Posts Tagged ‘construction

06
Oct
14

The American Economy Is Growing? You Can Thank President Obama

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Bloomberg: Corporate U.S. Healthiest In Decades Under Obama With Lower Debt

Steve Wynn, founder of the Wynn Resorts Ltd. (WYNN) casino empire, once called President Barack Obama’s administration “the greatest wet blanket to business and progress and job creation in my lifetime.” Barry Sternlicht, chief executive officer of Starwood Property Trust Inc. (STWD), said Obamacare was driving down wage growth and “affecting spending and the desire to buy houses and everything else.” Corporate and economic statistics almost six years into his administration paint a different picture. Companies in the Standard & Poor’s 500 (SPX) Index are the healthiest in decades, with the lowest net debt to earnings ratio in at least 24 years, $3.59 trillion in cash and marketable securities, and record earnings per share. They are headed this year toward the fastest average monthly job creation since 1999, manufacturing is recovering and the U.S. has returned as an engine for global growth. The recovery, which stands in contrast to weak growth in Europe and Asia, has underpinned an almost threefold gain in the Standard & Poor’s 500 Index since March 2009.

“The U.S. is leading the way — we’re the only major economy with accelerating growth,” said Mark Zandi, chief economist in West Chester, Pennsylvania, for Moody’s Analytics Inc. and a registered Democrat who has advised both the Obama administration and Senator John McCain, a Republican. “Obama deserves some credit for that, but he probably won’t get it.” Barring any major disruptions, the economy is setting up for Obama to leave office on a high note, said Douglas Brinkley, a presidential historian and professor at Rice University in Houston. “History will eventually show that Obama inherited the Great Recession and resuscitated the economy,” Brinkley said in an interview. One example is General Motors Co. (GM), which last week regained its investment-grade debt rating from Standard & Poor’s only five years after the government-backed bankruptcy. Obama’s $49.5 billion bailout of the automaker in exchange for taxpayers owning 61 percent of the company kept it from being liquidated, an outcome that could have crippled parts suppliers and economies throughout most of 50 states, not just the Midwest. In the broader economy, consumers are buying again and homebuilding is increasing. The unemployment rate has declined to 6.1 percent, the lowest since 2008. The economy expanded at a 4.6 percent annualized rate in April through June. Obama’s 2010 health-care program will hold down consumer prices for years to come as millions of Americans obtain coverage, BNP Paribas SA and Credit Suisse Group AG said. The “Medicare cost miracle” resulted at least in part from Obama’s Patient Protection and Affordable Care Act, Nobel-Prize winning economist Paul Krugman wrote in a Sept. 1 New York times article.

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Steve Benen: Economic Growth Improves To Eight-Year High

The preliminary figures on second-quarter GDP looked good; the revised tally looked better; and the final report looks even better still. The U.S. economy grew at a 4.6% annual pace in the second quarter, matching the best performance since the recession ended in mid-2009. The increase in real gross domestic product was revised up from 4.2%, mainly because of higher exports and business investment, the Commerce Department said Friday. Americans also spent more on health care, but the gain was offset by lower spending on other services. Economists polled by MarketWatch had predicted GDP would be revised up to a seasonally adjusted 4.7%. Consumer spending, the main source of economic activity, was unchanged at 2.5% growth. The biggest gains came in business investment, a good sign for the economy in the months ahead. To provide some additional context, 4.6% growth is tied for the best quarter since the start of the Great Recession.

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29
Sep
14

More Positive Economic News? Thanks, President Obama

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NYT: Business Spending, Exports Spur Big Bounce In U.S. Economy

The U.S. economy grew at its fastest pace in 2-1/2 years in the second quarter with all sectors contributing to the jump in output in a bullish signal for the remainder of the year. The Commerce Department on Friday raised its estimate of growth in gross domestic product to a 4.6 percent annual rate from the 4.2 percent pace reported last month. The United States is bucking a spate of weaker overseas growth with the euro zone and Japan slumping, and growth in China slowing as well. the expansion in consumer spending, combined with strong business investment,

was nevertheless enough to push domestic demand ahead at its fastest pace since 2010. That suggests the economy’s recovery is becoming more durable after output slumped at a 2.1 percent rate in the first quarter because of an unusually cold winter. So far, data covering manufacturing, trade and housing suggest that much of the second quarter’s momentum spilled over into the third quarter. Growth estimates for the July-September quarter range as high as a 3.5 percent pace. When measured from the income side, the economy grew at a 5.2 percent pace during the second quarter…export growth was raised to an 11.1 percent pace, the fastest since the fourth quarter of 2010, from a 10.1 percent rate.

