, Barack Obama has been counseled to channel the spirit of FDR in confronting both war and economic calamity. But with for the still unfolding oil spill disaster, President Obama needs a different role model. When CEO Tony Hayward and other BP executives come to the White House next […]

Thanks to obstructionist Republicans in Congress and their perpetual campaign to kill the estate tax, the United States Treasury stands to lose billions in revenue in 2010. And as the New York Times reported this week, a large chunk of it won't be coming from a single family. The heirs of Texas pipeline billionaire Dan […]

If creating new jobs is Job One for the Obama administration, then the past 24 hours have been a mixed blessing. Thursday brought good news of a continued if slow decline in first-time jobless claims, while a drop in the productivity rate suggested businesses are poised to expand hiring. But today's word that the 431,000 […]

"You can fool some of the people some of the time, and that's our target market." Judging from the rhetoric of House Minority Leader John Boehner, that's the Republican mantra when it comes to the Obama recovery package. Nine months after Boehner wrongly decried a "stimulus bill that didn't create any jobs," his web site […]