July 1, 2013 |
CENTURION, South Africa - President Obama is receiving the embrace you might expect for a long-lost son on his return to his father's home continent, even as he has yet to leave a lasting policy legacy for Africa on the scale of two predecessors. Presidents Bill Clinton and George W. Bush passed innovative Africa initiatives while in the White House and passionately continue their development work in the region in their presidential afterlife. Obama's efforts here have not been so ambitious, despite his personal ties to the continent.
June 19, 2013 |
WASHINGTON - Sweeping immigration legislation moving toward a vote in the Senate would boost the economy and reduce federal deficits, the Congressional Budget Office said Tuesday, at the same time it would bestow legal status on an estimated eight million immigrants living in the United States unlawfully. In an assessment that drew cheers from the White House and other backers of the bill, Congress' scorekeeping agency said the measure would reduce federal red ink by $197 billion across a decade, and $700 billion in the following 10 years as increased taxes paid to the government offset the cost of government benefits for newly legal residents.
June 14, 2013 |
NEW YORK - Good news about hiring and spending at retail businesses helped send the U.S. stock market sharply higher Thursday. For investors, the pair of government reports offered more encouragement that the U.S. economic recovery will continue even as Europe and Japan struggle. The Standard & Poor's 500 index soared 23.84 points, or 1.5 percent, to 1,636.36. The gains were broad. All 10 industry groups within the S&P 500 rose, led by retailers and other consumer-discretionary companies.
June 12, 2013 |
WASHINGTON - President Obama on Monday nominated Jason Furman, a longtime Democratic economic policy thinker who has served him as a top adviser since the 2008 presidential campaign, to be chairman of the Council of Economic Advisers. The job would represent a culmination of Furman's career working for Obama and, before him, President Bill Clinton. As a Harvard graduate student, Furman began working in the Clinton White House as a low-level economist on the CEA, which provides the president with data-driven analysis of economic policy issues.
June 8, 2013 |
RANCHO MIRAGE, Calif. - Opening a two-day summit, President Obama drew attention to contentious economic and cybersecurity issues Friday night as he warmly received Chinese President Xi Jinping to a California desert estate for high-stakes talks. As temperatures topped 100 degrees, the leaders - in white shirts and suit coats but no ties - greeted each other and walked side by side for their first in-person meetings since Xi took office in March. "Our decision to meet so early [in Xi's term]
June 7, 2013 |
NEW YORK - A series of weak economic reports sent the stock market plunging Wednesday to its lowest level in a month. Mining companies, banks, and chemical makers, whose fortunes are most closely tied to the prospects for growth, led the market lower, a sign that investors are becoming less confident in the U.S. economy. The troubling data included weak hiring at companies, a plunge in mortgage applications, and sluggish orders to factories. The Dow Jones industrial average fell 216.95 points, finishing at 14,960.59, a drop of 1.4 percent.
May 27, 2013 |
Michael K. Powell - son of former Secretary of State Colin Powell and the cable industry's front man in Washington - arrived early for a recent Senate hearing and worked the room with the ease and confidence of a consummate Washington insider. He laughed. He greeted an acquaintance with a hearty clasp of his shoulder. A former Republican chairman of the Federal Communications Commission, Powell has smoothly transitioned into the private sector and now heads the National Cable and Telecommunications Association, representing the cable-TV companies he once regulated.
May 13, 2013 |
Is it just me, or does it feel a little, I don't know, gross that, while we're awash in headlines about a "Doomsday Budget" for our public schools, a cadre of well-coiffed businessmen are sharing grandiose plans for yet another Philadelphia casino? How'd we get here? Seems as if, over the last decade, gaming has become a type of crack cocaine for a whole generation of politicians: With their budgets squeezed by economic downturn and an electorate all too willing to vote out of office anyone who considers a tax hike, our so-called leaders - rather than make the hard choices and right-size their governments - have opted for the quick-fix high of casinos, long-term consequences be damned.
May 9, 2013 |
NEW YORK - Two months after recovering the last of its losses from the financial crisis, the Dow Jones industrial average charged higher Tuesday, closing above 15,000 for the first time. It was another milestone in the market's epic ascent of 2013. Good economic reports, strong corporate earnings, and fresh support from central banks have eased investors' concerns about another economic slowdown. Many had been on the lookout for signs that a spring swoon would derail the rally, as in each of the last three years.
May 6, 2013 |
Since the Marcellus Shale boom began in 2008, there has been much debate and disagreement over the effect natural gas development would have on Pennsylvania's economy. Gov. Corbett, who found himself in the hot seat last week over his comments on the state's lagging employment rate, has promoted Pennsylvania as a rival to Texas as a regional energy hub. In his budget address this year, he talked about the energy sector creating "hundreds of thousands of new jobs. " Most economists credit the Marcellus Shale development with creating jobs and having a profound economic effect in the rural areas where drilling is taking place.