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Jason Furman: Third Estimate of GDP For The Second Quarter Of 2014

1. Real gross domestic product (GDP) increased 4.6 percent at an annual rate in the second quarter of 2014, the fastest pace since the fourth quarter of 2011, according to the third estimate from the Bureau of Economic Analysis. The strong second-quarter growth represents a rebound from a first-quarter decline in GDP that largely reflected transitory factors like unusually severe winter weather and a sharp slowdown in inventory investment. Growth in consumer spending and business investment picked up in the second quarter, and residential investment increased following two straight quarters of decline. Additionally, State and local government spending grew at the fastest quarterly rate in five years. However, net exports subtracted from overall GDP growth, as imports grew slightly faster than exports.

Real gross domestic income (GDI), an alternative measure of the overall size of the economy, was up 5.2 percent at an annual rate in the second quarter. 3. Over the past four quarters, real GDP has risen 2.6 percent, faster than the 2.0 percent annualized pace observed over the preceding eight-quarter period. Looking at four- and eight-quarter changes to smooth some of the quarter-to-quarter volatility, it is clear that many components of GDP are showing improvement. The growth rates of consumer spending, business investment and exports have all picked up, and the pace of declines in the Federal sector have moderated a bit. In addition, the State and local government sector has turned positive, after several years of steady cutbacks. One area that has slowed over the last four quarters is residential investment, although it did rebound in the second quarter.

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30
Aug
14

President Obama’s Policies Aren’t Working? Tell Us Another Lie, GOP

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22
Aug
14

Team Obama-Holder: Getting The Job Done

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AP: Bank Of America Agrees To Nearly $17B Settlement

The government has reached a $16.65 billion settlement with Bank of America over its role in the sale of mortgage-backed securities in the run-up to the financial crisis, the Justice Department announced Thursday. The deal calls for the bank, the second-largest in the U.S., to pay a $5 billion cash penalty, another $4.6 billion in remediation payments and provide about $7 billion in relief to struggling homeowners. The settlement is by far the largest deal the Justice Department has reached with a bank over the 2008 mortgage meltdown.

In the last year, JPMorgan Chase & Co. agreed to a $13 billion settlement while Citigroup reached a separate $7 billion deal. At a news conference, Attorney General Eric Holder said the bank and its Countrywide and Merrill Lynch subsidiaries had “engaged in pervasive schemes to defraud financial institutions and other investors” by misrepresenting the soundness of mortgage-backed securities. The penalties, Holder said, go “far beyond the cost of doing business.”

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Bloomberg: Housing Starts Rebound In U.S. As Inflation Eases

Home construction rebounded in July and the cost of living rose at a slower pace, showing a strengthening U.S. economy has yet to generate a sustained pickup in inflation. A 15.7 percent jump took housing starts to a 1.09 million annualized rate, the strongest since November, and halted a two-month slide, the Commerce Department said in Washington. The consumer price index increased 0.1 percent after rising 0.3 percent in June, the Labor Department also reported. An improving job market and cheaper borrowing costs are helping revive residential real estate, helping boost sales at companies such as Home Depot Inc. (HD) As inflation continues to run below the Federal Reserve’s target, it gives the central bank room to keep interest rates low well after the projected end of its bond-buying program in October.

The pickup in housing starts in the U.S. exceeded all estimates in a Bloomberg survey of 75 economists. The median projection called for 965,000, within a range of 898,000 to 1.03 million. The Commerce Department also revised June’s reading up to a 945,000 pace from a previously reported 893,000. The report also indicated the building industry will probably consolidate gains in coming months as permits for future projects advanced 8.1 percent to a 1.05 million pace, about in line with the current level of starts. The gain reflected the most applications for single-family dwellings since November.

