Economy

August 26, 2008 -- Chicago, IL -- "Today's news confirms what America's struggling families already know - that over the past seven years our economy has moved backwards. We have now lived through first so-called economic 'expansion' on record where typical families saw their incomes fall, and working-age households lost more than $2,000 from their paychecks.

Another 816,000 Americans fell into poverty in 2007 - including nearly 500,000 children - bringing the total increase in Americans in poverty under President Bush to 5.7 million.    » read more »

Declines in U.S. Petroleum Consumption Expected to Continue

If you feel like you’ve been economizing by driving less and adjusting your thermostat more, you’re not alone. Total U.S. petroleum consumption reported in today’s Weekly Petroleum Status Report (WPSR) is once again lower than the same week last year.

Average monthly total petroleum consumption has now declined for 12 consecutive months when compared with the same month the year before. Within the last 25 years, we’ve identified 6 other 12-month periods during which there was a sustained drop in total petroleum consumption from the previous year.    » read more »

August 12, 2008 -- West Virginia Attorney General Darrell McGraw filed suit today against Countrywide Financial Corporation, Countrywide Home Loans, Inc., Countrywide Home Loans Servicing, LP, Full Spectrum Lending, Inc. and Angelo R. Mozilo, individually and as CEO of Countrywide Financial Corporation.

Countrywide made loans to West Virginia consumers on terms that were unaffordable and unconscionable. These loans exposed consumers to foreclosure and loss of their homes. Countrywide also used unfair and deceptive acts or practices to make loans and service loans.

For example, Countrywide induced consumers to take out adjustable rate mortgages that offered a teaser rate for the first 2-5 years, but then reset at a much higher, unaffordable rate.    » read more »

Tour Highlights Local Economic & Environmental Benefits of Shellfish Aquaculture in Coastal Bays

OCEAN CITY, MD (August 13, 2008) – Maryland Governor Martin O’Malley today, joined by Bay Cabinet members and Worcester County official, toured Chincoteague Bay, visiting a local oyster aquaculture business to explore and discuss the potential economic and environmental benefits of expanding Maryland’s aquaculture industry.    » read more »

Protection Center to Help Kentuckians in Danger of Losing Their Homes

August 11, 2008 -- OWENSBORO, Ky. – Kentucky Governor Steve Beshear today announced at a press conference in Owensboro the creation of the Kentucky Homeownership Protection Center to address the foreclosure crisis in the commonwealth. The Protection Center, created by the passage of HB 552 during the 2008 General Assembly, will help Kentuckians in financial trouble become more proactive in keeping their homes.    » read more »

Attorney General Urges Stronger Consumer Protections Amid Housing Crisis

August 5 , 2008 -- Chicago -- Illinois Attorney General Lisa Madigan weighed in Monday on a federal proposal that aims to reform some of the most abusive practices of the credit card industry. In commenting on the proposed federal rule issued by the Federal Reserve Board and two other federal banking agencies, Madigan expressed general support for the proposed reforms but urged the federal regulators to go further to protect consumers in light of the ongoing home foreclosure crisis and economic downturn.

“It is more important than ever that consumers be treated fairly and understand their credit card terms so that they can manage their finances accordingly,” Madigan said.    » read more »

August 12, 2008 -- Connecticut Governor M. Jodi Rell today announced that the state is extending lines of credit to the hundreds of Connecticut fuel oil dealers facing soaring business costs this winter because of record fuel oil prices.

“The ripple of effect of high fuel prices is having a tremendous impact on everyone,” Governor Rell said. “It is likely that half of the 549 fuel oil dealers in Connecticut will need some assistance to buy their home heating oil from wholesalers. Most of these dealers are small companies with less than five trucks.”    » read more »

Highlights Conference Theme of "Building Green Economies"

August 13, 2008 -- Continuing his pledge to cooperate on increasing environmental protection, fighting climate change and building commerce in the U.S.-Mexico border region, California Gov. Schwarzenegger today opened the XXVI Annual Border Governors Conference (BGC) at Universal Studios Hollywood. The XXVI Annual BGC, chaired by Governor Schwarzenegger, will highlight the benefits of building green economies throughout the border region.    » read more »

August 12, 2008 -- Chicago, IL -- Statement from Jason Furman, Obama Campaign Economic Policy Director, on the new trade deficit numbers:

"While Senator McCain may believe that the small reduction in the trade deficit represents great progress in an economy he thinks is doing just fine, Barack Obama believes that America can do better than a $693 billion trade deficit over the last year.

