The U.S. economy will grow this year at its fastest pace since 2005, helping reduce the annual average unemployment rate for a fourth straight year even as market borrowing costs rise, the Obama administration predicted.
President Barack Obama’s budget plan moves the spotlight away from reducing U.S. deficits and instead seeks new spending to energize the Democratic base and give incumbents a job-creation platform for November’s midterm elections.
Boosting the minimum wage may cost as many as 500,000 people their jobs, said a new report from Congress’s financial scorekeeper that diminishes chances for an agreement on one of President Barack Obama’s priorities.
President Barack Obama plans to nominate Jason Furman, a Harvard-trained economist who’s also well-schooled in White House staff rivalries, to replace Alan Krueger as the head of the Council of Economic Advisers, according to two people familiar with the matter.
Obamacare will reduce the hours Americans work by the equivalent of 2 million full-time jobs in 2017, the Congressional Budget Office said, sparking renewed Republican criticism of the law and a fresh defense from the White House.