Recession

23 June 2008 -- Top officials of the U.S. central bank are expected to hold interest rates steady when they gather at a key policymaking meeting Tuesday and Wednesday in Washington.

The U.S. Federal Reserve has cut interest rates several times recently to bolster economic growth that has been hurt by the faltering housing market, tight credit, and other problems.

But economists say cutting rates too low can spark inflation, which is a growing threat as oil prices soar to ever higher record levels.

Experts interviewed by news organizations, like Bloomberg and Reuters, say the Fed will probably keep interest rates unchanged for a while, but raise them later this year.

Source: VOA News

Oil is fueling an economic resurgence in Kansas

16 June 2008 -- The world's largest oil exporter, Saudi Arabia, plans to increase its oil production by 200,000 barrels a day, to a total of 9.7 million barrels a day, in an effort to ease soaring world oil prices.

Oil-consuming nations have been pressing the Saudis to pump more oil for some time, but members of the Organization of Petroleum Exporting Countries say a shortage of crude oil is not the problem. OPEC says high prices are caused by the weak dollar, speculators and international political tensions.    » read more »

June 12, 2008 -- Washington, D.C. – Speaker Nancy Pelosi issued the following statement this afternoon after the House voted 274 to 137 to pass legislation that will help workers who have lost their jobs as a result of an economy on the brink of recession. The Emergency Extended Unemployment Compensation Act passed by a 2/3 majority, a margin large enough to override a threatened veto by President Bush.

“Today, the House voted to help 3.8 million Americans who are out of work in large part because of the disastrous economic policies of this White House and its allies in Washington.    » read more »

June 12, 2008 -- Washington, DC – U.S. Senator Barbara Boxer (D-CA) today sent a letter to Federal Housing Administration (FHA) Commissioner Brian Montgomery, urging him to reconsider his recommendation that Congress reduce FHA loan limits from $729,750 to $550,000.

Boxer pointed out that the lower loan limits would reduce access to affordable loans to residents of 99 high cost counties across 18 states and the District of Columbia, including 23 counties in California alone.

The text of the letter follows:

June 12, 2008
The Honorable Brian Montgomery
Commissioner
Federal Housing Administration

Department of Housing and Urban Development
451 7th Street, S.W.
Washington, DC 20410

Dear Commissioner Montgomery:    » read more »

Increase “long overdue,” according to AFL-CIO President John Sweeney

June 09, 2008 -- Today AFL-CIO President John Sweeney urged members of Congress to aid working people hit the hardest and boost the our floundering economy by extending unemployment benefits.    » read more »

June 9, 2008 -- John McCain says he wants to cut taxes for middle class families. But the reality is Senator McCain would do even less for the middle class than President Bush, which is definitely not the change Americans are looking for.

McCain is masking a tax cut for the wealthy as a middle class tax break, saying that 100 million people have "something to do with capital gains." The truth is fewer than seven percent of families earning less than $100,000 received capital gains income in 2005. [CNN Live Feed, Town Hall (Charlotte, NC), 5/5/08; Center on Budget and Policy Priorities, 1/30/2006]    » read more »

June 8, 2008 -- Today on ABC's "This Week" Senator Lindsey Graham, saying that Senator Obama and Senator McCain have "two different views of how to grow the economy in a global world," made clear that John McCain would continue the same failed Bush Administration policies that have hurt our economy.

John McCain: Photo by T toes (CC)

In stark contrast, Senator Barack Obama has outlined plans to change the policies of the Bush Administration to get our economy back on track --specific plans that he'll talk about next week as he launches his two week economic swing - the "Change that Works for You Tour" Monday.    » read more »

May 29, 2008 -- AUGUSTA – Maine Governor John E. Baldacci released the following statement today after learning that Katahdin Paper Co. plans to indefinitely shutdown its mill in Millinocket.

