Experts discuss America’s economic woes

Experts from the Economic Policy Institute (EPI) held a conference call that discussed the weak gross domestic product (GDP) report and the forthcoming Bureau of Labor Statistics reports on employment, unemployment and wages for the month of April.

Economist Jared Berstein discussed how because the job market is so slim, people are struggling to find hours that will pay them to maintain a modest lifestyle for themselves and for their families. Berstein mentioned that the average pay for workers is falling behind inflation rates, and that a staggering 5.2 million workers who work part time, but would prefer to work full time, cannot, because finding jobs with reasonable hours is too difficult to do.

EPI President Larry Mishel said that once people leave their jobs it is harder today to come back into the market than ever before. Mishel noted that whether our country was technically classified as being “in a recession” was irrelevant- the fact that Americans do not have the jobs, hours, and money that they sorely need is what really matters.

Speaker Pelosi addresses gas prices, veterans

Speaker Pelosi held a press conference today to discuss the current gas price crisis. Speaker Pelosi was insistent that work is being done to address the issue citing many experiences from ordinary Americans and their gas tribulations. She recounted stories from citizens that not only are having trouble finding work near home, but the fact that they then have to drive farther to find work making there income become seemingly non-existent factoring in the gas costs to travel to and from work.

The Speaker also addressed strengthening GI programs. She was adamant about welcoming our veterans home and having appropriate health care and educational programs available to them.

Newest polls show Clinton is the strongest candidate to take on McCain in November

The newest polls show that Senator Hillary Clinton is the strongest democratic candidate to take on John McCain in November, winning by 10 points.

Over the past two weeks since the Pennsylvania primary, there has been a dynamic shift in opinion on who would be the strongest democratic candidate against McCain in the general election, said Geoff Garin, chief strategist for the Clinton Campaign in a conference call today. Clinton has a comfortable lead on McCain in key swing states like Ohio and Florida, which is not the case for Obama.

According to the newest polls, Clinton is gaining more ground with blue collar voters as well as independent and swing state voters, which were previously for Obama.

“There is a dominant issue in the election – who had the knowledge and the leadership to turn this economy around,” Garin said. Clinton has been doing progressively well and voters believe she is the stronger candidate to fixing the problem of the economy.

Murtha criticizes Bush Administration on five years of Iraq war

Congressman John P. Murtha (D-PA), chairman of the Defense Appropriations Subcommittee, discussed the five years of violence in Iraq after President Bush declared “Mission Accomplished” in 2003, in a discussion at the Center for American Progress today.

Murtha talked about the wars in Vietnam, Lebanon, Beirut and Somalia and compared them to the current situation in Iraq. Similar to the military actions taken in those countries, in Iraq the U.S. went in without an exact strategy, the mission remained undefined and the U.S. military ended up becoming nation builders without a clear exit strategy.

“We learned throughout the last century that political, economic and diplomatic challenges are equally, if not more, important to achieving stability on the ground,” Murtha said. “And as we’ve learned over the past five years, we must ultimately win the hearts and minds of the Iraqi people.”

Iraq is facing crippling problems today with a government “riddled with corruption and paralyzed by incompetence,” sectarian violence, Iraqi refugees, ethnic zones and unemployment at 50 percent in certain areas, said Murtha. The United States is dealing with oil production remaining at pre-war lows, thousands of military deaths and poor military readiness levels.

Murtha concluded his remarks by urging the Bush Administration to look to the future at threats down the road the U.S.’s “faltering economy, skyrocketing energy prices, rising food costs and a significantly weakened dollar.”

Committee introduces legislation on credit card regulation at press conference

Senator Christopher Dodd (D-CT), chairman of the Senate Committee on Banking, Housing, and Urban Affairs, introduced legislation to improve credit card billing, marketing and disclosure regulations and practices today at a press conference. The Credit Card Accountability, Responsibility, and Disclosure Act (C.A.R.D.), is set to strengthen industry regulation and supervision, prevent increases in interest rates and terms, and prohibit exorbitant and unnecessary rates and fees, among other things.

Upon becoming chairman, Dodd put credit card companies “on notice” in 2007 and with this legislation is hoping to create “fairness and transparency for consumers.” Last year 700 million credit cards were given out that allocated about $9,000 of debt per household, due to, as Dodd said,“mostly excessive fees and exorbitant interest rates.”

Sen. Carl Levin (D-MI), at the press conference in support of Dodd’s legislation, noted “With all the economic hardships facing folks today, from falling home prices to rising gasoline and food costs, it is more important than ever for Congress to act now to stop credit card abuses and protect American families from unfair credit cared practices.”