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Bloomberg: Job Market Tilts Toward U.S. Workers In Virtuous Cycle

The balance of power in the job market is shifting slowly toward employees from employers. Bob Funk sees it firsthand from his position as chief executive officer of staffing agency Express Employment Professionals. “We’re short of people in a number of cities,” he said. So he’s changing the focus of his $2.5 billion, Oklahoma City-based business. Instead of concentrating on finding jobs for those who want them, Express Employment is putting more effort into finding workers for companies that need them. “We’re back in the recruiting market again,” Funk said. The 74-year-old industry veteran isn’t the only one to notice the change. Americans who have been hunting for employment for more than six months

are finding they’re having better luck landing a job, while people who had given up looking are returning to the labor force to resume their search. Companies, meanwhile, are beefing up their in-house recruiting teams and increasingly using complicated computer algorithms to scour the Web for prospective job candidates. This is all good news for the economy, according to Nariman Behravesh, the Lexington, Massachusetts-based chief economist for IHS Inc. He said the U.S. has entered a “virtuous cycle” where job gains are leading to increased household expenditures, encouraging employers to hire more workers. Consumer spending rose in June by the most in three months, according to Commerce Department data published Aug. 1.

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05
Jun
14

Rise and Shine

On This Day: President Obama and Vice President Biden talk with Zachary Atala, son of Dr. Anthony Atala, M.D., Director, Wake Forest Institute for Regenerative Medicine, in the Eisenhower Executive Office Building of the White House, June 5, 2012 (Photo by Pete Souza)

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Today (All Times US Eastern)

3:25 AM: The President arrives at the European Council for the 2014 G-7 Summit, Brussels

3:40 AM: Participates in a G-7 meeting on the global economy

6:0 AM: Takes part in a working lunch with G-7 leaders on development

8:30 AM: Participates in a bilateral meeting with PM David Cameron of the United Kingdom

9:50 AM: Holds a joint press conference with PM Cameron

11:05 AM: Departs Brussels, Belgium

11:55 AM: Arrives Paris, France

1:05 PM: Joins President François Hollande for a dinner

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Barack Black Eagle: ‘One Who Helps People Throughout The Land’

POTUS Native American

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President Barack Obama: On My Upcoming Trip To Indian Country

Six years ago, I made my first trip to Indian country. I visited the Crow Nation in Montana—an experience I’ll never forget. I left with a new Crow name, an adoptive Crow family, and an even stronger commitment to build a future that honors old traditions and welcomes every Native American into the American Dream. Next week, I’ll return to Indian country, when Michelle and I visit the Standing Rock Sioux Tribe in Cannonball, North Dakota. We’re eager to visit this reservation, which holds a special place in American history as the home of Chief Sitting Bull. And while we’re there, I’ll announce the next steps my Administration will take to support jobs, education, and self-determination in Indian country. As president, I’ve worked closely with tribal leaders, and I’ve benefited greatly from their knowledge and guidance. That’s why I created the White House Council on Native American Affairs—to make sure that kind of partnership is happening across the federal government. And every year, I host the White House Tribal Nations Conference, where leaders from every federally recognized tribe are invited to meet with members of my Administration. Today, honoring the nation-to-nation relationship with Indian country isn’t the exception; it’s the rule. And we have a lot to show for it.

Obama Hosts White House Tribal Nations Conference

President Barack Obama with his adoptive parents, Hartford and Mary Black Eagle

Together, we’ve strengthened justice and tribal sovereignty. We reauthorized the Violence Against Women Act, giving tribes the power to prosecute people who commit domestic violence in Indian country, whether they’re Native American or not. I signed the Tribal Law and Order Act, which strengthened the power of tribal courts to hand down appropriate criminal sentences. And I signed changes to the Stafford Act to let tribes directly request disaster assistance, because when disasters strike, you shouldn’t have to wait for a middleman to get the help you need. Together, we’ve resolved longstanding disputes. We settled a discrimination suit by Native American farmers and ranchers, and we’ve taken steps to make sure that all federal farm loan programs are fair to Native Americans from now on. And I signed into law the Claims Resolution Act, which included the historic Cobell settlement, making right years of neglect by the Department of the Interior and leading to the establishment of the Land Buy-Back Program to consolidate Indian lands and restore them to tribal trust lands.

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Together, we’ve increased Native Americans’ access to quality, affordable health care. One of the reasons I fought so hard to pass the Affordable Care Act is that it permanently reauthorized the Indian Health Care Improvement Act, which provides care to many in tribal communities. And under the Affordable Care Act, Native Americans across the country now have access to comprehensive, affordable coverage, some for the first time. Together, we’ve worked to expand opportunity. My Administration has built roads and high-speed internet to connect tribal communities to the broader economy. We’ve made major investments in job training and tribal colleges and universities. We’ve tripled oil and gas revenues on tribal lands, creating jobs and helping the United States become more energy independent. And we’re working with tribes to get more renewable energy projects up and running, so tribal lands can be a source of renewable energy and the good local jobs that come with it. We can be proud of the progress we’ve made together. But we need to do more

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Maya Rhodan: Obama Administration Sees Undocumented Children Immigrants As Humanitarian Issue

The Obama Administration announced a shift Monday in its approach to children who enter the U.S. illegally and without adult guardians, forming a new interagency group that will address the influx as a humanitarian crisis. Administration officials said Monday that there has been a 90% increase in the number of undocumented immigrants under 18 entering the U.S., with more young girls and children under 13 entering the country than ever before. Because of this the administration wants to ensure that kids are quickly transferred from border control facilities to facilities operated by the Department of Health and Human Services that can better address their housing, educational, and medical needs.

