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Obama Executive Orders a Trade Unit to Investigate Fair Trade Relations With China

“President Barack Obama signed an executive order creating a U.S. panel to investigate unfair trade practices by nations including China.

The Interagency Trade Enforcement Center will bring together lawyers, researchers, analysts and government agents to monitor and enforce trade agreements and laws. The panel, established within U.S. Trade Representative Ron Kirk’s office, will have its director chosen by Kirk, with a deputy selected by Commerce Secretary John Bryson.

The center will be ready to open within 90 days, funded by the trade representative’s office and Commerce, Michelle O’Neill, deputy undersecretary of Commerce for international trade, told reporters today during a conference call. The panel will have employees from the departments of Agriculture, Commerce, Homeland Security, Justice, State and Treasury, as well as U.S. intelligence agencies, according to the order.

“We are doubling down on the administration’s commitment to strong trade enforcement,” Kirk said during the briefing. “We’ll continue to press our trading partners” to comply with World Trade Organization rules “and abide by obligations.”

The effort may aid Obama’s attempt to boost economic growth and cut unemployment by doubling exports to $3.14 trillion by 2015, from $1.57 trillion in 2009. Though the panel will be empowered to investigate all foreign trade, Obama cited China (TBBLCHNA) as a source of concern in his January State of the Union speech to Congress.

WTO Complaints

Obama filed five World Trade Organization complaints against China since taking office three years ago, compared with seven George W. Bush filed from 2001, when China joined the Geneva-based trade arbiter. Obama imposed duties on Chinese-made tires, which he said has helped to create more than 1,000 U.S. jobs….”

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State of the Union: Can We Agree on Anything Anymore ?

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Like baseballs in a batting cage, the controversies that divide us just keep on coming. Fast and unpredictable.

Last month it was the flap over the Susan G. Komen foundation and its move to cut financial support of Planned Parenthood. The resulting imbroglio dredged up deeply held convictionsamong Americans about women’s health issues and “cause marketing” that, in this case, has resulted in profits for companies promoting breast cancer awareness and research through pink and omnipresent product tie-ins.

This month it’s the Girl Scouts. Bob Morris, a state representative in Indiana, has created a kerfuffle by denouncing the Girl Scouts organization for “sexualizing young girls.” The campfire-building, cookie-selling sorority, he wrote in a letter to his state Legislature, “has been subverted in the name of liberal progressive politics and the destruction of traditional American family values.”

Next month it could be church bells, butterflies or baseball. There’s just no telling.

Do Americans disagree about everything? Are we such factious and fractious folks that we just naturally start arguing and choosing sides whenever something comes up? Are we always contentious, never content? Always warring, never loving? Have we reached such a pointed, poisoned, partisan point in our history that any topic, once it rises to the surface of national dialogue, triggers angry standoffs on Facebook and Twitter and everywhere else?

In fact, there are things Americans agree about. We will get to some of those shortly. But, as professional mediators say about conflict resolution, before we can talk about the resolution we must first identify the conflict. And, phew, we’ve got an abundance of conflict in this country.

‘Warring Tribes’

Because we don’t teach children or adults how to advocate constructively, much less how to collaboratively resolve differences, we continue to become more polarized and dysfunctional.

– Rhonda Hilyer, conflict resolution specialist

Half of Americans, according to a recent Gallup poll, believe the country’s economic system is unfair. The other half disagree. Half of Americans think the nation “achieved its goals in Iraq,” CNN reports. Half of Americans, the Christian Science Monitor notes, think we should attack Iran to stop its nuclear program. Half of Americans, according to a just-released USA Today poll, say President Obama “is too liberal, and Americans are inclined to say they disagree with him on the issues that matter most to them.”

Oh, the president’s favorable rating at the moment? Fifty percent, of course….”

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Does Capitalism Need a Makeover ?

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“While the global financial meltdown and its aftershocks have unleashed a flood of indignation, condemnation, and protest upon Wall Street, the crisis has exposed a deeper distrust and implacable resentment of capitalism itself.

Capitalism might be the greatest engine of prosperity and progress ever devised, but in recent years, individuals and communities have grown increasingly disgruntled with the implicit contract that governs the rights and responsibilities of business. The global economy and the Internet have heightened our sense of interconnectedness and sharpened our awareness that when a business focuses only on enriching investors, it implies that managers view the interests of customers, employees, communities and the fate of the planet as little more than cost trade-offs in a quarter-by-quarter game.

It’s time to radically revise the deeply-etched beliefs about what business is for, whose interests it serves, and how it creates value. We need a new form of capitalism for the 21st century, one dedicated to the promotion of greater well-being rather than the single-minded pursuit of growth and profits; one that doesn’t sacrifice the future for the near term; one with an appropriate regard for every stakeholder; and one that holds leaders accountable for all of the consequences of their actions. In other words, we need a capitalism that is profoundly principled, fundamentally patient, and socially accountable.

