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Sub-Topics 2005 2006 2008 Budget Deficit 2004 Budget Deficit 2005 Social Security 2005 Social Security 2004 -10-20-03 Largest Federal Deficit in History (USAToday.com) "The federal budget deficit topped $374 billion in 2003, the White House said Monday. It was the largest dollar amount on record, driven up by the slow economy, spending on the Iraq war and major tax cuts." 10-03 -10-21-04 Leading Economic Indicators Down (USA Today) "The Index of Leading Economic Indicators, a widely watched barometer of future economic activity, edged lower in September for the fourth month in a row, indicating a slowing in economic growth, a private research group reported Thursday." 10-04 -10-28-04 New Check Cashing Regulations Kick In (CBS News) "New federal regulations designed to speed up the processing of checks went into effect on Thursday, and consumer advocates advised Americans to be more vigilant about monitoring their accounts." "The Check Clearing for the 21st Century Act — better known as Check 21 — will allow financial institutions to exchange electronic images of consumers' checks rather than transporting the actual paper checks around by air, land and sea." 10-04 -11-16-04 Wholesale Prices Jump (USA Today) "Wholesale prices shot up 1.7% last month, biggest gain in nearly 15 years and well above expectations, as energy costs skyrocketed and food prices surged, a government report said Tuesday." 11-04 -11-17-04 Kmart to Buy Sears (CNN News) "Kmart is buying Sears, Roebuck & Co. for $11 billion in a deal that will marry two of the nation's oldest but troubled retailers into the No. 3 retail chain." "For consumers, the deal means being able to get appliances and other hard goods at Kmart and more clothing at Sears." "The companies currently operate about 3,500 stores combined." "The merger should help the new company compete against Wal-Mart Stores (Research), the world's largest retailer and an aggressive discounter, as well as Home Depot (Research), the home improvement chain that ranks as the country's No. 2 retailer overall, and Target (Research), which will lose its place as No. 3 to the combined Sears-Kmart." 11-04 01-03-04 Bush to Cut Domestic Spending (Bloomberg.com) "President Bush's budget, which will be sent to Congress by Feb. 2, will include several tax cut proposals, including new measures to promote individual savings and tax credits to help uninsured people buy health insurance, the newspaper reported." "The president's budget plan for the fiscal year starting Oct. 1 also includes measures to control the rising costs of housing vouchers for the poor, require veterans to may more for some medications and eliminate some job training programs, the Times said." 1-04 01-15-04 J.P. Morgan and Bank One to Merger (USA Today) "Set to take over as CEO in 2006 under a detailed power-sharing arrangement, Bank One CEO Dimon hopes to lead a colossus that glues J.P. Morgan's volatile investment banking and trading concerns with the more predictable consumer and credit card businesses of Bank One." "J.P. Morgan Chase, as the combined company is to be known, would be the nation's second-biggest bank, with $1 trillion of assets and 2,300 branches in 17 states centered in the Midwest and Northeast. Only Weill's Citigroup (C), with its huge global reach, would be larger." 1-04 02-09-04 Deficit - Bush Seeks Additional $1 Trillion of Debt (Washington Times) "President Bush, saying the economic recovery is firmly in place, yesterday proposed adding $1 trillion to the national debt to fund the cost of shifting to a partially privatized Social Security system." 2-04 02-10-04 Deficit - Bush Defends Tax Cut Policy (CNN News) "President Bush lashed out at Democratic rivals who want to roll back his tax cuts as he defended his economic priorities in a presidential primary state where his record has been harshly criticized." 2-04 02-26-04 Bush Distances Himself from Job-Loss Comment (Seattle Times) "President Bush, visiting Pennsylvania to tout his prescriptions for employment growth, distanced himself from his chief economist who this week spoke approvingly of U.S. jobs moving overseas." "On Monday, N. Gregory Mankiw, chairman of Bush's Council of Economic Advisers, said in releasing the annual Economic Report of the President that the 'offshoring' of U.S. service jobs is 'the latest manifestation of the gains from trade that economists have talked about' for centuries." "The report similarly said that 'when a good or service is produced more cheaply abroad, it makes more sense to import it than make or provide it domestically.' " "Job loss is a sensitive issue for Bush as he seeks re-election in November. The economy has lost about 2.2 million jobs on Bush's watch and has been slow to reduce unemployment despite other signs of economic growth." 