Barack Obama: The New Trickle-down President?

“The Fed has flooded the economy with liquidity and…easy credit that has gotten the economy back on its feet more than any kind of fiscal policy.” Read More Fed ‘behind the curve’right where it wants to be In fact, fiscal policy has been one hampered by gridlock, punctuated mostly with continuing resolutions that allow government spending to continue as the warring congressional factions spar over whom to tax and what to spend. Obama has battled with Republicans frequently, painting them as advocates of the rich and enemies of the poor. He flatly proclaimed in an economic speech delivered in December 2011 that trickle-down economics “doesn’t work. It has never worked.” Yet he’s made the circuit recently bragging to CNBC and others about an economy on track to grow just 2 percent this year, while the stock market rallies and corporate profits are at a record high. On the other hand, he told The Economist in an interview that company CEOs should stop griping about the administration being anti-business.
Source: http://www.cnbc.com/id/101892595

Barack Obama Welcomes 51 Africa Leaders Amid Grumbling Over His Policy – TIME

4, 2014 Obama administration shifting funding to respond to border crisis By Jeremy Redmon The Atlanta Journal-Constitution The Obama administration is shifting $405 million from other federal programs to respond to the thousands of Central American children who are illegally crossing the U.S.-Mexico border without their parents. The U.S. Homeland Security Department notified Congress of the changes Friday, when federal lawmakers left town for recess without acting on President Barack Obamas emergency request for $3.7 billion. Obama had warned federal immigration agencies would run out of money, if Congress didnt act on his spending plan. Thousands of Central American children have been illegally crossing the southwest border, fleeing gang violence and poverty in El united states Salvador, Honduras and Guatemala and seeking to reunite with relatives in the U.S.
Source: http://www.ajc.com/news/news/state-regional-govt-politics/obama-administration-shifting-funding-to-respond-t/ngtjX/

Obama signs funding package for Israel’s Iron Dome – Yahoo News

The IMF has not received a formal request from Ghana for assistance, but said it is ready to work with the government on a support program. Related: Portugal spends $6.6 billion to save struggling bank So why the dramatic reversal? Shilan Shah, African economist at Capital Economics, said Ghana has been spending too freely on public sector wages and subsidies, leading to a widening budget deficit. “Compounding the problems are recent allegations that the Bank of Ghana is attempting to finance the deficit by printing money, which has pushed up inflation to over 15% year-on-year,” Shah wrote in a research note. Ghana’s imports are also racing ahead of exports, draining the country’s foreign currency reserves and piling pressure on the cedi.
Source: http://money.cnn.com/2014/08/04/investing/ghana-africa-economy/index.html

Obama’s favored African nation hits the skids – Aug. 4, 2014

Obama emphasizes how Americas innovation has helped Africa skip several steps of development. He points to the broad use of smart phones across the continent as evidence of how American innovation allowed Africa to skip poles and wires and still bring, not just phone service, but online global banking and Internet connectivity to the most rural of communities. America, he argued to The Economist last week, is better than just about anybody else at such applications of technology. But America is no long Africas largest patron. As the U.S.
Source: http://time.com/3082402/barack-obama-africa-summit/

Obama administration shifting funding to respond to border crisis | http://www.ajc.com

(AP Photo/ Evan Vucci) WASHINGTON (AP) — President Barack Obama signed a bill Monday granting an additional $225 million in U.S. taxpayer dollars for Israel’s Iron Dome missile defense system. The defense system has been highly effective in the current round of violence between Israel and Hamas militants in the Gaza Strip. It allows Israel’s military to shoot down incoming rockets or mortars headed toward major population centers in Israel. Israeli officials say it has a success rate as high as 90 percent. The U.S.
Source: http://news.yahoo.com/obama-signs-funding-package-israels-115304311.html

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