This isn’t a new challenge, but it’s more urgent than ever, not just as an effort to escape reform and regulation from the outside, but to restore the public trust, to repair the moral fabric of the system, and to unleash the innovation required to tackle the world’s most pressing and important challenges.

That’s why the MIX is eager to announce the third leg of the Harvard Business Review/McKinsey M-Prize for Innovation — the Long-Term Capitalism Challenge. With this challenge, we hope to accelerate the shift toward a more principled, patient, and socially accountable capitalism — one that’s truly fit for the long term.

Specifically, we’re looking for stories (real-world case studies) and hacks (boldly original ideas) that offer up the most progressive practices and disruptive ideas that tackle the challenge of making our organizations more:

PRINCIPLED
Capitalism degenerates into narrow self-interest without a strong ethical foundation.

    • How do we focus the entire organization on a higher purpose and embed such virtues as generosity and selflessness into everyday interactions, evaluations, and reward systems?
    • How do we measure the ethical or moral climate of a company, and what is the dashboard?
    • What does it mean for individuals at all levels to act as wise stewards of organizational values, resources, and stakeholder well-being?
    • What kind of a forum or process could we create that would allow individuals to freely share and discuss ethical dilemmas?
    • In what ways might extreme transparency preserve and promote the highest purpose of the organization?

PATIENT
Vision and perseverance are critical to value creation and highly vulnerable to short-termism.

    • How do we stretch management timeframes and perspectives?
    • What does it mean to articulate and instill a vision compelling enough to inspire sacrifice, stimulate innovation, and hedge against expediency?
    • How might we re-balance compensation and measurement systems to provide incentives for long-term value creation along with short-term performance?
    • What tactics or capabilities might we develop to earn some slack from investors?
    • What kind of incentives and measurement systems could we devise to encourage internal entrepreneurs and nurture a varied portfolio of opportunities?

SOCIAL
Capitalism cannot operate in a social vacuum, and profits and shareholder return can no longer be the only measures of a company’s value-add.

    • How do we eradicate the pervasive zero-sum mentality in business and embed the positive-sum view of stakeholder interdependence into operations at every level?
    • How do we build the consideration of social return into every conversation and every decision at every level in the organization?
    • How could we embed social goals into an organization’s innovation agenda and processes? In other words, how might we encourage not just social responsibility, but social entrepreneurship?
    • What kind of measurement and reward systems would give significant weight to social impact created by individuals and the wider organization?

We look forward to your entries.”

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J.D.Powers & Associates: Poor Service and Rising Fees Push 10% Of Customers to Switch Banks

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“Global research company J.D. Power & Associates found that almost 10 percent of bank customers switched to another financial outlet in 2011, thanks in large part to increased fees.

Last year, 9.6 percent of people moved their money, compared to 8.7 percent in 2010 and 7.7 percent in 2009.

“It is apparent that new or increased fees are the proverbial straws that break the camel’s back,” J.D. Power’s director Michael Beird told the Los Angeles Times.

Along with increased fees, poor service was cited as another reason for the rise in departures.

A majority of the bank switches occurred at the larger banks. Only 0.9% of customers left their small bank or credit union for another outlet.”

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Consumer Debt Said to be Reaching Toxic Levels

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“(New York Post) – More American households are falling back into the debt hole, this time without the safety net of home values to help bail them out, the New York Post reported Sunday.

Last year, total US consumer debt reached its highest point in a decade, according to a credit card industry observer.

“Now more than ever, families need to work at saving and paying off any outstanding debts,” said Howard Dvorkin, a certified public accountant and founder of the credit counseling service Consolidated Credit.

After a few months of reducing credit card debt levels, Dvorkin said, Americans are starting to return to their reliance on debt.

“People made some progress in reducing card debt earlier in the year, but in the last few months, as the stock market started to rise, they started to return to their old ways of charging things,” he explained.

In December 2011, the total consumer debt — which is the combination of non-revolving and revolving debt — rose by some 9.3 percent to $2.498 trillion, according to the latest Federal Reserve Board numbers.

Both revolving debt and non-revolving debt increased. Revolving debt, which is credit-card debt, went up by 4.1 percent. Non-revolving debt, which includes loans for cars and education, rose 11.8 percent, the central bank’s report said.

The trend — month to month, quarter to quarter and year to year — is rising steeply.

“Consumer credit increased at an annual rate of 7.5 percent in the fourth quarter. Revolving credit increased at an annual rate of 4.5 percent, and non-revolving credit increased 9 percent in December,” the Fed wrote in a note along with the latest monthly report, which also reviewed 2011.

These numbers, Dvorkin warns, mean that many middle-class Americans are taking big risks.

In a weak economy with high unemployment, Dvorkin noted, many people with big card balances become vulnerable to financial catastrophe.

Lewis J. Altfest, a Manhattan adviser who targets professional, high-income clients, devotes part of his practice to telling the well-heeled how to cut back on credit card debt.

