economy

Obama has raised his sights on the number of jobs he wants to create in the next two years to 3 million after reports projected that 4 million would be lost if no action was taken.  He challenged his economic team to "think bolder" and outside traditional Washington politics.  Biden will reportedly be heading a team tasked with expanding the middle class.

News on the economy has been both good and bad this week--but mostly good as we find out about plans to move the economy forward.  From the incoming Obama administration to Congress to the Fed and even to Bush, everyone is working to keep us all afloat.  The verdict: life may look tough for some right now, but it's promising to improve.  Read on to learn this week's developments.

The European Union has passed a "drastic" reduction in greenhouse gases and pledged 1.5% of their GDP to economic stimulus.  They also called on president-elect Barack Obama to match the environmental reform with the expectation that his administration would be easier to work with and more in line with their views than the Bush administration.

Every day now, we hear the pundits say they have no idea what to do.  Reporters repeat that everyone knows something needs to be done, but no one knows what.

Well, IceCreamYou knows what.

Today, President-elect Obama promised a new approach to finance--namely, increased regulation.  He said this is "at the center" of his policy, which is encouraging since decreased regulation is largely seen as the major reason for the current crisis.  But he also noted that the economy has "a big problem, and things are going to get worse before it gets better."  He also criticized the current state of Washington's politicians and briefly discussed the necessity of restructuring the auto industry.

Every day now, we hear the pundits talk about how they have no idea what to do.  They say the economy is bad, and getting worse every day.  There's a credit crisis, wall street's value is a little more than half what it was five months ago, homes are foreclosing, jobs are being lost, giant companies are going out of business.  As reporters repeat over and over again, everyone knows something needs to be done, but no one knows what.

Well, I know what.

In the face of a half-million jobs lost this month, a flat admission by President Bush that "our economy is in a recession," and dramatic European interest rate cuts, we've all been crying out for some measure of confidence.  Obama is trying to deliver, laying out a plan for immense investment in infrastructure that will create 2.5 million new jobs by 2011.  It would be impressive except that the times are calling for more than that--but the effort provides an indication that more is coming.

http://www.nytimes.com/2008/12/03/education/03college.html?em

Since many members here will soon be applying to college, I thought this would be an interesting article.

Obama Names Richardson as Commerce Secretary

Following Monday's announcements that Sen. Hillary Clinton has been officially named Secretary of State, and that Robert Gates will remain head of the Department of Defense, President-Elect Barack Obama formally announced Wednesday that Bill Richardson, Governor of New Mexico and former Ambassador to the UN under President Clinton, will serve as Secretary of Commerce.

Today is Black Friday, a day when shoppers traditionally spend lots of money and stores slash prices.  With the recession this year, however, there are more shoppers out looking for sales, but fewer who are buying anything.  Europe fared no better, putting pressure on the European Central Bank to cut interest rates.  Asia is reporting falling production rates as well.