We just recently read that, according to the critics, the president’s jobs summit — which began earlier this afternoon — “is more about politics than policy.” If you think about it, isn’t most, if not all, policy driven by political pressures?

On one hand, economists like Lawrence Summers feel that “There is no more important priority for the American economy than jobs.” On the other hand, many lawmakers are up for reelection in 2010, and how their home states interpret how their lawmakers handle the unemployment situation could influence whether or not they remain in office, and whether or not the president will continue to have a Democratic Congress on his side. With all that said, the pressure is on from all sides to stem the tide of job loss: Read the rest of this entry »

Vice President Joe Biden has been assigned to head a new task force dedicated to restoring the middle class. “With this task force, we’ll have a single, high-visibility group with one goal: To raise the living standards of middle-class families,” wrote Biden in the task force’s blog.

The group is set to focus on numerous areas of improvement — including retirement, college, child and elder care — but most importantly the creation of jobs. “And, above all else, what are the jobs of the future? Here, we’ll be looking at green jobs, better-paying jobs, better-quality jobs,” wrote Biden.

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The Senate rejected the House’s $14 billion proposal to bolster the Big Three through short-term lending Thursday evening. General Motors has repeatedly warned lawmakers that the company could run out of cash before the end of the month. Many experts predict the car companies’ next move will be to try to get funding directly through the Bush Administration, a lifeline that may not require approval from either the House or the Senate.

Disappointed that lawmakers failed to join upon an agreement using “funds already appropriated for automakers,” The White House announced the possibility of utilizing TARP funds to stabilize Detroit’s auto industry this morning. “Under normal economic conditions we would prefer that markets determine the ultimate fate of private firms. However, given the current weakened state of the U.S. economy, we will consider other options if necessary – including use of the TARP program — to prevent a collapse of troubled automakers. A precipitous collapse of this industry would have a severe impact on our economy, and it would be irresponsible to further weaken and destabilize our economy at this time,” said White House Press Secretary Dana Perino.

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