Trillions of dollars in government spending might stabilize the economy, but for now it may have weakened some U.S. security interests abroad and hampered the nation’s ability to respond financially to an attack at home.
That curious conclusion by security and financial analysts reveals one of the unexpected consequences that could emerge from the government’s bailout and stimulus plans. It also shows how intertwined the economy and national security have become. The top U.S. intelligence official, Dennis Blair, recently said the economy was the nation’s foremost security concern.
U.S. Treasury Secretary Timothy Geithner on Wednesday scolded bankers for creating a damaging loss of confidence, but said nationalizing the banks was the wrong strategy for the United States.
In an interview with PBS television’s "NewsHour" program, Geithner said he was "deeply offended by the quality of judgments we’ve seen in the leadership of our nation’s financial institutions."
One in four Americans said in a survey that someone in the family put off needed health care in the past year because of cost, including 16 percent who postponed surgery or a doctor’s visit for chronic illness.
In all, 53 percent of Americans in the Kaiser Family Foundation poll released Wednesday said they or a family member living with them cut back on health care in one or more ways to save money in the past 12 months.
What President Obama delivered was technically not a State of the Union address. His first will be next January. This was an address to a joint session of Congress, but for all practical purposes it was a State of the Union address and that state is "economic crisis."
Obama is a gifted orator, perhaps the best presidential speaker in memory, and Tuesday night’s speech was a tour de force — bold, optimistic and certainly not lacking in big ideas.
I’m beginning to hear the welcome sounds of an economy starting to rouse itself out of slumber. I’m not saying it’s turned around yet, or anything close to that. I’m just sensing and hoping that bottom may have been struck, or that the slide is starting to slow. We may still be months, if not years, away from economic growth. But the speed of the crash seems to be slowing.
As the son of a journalist who became an ink-stained wretch himself, I take the current crisis in the newspaper industry rather personally. (So does the bank holding the mortgage on my house.) In the Internet age, the problem with the print media is similar to that of the world’s oldest profession, to which it is often compared, although print journalists tend not to be as attractive under a street light.
President Barack Obama is sending Congress a budget Thursday that projects the government’s deficit for this year will soar to $1.75 trillion, reflecting efforts to pull the nation out of a deep recession and a severe financial crisis.
A senior administration official told The Associated Press that Obama’s $3 trillion-plus spending blueprint also asks Congress to raise taxes on the wealthy in 2011 and cut Medicare costs to provide health care for the uninsured.