job loss

Nick Benton's Corner: The New Lasting Fad of Frugality

From the Falls Church News Press, Nicholas Benton owner/editor

by Nick Benton

All those trying to jump-start the economy by infusing a renewed sense of optimism in the population point to encouraging signs that some recent polls reflect.

Americans are starting to feel a little better about the future, they report. 

But is it the kind of future that will, anytime soon, resemble anything like the supposed gravy days that preceded the onset of the current steep economic downturn? The indications are that most Americans don't think so.

Paul Krugman Analyses What "Centrist" Cuts in Stimulus Package Will Mean to the U.S. Economy. The News Is Not Good

In today's New YorkTimes, Krugman puts a job-loss number to cuts in the Obama Stimulus Package. He estimates that at least 600,000 American jobs will be lost over the next two years if the "centrists" are allowed to dictate terms of a "compromise" bill.

Now the centrists have shaved off $86 billion in spending — much of it among the most effective and most needed parts of the plan. In particular, aid to state governments, which are in desperate straits, is both fast — because it prevents spending cuts rather than having to start up new projects — and effective, because it would in fact be spent; plus state and local governments are cutting back on essentials, so the social value of this spending would be high. But in the name of mighty centrism, $40 billion of that aid has been cut out.

Jane Hamsher in the Washington Post discuss some background to the present attempt to make Nancy Pelosi and the Congressional Democrats who put together the original package, look bad. Rahm Throws Pelosi Under the Bus to Save Stimulus Bill.