The Undismal Weekly Wrap-Up -- June 7-13, 2009

Analytical Summaries of Key Stories of the Week on Economics and Public Policy

National Summit Arrives Amid Economic Trouble (Associated Press)
AP’s Jeff Karoub reports on a National Economic Summit being held under markedly different circumstances than those at the time it was originally planned, describing the climate as scaled back but no less determined to lead to tangible action.

G8 Finance Mins Start to Plan for End of Crisis (Wall Street Journal)
Luca Di Leo and Paul Hannon report from the G8 meeting in Lecce, Italy, on discussions focused on how to ramp down the pace of stimulus funding that member nations have infused into their economies in hopes of accelerating recovery.

Obama’s Spending Plans May Pose Political Risks (Washington Post)
Polling data and concerns among administration insiders indicate that President Obama may risk losing political capital if efforts toward reducing the pace of spending increases are not demonstrated soon, according to a story by Scott Wilson of the Washington Post.

2010 Vote Shift Could Bring Fed Policy Showdown (Reuters)
A standard rotation procedure scheduled for January will lead to changes in which members of the Fed’s Open Market committee will have voting authority, possibly leading to shifts based on such issues as differing viewpoints on the risk of inflation under the current policies.

Following the Money in the Healthcare Debate (New York Times)
Some $2.5 trillion and daunting issues about how it will be reduced and divided among numerous interest groups are at stake in the healthcare reform debate. Reed Abelson of the New York Times explores the complexities in an in-depth report.

Geithner Says 'Too Soon' for G-8 to Pull Back on Economic Aid (Bloomberg)
The U.S. Treasury Secretary cautions that G8 member nations need to stay the course on current stimulus efforts, focusing for now on restoring growth rather than reducing deficits, as reported by Bloomberg’s Rebecca Christie.

Lawrence Summers Defends Obama Policy (United Press International)
UPI reports on a speech to the Council on Foreign Relations by Nobel Laureate and top Obama economic guru Larry Summers, attempting to allay perceptions that the administration may have taken excessive measures to involve government in managing major segments of the financial, medical, and industrial sectors.

The Politics of Jump-Starting (Huffington Post)
Charles D. Ellison poses the question of just how well the tireless optimism and energetic initiatives of the Obama administration, such as the new 100-day effort to accelerate the pace of recovery, are actually resonating with the American public. Sphere: Related Content