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Economy
Quick Hit
by Aricka Flowers
9:51am
Mon Aug 8, 2011
1 comment

Warnings On Debt Ceiling Debate Should Have Been Heeded (VIDEO) (UPDATED)

U.S. Rep. Michele Bachmann (R-MN) called President Barack Obama’s warnings about Congress failing to raise the debt ceiling a "scare tactic." Sarah Palin urged fellow conservative Tea Party Republicans to "reload" rather than meet Obama half way on raising the debt ceiling.

Mitt Romney insisted that a controversial Balanced Budget Amendment be part of any deal.

Today we can see why Obama urged Congress to act and raise the debt ceiling as was done 69 other times since 1962. Global financial markets are in turmoil, Wall Street is poised for another down day, with the Dow already down more than 330 points at the time of this posting, and average Americans are worried about what it all means to their bottom line.

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PI Original
by
2:08pm
Fri Aug 5, 2011
4 comments

Poverty, Food Stamp Use Hits Record High

Poverty

The most recent numbers from the U.S. Department of Agriculture (USDA) shows the country now has a record-breaking number of people receiving food stamp benefits. Alabama saw a huge uptick following a major natural disaster but one root to their problem is their high poverty rate --something the Chicago-area knows well too.

Quick Hit
by
11:04am
Fri Aug 5, 2011
1 comment

What's Next For The Gambling Bill?

In a strong letter to the editor on central Illinois’ Pantagraph.com earlier this week, reader Jann Logue of Washington writes of supporting the gambling expansion bill that has been left in limbo for months. The letter calls it a “jobs bill” for the state while urging fellow Illinoisans to call on Gov. Pat Quinn to sign it into law.

Ironically, that letter was published the same day that a damning analysis by the Chicago Crime Commission set off warning bells about the pending legislation. The bill “is critically flawed due to a lack of regulatory safeguards and should be reconsidered,” the analysis said.

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Quick Hit
by Aricka Flowers
3:14pm
Thu Aug 4, 2011

Shrinking Federal Spending May Trigger Another Recession

Reflecting on U.S. politics, the sharp-witted entertainer Milton Berle is reported to have declared: "You can lead a man to Congress, but you can't make him think."

This week we have a classic example of that observation. A few days after the U.S. Congress approves scaling back federal spending to reach a controversial accord on the debt ceiling, a Bank of America/Merrill Lynch (BOA/ML) analysis, yes, one of the banks that helped create this economic mess in the first place, issued a new report out to shareholders warning that another recession may be fast approaching since Congress adjourned without addressing an unemployment benefit extension for the long-term unemployed.

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