“Record-high oil prices have put Katahdin Paper’s Millinocket mill in a difficult position. The mill is one of the few in Maine that relies almost entirely on oil to generate heat and steam for the paper-making process,” Governor Baldacci said. “My administration is fully engaged in an effort to see the mill re-opened. I believe the company’s energy problem can be solved.”

Governor Baldacci said that the rapid response team from the Department of Labor is ready to support workers affected by Katahdin’s decision.    » read more »

Farmers in 35 counties to participate in Illinois WIC and Senior Farmers Market programs for locally grown fruits and vegetables

May 29, 2008 -- SPRINGFIELD – Illinois Governor Rod R. Blagojevich today announced that an additional nine counties will participate in the 2008 Women Infant and Children’s (WIC) and Senior Farmers Market programs.    » read more »

5/27/2008 -- "Today, the respected Case-Shiller index reported that housing prices declined by a record 14.1% in the first quarter of 2008. This is further evidence of the deepening crisis in our housing market, which is forcing millions of families out of their homes and eroding the value of most families' single largest asset.

Hillary Clinton with supporters: Photo by Librandi & Congdon (CC)    » read more »

May 22, 2008 -- WASHINGTON – Sen. Carl Levin, D-Mich., today praised Senate passage of legislation to extend unemployment insurance benefits. The provision would extend benefits for 13 weeks, with an additional 13 weeks for states like Michigan with high unemployment rates.

Homeless man: Photo by EyeTunes (CC)

In the past year, 156,083 Michigan residents exhausted their unemployment benefits and could not find jobs. The legislation will next be taken up by the House of Representatives.

Levin’s statement follows:    » read more »

Legislation Headed to House Floor

May 8, 2008 -- Chicago – Illinois Attorney General Lisa Madigan, State Representative Marlow Colvin (D-33rd) and State Senator Jacqueline Collins (D-16th) have initiated new legislation to assist struggling homeowners to help save their homes. The measure, introduced as the Homeowner’s Rights Act (HB 838) by Rep. Colvin and set to be sponsored in the Senate by Sen. Collins, was voted out of house committee Wednesday and, if passed, will amend the Illinois Mortgage Foreclosure Law.    » read more »

Mortgage Late? Don’t Wait!

BALTIMORE, MD (May 6, 2008) – Maryland Governor Martin O’Malley, Baltimore City Council President Stephanie Rawlings-Blake, Department of Labor and Licensing Secretary Thomas Perez, Department of Housing and Community Development Secretary Raymond Skinner and other officials today kicked off a comprehensive, multimedia advertising campaign to help tackle rising foreclosures in the State and ensure Maryland homeowners are aware of the programs available to provide assistance and relief.

Protesters outside the home of Fed Chief Ben Bernanke: Photo by cioproject (CC)    » read more »

May 2, 2008 -- ARLINGTON, VA -- U.S. Senator John McCain today issued the following statement on the jobs report:

"Today's job numbers are another clear indication of the economic challenges facing our country. With Americans hurting, we must act to strengthen our economy for families and small businesses.

We must help Americans now through gas tax relief, which provides immediate relief from rising energy prices. We must also help those facing home foreclosure by enacting a HOME plan. At the same time, we need to act to lower taxes, streamline regulation, lower health care costs, ensure energy independence and open foreign markets. To help those who have lost jobs, we must focus on promoting effective worker re-training programs.

Source: John McCain campaign

April 29, 2008 -- FRANKFORT, Ky. — Unemployment rates rose in 86 Kentucky counties between March 2007 and March 2008, fell in 31 counties and remained the same in three counties, according to the Kentucky Office of Employment and Training, an agency of the Education Cabinet.

Woodford County recorded the lowest jobless rate in the commonwealth at 4.2 percent. Other counties with low unemployment rates were Fayette County, 4.4 percent; Oldham, Shelby and Warren counties, 4.9 percent each; Scott County, 5 percent; Daviess County, 5.1 percent; Jessamine and Madison counties, 5.2 percent each; and Boone, McCracken and Mason counties, 5.3 percent each.    » read more »