Friday, October 23, 2009
Obama will make two stops in the state to rally support for Corzine.
The decision to send the president back to the Garden State underscores the increasing White House confidence that Corzine, who had trailed in every poll until earlier this month, will pull of a comeback victory. Recent surveys show the race to be within the margin of error with a wild card third-party candidate whose vote share seems to be increasing.
Obama is effectively doubling down on Corzine, betting that return in the final hours of the race will motivate Democrats to turn out and put the deeply unpopular governor over the top.
If Corzine wins, Obama would get a share of credit and a handy way to deflect question should Virginia Democratic gubernatorial candidate Creigh Deeds, who is trailing badly in the polls, lose.
But there is also risk in Obama's going back to New Jersey. Should Corzine lose, questions would be raised about why the president chose to gamble on something less than a sure thing -- and why he was unable to rally voters in a heavily Democratic state. After the election-eve events, Obama will have made three separate trips to stump for Corzine.
Obama is returning to appear with Deeds in the Tidewater region of Virginia next week, but White House officials suggest that is being done out of both party loyalty and to aid Gov. Tim Kaine, the outgoing Virginia governor, DNC chairman and president's close friend.
Posted by Jonathan Martin, politico.com
Wednesday, August 26, 2009
July 17 (Bloomberg) -- The debate over whether the $787 billion stimulus package is sufficiently large or efficiently designed obscures a broader question, some economists say: Can any fiscal measure pull the economy out of the recession?
With credit still crimped and the outlook for consumer demand gloomy due to rising unemployment and increased personal saving, no amount of government intervention will be able to stanch the hemorrhaging of jobs and quickly ease the U.S. out of its deepest recession in a half-century, they said.
“Many households that want to borrow can’t, and many that can borrow won’t because they now must save for retirement the old-fashioned way,” said Richard Clarida, global strategic adviser at Newport Beach, California-based Pacific Investment Management Co., the world’s biggest bond-fund manager. “As a result, the multiplier from even a well-designed stimulus package is likely to be quite modest.”
The stimulus plan passed in February “is executing pretty much as expected,” yet it “won’t affect the economy’s primary problems, which are falling values of assets like homes and stocks,” said Doug Holtz-Eakin, who was director of the Congressional Budget Office from 2003 to 2006 and is now president at DHE Consulting LLC in Washington. So far, about $60 billion in spending and $43 billion in tax relief has been dispensed, accounting for 13 percent of the plan’s total.
To read the article in its entirety follow this link: http://www.bloomberg.com/apps/news?pid=20601103&sid=aV_ua6MsOc4M