Weekend Economists Lost in Space (and Time) May 11-13, 2012

[Demeter]

5. President Obama Sees First Budget Surplus Of Presidency (WHAT ABOUT THE STIMULUS? ECONOMY, STUPID!)

http://www.huffingtonpost.com/2012/05/08/president-obama-budget-surplus_n_1499266.html

The Obama administration saw its first monthly budget surplus in April, with the federal government recording $58 billion, according to figures released by the Congressional Budget Office.

MarketWatch reports:

The surplus -- the first of Barack Obama’s presidency -- was the result of both increased tax collection and lower government spending.

Prior to April, the federal government's last surplus dates back to September 2008.

Pressuring Congress, President Barack Obama is laying out an election year "to do" list Tuesday that urges lawmakers to take another look at economic proposals to promote job creation and help families refinance their mortgages...Obama's wish list includes a number of proposals that he has outlined previously but have failed to gain traction in Congress. They include eliminating tax incentives for companies that ship jobs overseas and promoting new tax credits for small businesses and for companies to develop clean energy. For veterans, Obama planned to press Congress to pass legislation creating a Veterans Job Corps to help service members returning home from Iraq and Afghanistan find work as police officers and firefighters.

And to address the housing crisis, Obama was expected to press anew on a measure designed to help homeowners refinance their homes at lower interest rates....Republicans said they had a lengthy list of their own in the form of bills that have cleared the GOP-led House but remained bogged down by Senate Democrats. They accused Obama of recycling old ideas.

"We've passed nearly 30 jobs bills to increase American competitiveness, expand domestic energy production and rein in the red tape that is burdening small businesses. Democrats are blocking every one of them," said Brendan Buck, a spokesman for House Speaker John Boehner, R-Ohio.