Officials said about 1,000 undocumented children are being housed at a facility on the Lackland Air Force base in San Antonio, where Baptist Children’s Family Services has been contracted to look after them. Another facility will be opening soon in Ventura County, Calif., and is expected to be able to house about 600 children. The kids typically stay in the facilities for between 30 and 45 days. The Obama Administration also requested an additional $1.4 billion to provide relief for unaccompanied immigrant children. Due to the increase in kids illegally crossing the border alone—expected to reach as high 60,000 this year—the government expects it will cost $2.28 billion to fund the programs that aid unaccompanied minors, the Associated Press reports. The bulk of children crossing the border have fled violence and economic hardship in Central American countries including Mexico, Guatemala, and Honduras

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Jeffrey Young: How Obamacare Tries To Makes Us Healthier, One Community At A Time

President Barack Obama’s health care reform law will spend more than $1 trillion over the next decade to extend health coverage to millions of people — and about $20 billion actually trying to make us healthier. The money supporting these initiatives is tucked inside the Affordable Care Act in the form of the Prevention and Public Health Fund, a pot of money to finance efforts in hundreds of communities to curtail obesity, promote exercise and better nutrition, and reduce tobacco use. Improving the health of Americans and reducing preventable deaths wouldn’t just benefit those individuals. Better health could prove key to reversing decades of skyrocketing health care spending. And the prevention fund is Obamacare’s primary means of making inroads on these problems, one community at a time.

Up to 40 percent of deaths each year from the five leading causes in America — heart disease, cancer, chronic lower respiratory diseases, stroke and unintentional injuries — are preventable, the Centers for Disease Control and Prevention reported in May. In San Diego County, California, the local government and the Chula Vista Elementary School District used federal grants to make an immediate impact on students’ weight, said Nick Macchione, the director of the county Health and Human Services Agency. Using some of the $8.2 million the county received from the prevention fund, the health agency and the school started making changes, Macchione said. The cafeteria started offering healthier food and local farmers visited to talk about agriculture and provide fresh produce. Math teachers incorporated physical activity into counting lessons. And students and parents received information about nutrition and exercise.

Two years later, Chula Vista schools already could boast gains: a 3.2 percent reduction in the share of students who were obese or overweight. The county has since started spreading this program to 300 schools serving 650,000 children, Macchione said. Programs in Indiana also focused on children brought home the challenges faced by those working to address health in their communities, said Andrea Hays, the project director overseeing the $3 million in Community Transformation Grants managed by the Healthy Communities Partnership of Southwest Indiana in Evansville.

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Yahoo: US Construction Spending Up 0.2 Percent In April

U.S. construction spending posted modest gains in April, driven by an uptick in home building and government construction that lifted total activity to the highest level in five years. Construction spending rose 0.2 percent in April to a seasonally adjusted annual rate of $953.5 billion, the strongest performance since March 2009, the Commerce Department said Monday. The April increase was lower than economists had expected. But the government revised March activity higher to a 0.6 percent gain, up from an initial estimate of a 0.2 percent increase. The small April improvement, combined with the strong gain in March, suggest that the construction industry is recovering from the harsh winter and will provide a boost to growth in the months ahead.

“This was mostly a good report,” IHS Global Insight economists Stephanie Karol and Patrick Newport said in an analyst note. “Core construction, the piece of the report which affects GDP, advanced 0.6 percent, the largest gain since December.” The April figure marked the third straight increase after the weather pushed spending down 0.4 percent in January. Total construction spending is 8.6 percent higher than a year ago, led by a 17.2 percent increase in housing construction. Non-residential construction is up by 5.6 percent from a year ago, while government projects are just 1.2 percent higher.