2-04 02-27-04 Budget Deficit to Balloon (USA Today) "President Bush's budget would produce deficits totaling $2.75 trillion over the next decade, the Congressional Budget Office projected Friday in the first authoritative look at the plan's longer-range implications." "One major item omitted by Bush's budget but included in Friday's projections was the cost of his proposal to make tax cuts permanent that otherwise would expire in 2010. Bush's tax plans would add more than $1.3 trillion to deficits over the decade, although his plans to curb domestic spending would save $700 billion over that same period, the budget office said." "Wary of the impact on deficits, Republican congressional leaders already have said they will not move this year on Bush's proposal to extend the tax cuts, which is the pillar of his plan for strengthening the economy." 2-04 03-03-04 Economy Improving But Jobs Slow (CBS News) "Factories hummed and consumers kept cash registers busy in the first two months of this year, fresh evidence that the economic recovery is moving ahead, according to a Federal Reserve report Wednesday." "Even with the pickup in factory activity, manufacturers have lost 3 million jobs since July 2000. That's the month factory employment peaked as the economy was enjoying a record-long expansion." 3-04 03-03-04 Record U.S. Trade Deficit (CBS News) "The United States registered a record $489.4 billion trade deficit for 2003 as a rebounding U.S. economy strengthened Americans' appetites for a wide range of foreign-made goods, including cars, clothing and TVs." "Critics point to the deficits as evidence that the president's free-trade policies aren't working and are a factor in the loss of U.S. jobs." "The latest snapshot of trade activity comes amid rising tensions over global trade and concerns about the flight, or outsourcing, of U.S. jobs to other countries. President Bush's chief economist, Gregory Mankiw, struck a political nerve earlier this week when he described the loss of U.S. jobs to overseas companies as 'just a new way of doing international trade.' " "Painfully slow job growth in the United States is a political sore spot for the president and an issue that Democrats, seeking to capture the White House, like to point out to voters in an election year." 3-04 03-04-05 Martha Stewart Released (ABC News) "Part of Martha Stewart's sentence ends tonight when the 63-year-old homemaking authority leaves Alderson Federal Women's Prison to begin serving five months under house arrest at her $16 million Bedford, N.Y., estate." 3-05 03-05-04 Major Jobs Disappointment (CBS News) "The U.S. employment report for February proved to be a major disappointment. The jobless rate remained unchanged at 5.6 percent, and the economy was only able to generate 21,000 jobs." The latest snapshot of the employment climate released by the Labor Department on Friday depicted the painfully slow job growth the country has been enduring." 3-04 03-05-04 Martha Stewart Found Guilty (CBS News) "Martha Stewart was convicted of obstructing justice and lying to the federal government about why she unloaded her stock in a biotech company just before the price plummeted. The verdict could send her to prison and cripple the homemaking empire built around her vision of gracious living." 3-04 03-07-05 Martha Stewart Goes Back to Work (ABC News) "A beaming Martha Stewart returned to work Monday, blowing a kiss and waving as she arrived to speak to cheering employees after five months behind bars." "Wall Street was less welcoming. Although Stewart's company's stock has recovered from its low following her conviction, its price has fallen more than 17 percent since her release early Friday wiping away more than $300 million in the company's market capitalization." "Analysts attributed the recent selling to investors locking in profits from the stock's recent run-up. Wall Street, counting on a positive bounce from Stewart's return, had bid the stock to triple the level it was when she was convicted on March 5, 2004, of lying about a stock sale." 3-05 06-03-04 CIA Chief Tenet Resigns (CBS News) "The U.S. economy has kicked in to high gear, creating another 248,000 payroll jobs in May, the Labor Department estimated Friday." "The unemployment rate remained unchanged at 5.6 percent. That's because tens of thousands of jobless are renewing their search for work in the wake of an improving labor market." 6-04 06-30-04 Interest Rates Go Up (USA Today) "The Federal Reserve raised its target for a key interest rate by a quarter-point Wednesday, starting what is expected to be a cycle of rising interest rates that pulls the plug on the cheapest credit in decades." 6-04 07-02-04 More Jobs, Less Joy (CBS News) "Employers hired less help in June than economists anticipated — adding 112,000 new payroll jobs — and the unemployment rate remained unchanged at 5.6 percent for a third straight month." "Payrolls in April and May also were revised down slightly from the big gains previously reported by the Bureau of Labor Statistics." 7-04 07-29-04 Jobless Claims Inch Up (USA Today News) "Wages and benefits for U.S. workers rose a moderate 0.9% in the April-June quarter, down slightly from the previous quarter's increase, as price pressures for benefits like health insurance eased significantly." 