"Barns for Obama": Photo by Barack Obama campaign (CC)

We cannot afford another four years of the massive trade deficits we've had under President Bush - trade deficits that Senator McCain's economic policies would only make worse.    » read more »

August 7, 2008 -- Washington, D.C. – Speaker Nancy Pelosi issued the following statement in reaction to the Department of Labor’s announcement today on weekly jobless claims. The Department reported that first time claims for unemployment benefits rose to 455,000 – the highest number since the 2001 recession.:

“President Bush’s failed economic policies continue to take their toll on Americans as more workers have filed for unemployment benefits this week than at any time since the 2001 recession. After seven years of Bush Administration economic policies that have rewarded those at the very top at the expense of middle class Americans, we need a New Direction economic plan that strengthens job creation and renews the American Dream.    » read more »

Federal Reserve Proposal Fails to Protect Consumers from Unauthorized Loans

August 6, 2008 -- Washington, DC – In comments filed this week, Consumer Federation of America (CFA), U.S. PIRG and state consumer organizations told the Federal Reserve and other financial regulators that proposed FTC Act rules on bank overdraft “services” fail to protect cash-strapped families from high cost and unfair loans. The agencies proposed rules that require customers to opt-out of bank overdraft loans to avoid future fees.    » read more »

Urges Comprehensive Energy Solution to Combat Growing Costs

August 4, 2008 -- Washington, DC – Concerned about steep increases in commodity prices, on July 18th, Senators Jim Webb (D-VA) and John Warner (R-VA) sent a letter to the Environmental Protection Agency (EPA) in support of a temporary waiver of the federal ethanol mandate. This waiver is intended to help Virginia’s agricultural community, including poultry, dairy and livestock producers, and consumers who have been hit hard by a dramatic rise in feed costs as a result of increased usage of corn-based ethanol.    » read more »

August 1, 2008 -- WASHINGTON, DC—Today’s jobs numbers showed a loss of 51,000 jobs, the seventh consecutive month of job losses this year. The report also showed that the unemployment rate jumped to 5.7% and the number of unemployed Americans rose to 8.8 million. Anthony Coley, spokesman for Senator Edward M. Kennedy, Chairman of the Health, Education, Labor and Pensions Committee, released the following statement:

"Today's dismal report confirms that millions of working families continue to struggle to find jobs or keep their jobs. Earlier this summer, Congress passed a temporary extension of unemployment benefits, but Senator Kennedy believes that greater action is needed to create jobs, provide additional unemployment assistance, and rein in runaway energy prices."    » read more »

Presidential Approval to Release Oil from Strategic Petroleum Reserve would have most Immediate Impact at the Pump

August 1, 2008 -- Washington, D.C. – U.S. Senator Russ Feingold (D-WI) is urging President Bush to bring immediate relief at the gas pump. Feingold joined 35 other Senators in sending a letter to the President, authored by Senator Richard Durbin (D-IL), calling on the President to use his emergency authority to immediately release oil from the Strategic Petroleum Reserve (SPR).

Gas pump, Petrolia, California: Photo by gerry la Photo by gerry la londe-berg (CC)-berg (CC)    » read more »

August 01, 2008 -- Chicago, IL - Senator Barack Obama today released the following statement on the latest jobs report and unveiled an Emergency Economic Plan that will take the excess profits of oil companies to help working families deal with energy costs with new $1,000 rebate checks and enact a $50 billion package to save more than 1 million jobs.    » read more »