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Greg Sargent: On Bowe Bergdahl, White House Bets On GOP overreach

The signs are everywhere this morning that the skirmishing over the Bowe Bergdahl prisoner swap is set to escalate into a protracted political battle that could go on for weeks or months. And the White House is placing its bet on Da Crazy. That is to say, White House officials are bracing for months of assaults on Obama’s handling of the swap, but they believe the Conservative Entertainment Complex will veer into over the top attacks that will alienate the broader public, which won’t see the basics of the situation in such lurid terms.

How this plays out could center on a video of Bergdahl in captivity taken by the Taliban in December. It was shown to Senators last night, to persuade them officials were right to worry that his deteriorating health meant fast action — without a 30-day notification of Congress — was imperative. A senior administration official tells me the White House is reviewing the possibility of releasing the video to the public. Obama aides say they’re not worried about the prospect of weeks of segments on Fox News or hearings by a Republican House that has spent four years investigating and rebuffing the White House on issues like Solyndra and Fast and Furious.

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A morning treat for the ladies and some gentlemen.

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Aleksander Chan: Some Guy Filmed President Obama Working Out In A Polish Gym

For whatever reason, video of President Obama apparently working out in the gym of the Marriott Hotel in Warsaw, Poland has leaked. He’s in the country to reaffirm U.S. support for central and eastern European countries against Russia. Photos and video were first posted by Jean Ekwa on his Facebook page, which depict Obama, clad in a dark blue track suit, headphones in, lifting weights, doing lunges, and using the elliptical. At one point, he pauses to yawn.

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The Secret Service confirmed to The Hill that the video is real, and that other hotel guests taking photos and videos of his workout is not a problem: “Hotel guests were not asked to leave the gym during this off the record movement, nor were they asked to refrain from taking pictures,” agency spokesman Ed Donovan said. The Hill also notes that these “off the record” excursions usually involve impromptu photo-ops with voters/citizens of countries he is visiting

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On This Day

Ninety-five-year-old Charles Edwards shakes hands with Sen. Obama after presenting him with a hand-made walking stick during a town hall meeting at Virginia High School June 5, 2008 in Bristol, Virginia

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President Obama poses for photos before departing from Ramstein Airbase in Germany, June 5, 2009 (Photo by Pete Souza)

President Obama visits with Wounded Warriors at Landstuhl Regional Medical Center in Germany of June 5, 2009. (Photo by Pete Souza)

President Obama attends an expanded bilateral meeting with German Chancellor Angela Merkel at Dresden Castle, June 5, 2009 (Photo by Pete Souza)

President Obama and White House staffers aboard Air Force One to Paris look at Reggie Love’s photos of Egypt on June 5, 2009 (Photo by Pete Souza)

President Obama signs a guestbook before touring Buchenwald Concentration Camp in Germany with German Chancellor Angela Merkel and Holocaust survivor Elie Wiesel, June 5, 2009 (Photo by Pete Souza)

President Obama, with Holocaust survivor Elie Wiesel, German Chancellor Angela Merkel and Bertrand Herz, places a rose on a memorial plaque during a visit to the former Buchenwald concentration camp June 5, 2009 (Photo by Pete Souza)

President Obama places a flower in the crematorium at Buchenwald concentration camp, June 5, 2009 (Photo by Pete Souza)

President Obama stops to shake hands with military families outside Landstuhl Regional Medical Center in Germany on June 5, 2009 (Photo by Pete Souza)

President Obama gets ready to be interviewed by news reporter Tom Brokaw at Zwinger Palace in Dresden, Germany, June 5, 2009 (Photo by Pete Souza)

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President Obama talks with Vice President Biden in the Oval Office, June 5, 2012 (Photo by Pete Souza)

President Obama and First Lady Michelle Obama shake hands with guests during an event for political appointees on the South Lawn of the White House, June 5, 2012 (Photo by Pete Souza)

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First Lady Michelle Obama talks with students from William R. Harper High School in Chicago, Ill., in the Diplomatic Reception Room of the White House, June 5, 2013 (Photo by Chuck Kennedy)

President Obama talks with, from left: Samantha Power, former Senior Director for Multilateral Affairs and Human Rights; National Security Advisor Tom Donilon; and Susan Rice, U.S. Permanent Representative to the United Nations, in the Oval Office, June 5, 2013 (Photo by Pete Souza)

Students from William R. Harper High School in Chicago, Ill., listen as President Obama talks with them about the Emancipation Proclamation hanging in the Oval Office, June 5, 2013 (Photo by Pete Souza)

President Obama with his National Security Advisor Susan Rice and Samantha Power, U.S. Ambassador to the United Nations, June 5, 2013

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