7-04 08-26-04 Poverty and Uninsured Ranks Swell (MSNBC News - Wolk) "The nation’s poverty rate rose for a third straight year in 2003 and the ranks of the uninsured swelled, the Census Bureau said Thursday in a report sure to fuel election-season debate over President Bush’s handling of the economy." "The poverty rate has risen from a recent low of 11.3 percent in 2000, meaning an additional 4.3 million people are living in poverty as defined by the government." "Based on the census numbers, real income has fallen by about $1,500 per household over the past three years, and the ranks of the uninsured have risen by more than 5 million, Kerry said." 8-04 09-05-03 Payrolls Plunge but Unemployment Rate Edges Down (USAToday.com) "The number of workers on U.S. payrolls outside the farm sector slid 93,000 in August after dropping 49,000 in July. Economists had epxected a modest increase." "But according to a broader survey of U.S. households, the overall unemployment rate fell from a seasonally adjusted 6.2 percent to 6.1 percent of the labor force." "Labor Department analysts believe the survey of businesses provides a more reliable picture of the jobs market than the household survey." 9-03 09-15-03 World Trade Organization Talks Fail (CBS News) "Talks designed to change the face of farming around the world collapsed Sunday amid differences between rich and poor nations, the second failure for the World Trade Organization in four years." 9-03 09-15-04 Martha Stewart to Start Serving Time (USA Today) "Putting her company's interests ahead of her own, Martha Stewart said Wednesday that she wants to start serving her five-month prison sentence as soon as possible. " 9-04 09-15-04 Senate Committee Blocks Bush Overtime Rules (USA Today) "A Senate committee defied President Bush and voted Wednesday to derail new federal overtime rules that critics say would prevent 6 million American workers from getting the bonus pay." "The language was offered by Sen. Tom Harkin, D- Iowa, who said new Bush administration overtime rules that took effect on Aug. 23 would deny the extra pay to many workers who had received it." "Harkin said the new rules are "anti-worker, anti-job growth, and anything but family friendly." 9-04 1-4-03 Bush Administration Proposes Economic Stimulus (CNN - Loughlin) "Aides said tax cuts would be a large part of the mix" in the President's economic stimulus proposal. "Administration and congressional sources say components of the president's plan that are under consideration include:" "Cuts in taxes on stock dividends, which aides say could help promote investment and spur growth." "Acceleration of some of the personal tax cuts enacted in 2001 but not set to take hold until 2004." "Tax deductions for businesses, likely to include a break for investments on new equipment." "An extension of unemployment benefits." 1-03 1-4-03 Democrats Propose Economic Stimulus (CNN - Loughlin) " 'Democrats know the key to restarting economic growth: tax relief for middle class families, business incentives to create new jobs, and investments in human talent,' Daschle said, according to a transcript of his comments released by his office." " 'Unfortunately, recent reports suggest that the president's first proposal this new year will do none of those things. Instead, the president's idea of helping the economy seems to have centered around writing a special tax break for corporate dividends.' " 1-03 1-7-03 Comparison of Proposals for Economic Stimulus (MSNBC - Curry) "A Congressional Budget Office analysis last year concluded that “tax cuts that are targeted toward lower-income households are likely to generate more stimulus dollar for dollar of revenue loss — that is, be more cost-effective and have more bang for the buck — than those concentrated among higher-income households.” "Wyss [chief economist of Standard & Poor’s] agrees with this view, saying that in the short run, a payroll tax holiday would be more stimulative than a dividend tax cut." 1-03 10-01-03 Jobless Recovery Examined (CBS News) "Companies have slowed the pace of layoffs, but have broken with previous economic rebounds by not boosting their hiring plans, the Labor Department said Tuesday." 9-03 Papers 02-09-04 Deficit - Bush Seeks Additional $1 Trillion of Debt (Washington Times) "President Bush, saying the economic recovery is firmly in place, yesterday proposed adding $1 trillion to the national debt to fund the cost of shifting to a partially privatized Social Security system." 2-04 Greenspan: Reduce Social Security Benefits (CNN News) "Federal Reserve Chairman Alan Greenspan urged Congress on Wednesday to deal with the country's escalating budget deficit by cutting benefits for future Social Security retirees rather than raising taxes." "In testimony before the House Budget Committee, Greenspan said the current deficit situation, with a projected record red ink of $521 billion this year, will worsen dramatically once the baby boom generation starts becoming eligible for Social Security benefits in just four years." "In his prepared testimony, Greenspan said pushing taxes up enough to meet future spending promises under Social Security and Medicare might pose a risk to the overall economy." " 'We are going to be confronted ... in a few years with an upward ratcheting of long-term interest rates which will be very debilitating for long-term growth,' Greenspan told the committee if the deficit problem is not addressed." 2-04

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