“It’s still a big problem. Some people want to live life to the fullest even though they are using their cards too much,” Altfest explained. He said many clients last year tried to reduce card debt. But some “are falling back into their old ways.”

Indeed, last holiday season many consumers financed Black Friday trips to the mall and Cyber Monday online buying sprees by making purchases with plastic, Dvorkin contends.

“As the bills begin to roll in, consumers may find themselves unable to pay them off. It’s good to see an increase in consumer spending, but never is it worth going into debt,” according to Dvorkin.”

Read more: New York Post

 

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MUST READ: Asian American Journalists Association Releases Guidelines on Jeremy Lin Media Coverage

SOURCE 

Given the media’s “Linsanity” surrounding Jeremy Lin, perhaps this was inevitable.

Following (justified) outrage over several examples of racially-insensitive coverage of Lin–including a headline published by ESPN.com which resulted in the firing of one staffer and suspension of another–the Asian American Journalists Association has issued a set of guidelines for media outlets salivating over the NBA’s Asian-American sensation.

“As NBA player Jeremy Lin’s prowess on the court continues to attract international attention and grab headlines, AAJA would like to remind media outlets about relevance and context regarding coverage of race,” the group wrote in an advisory. “In the past weeks, as more news outlets report on Lin, his game and his story, AAJA has noticed factual inaccuracies about Lin’s background as well as an alarming number of references that rely on stereotypes about Asians or Asian Americans.”

Among the “danger zones” identified by AAJA:

“CHINK”: Pejorative; do not use in a context involving an Asian person on someone who is Asian American. Extreme care is needed if using the well-trod phrase “chink in the armor”; be mindful that the context does not involve Asia, Asians or Asian Americans.

And:

“ME LOVE YOU LIN TIME”: Avoid. This is a lazy pun on the athlete’s name and alludes to the broken English of a Hollywood caricature from the 1980s.

AAJA urged caution “when discussing Lin’s physical characteristics, particularly those that feminize/emasculate the Asian male (Cinderella-story angles should not place Lin in a dress). Discussion of genetic differences in athletic ability among races should be avoided. In referring to Lin’s height or vision, be mindful of the context and avoid invoking stereotypes about Asians.”

The group added: “Stop to think: Would a similar statement be made about an athlete who is Caucasian, African American or Latino?”

Below are the AAJA’s guidelines in full:

THE FACTS

1. Jeremy Lin is Asian American, not Asian (more specifically, Taiwanese American). It’s an important distinction and one that should be considered before any references to former NBA players such as Yao Ming and Wang Zhizhi, who were Chinese. Lin’s experiences were fundamentally different than people who immigrated to play in the NBA. Lin progressed through the ranks of American basketball from high school to college to the NBA, and to characterize him as a foreigner is both inaccurate and insulting.

2. Lin’s path to Madison Square Garden: More than 300 division schools passed on him. Harvard University has had only three other graduates go on to the NBA, the most recent one being in the 1950s. No NBA team wanted Lin in the draft after he graduated from Harvard.

3. Journalists don’t assume that African American players identify with NBA players who emigrated from Africa. The same principle applies with Asian Americans. It’s fair to ask Lin whether he looked up to or took pride in the accomplishments of Asian players. He may have. It’s unfair and poor journalism to assume he did.

4. Lin is not the first Asian American to play in the National Basketball Association. Raymond Townsend, who’s of Filipino descent, was a first-round choice of the Golden State Warriors in the 1970s. Rex Walters, who is of Japanese descent, was a first-round draft pick by the New Jersey Nets out of the University of Kansas in 1993 and played seven seasons in the NBA; Walters is now the coach at University of San Francisco. Wat Misaka is believed to have been the first Asian American to play professional basketball in the United States. Misaka, who’s of Japanese descent, appeared in three games for the New York Knicks in the 1947-48 season when the Knicks were part of the Basketball Association of America, which merged with the NBA after the 1948-49 season.

DANGER ZONES

“CHINK”: Pejorative; do not use in a context involving an Asian person on someone who is Asian American. Extreme care is needed if using the well-trod phrase “chink in the armor”; be mindful that the context does not involve Asia, Asians or Asian Americans. (The appearance of this phrase with regard to Lin led AAJA MediaWatch to issue statement to ESPN, which subsequently disciplined its employees.)

DRIVING: This is part of the sport of basketball, but resist the temptation to refer to an “Asian who knows how to drive.”

EYE SHAPE: This is irrelevant. Do not make such references if discussing Lin’s vision.

FOOD: Is there a compelling reason to draw a connection between Lin and fortune cookies, takeout boxes or similar imagery? In the majority of news coverage, the answer will be no.

MARTIAL ARTS: You’re writing about a basketball player. Don’t conflate his skills with judo, karate, tae kwon do, etc. Do not refer to Lin as “Grasshopper” or similar names associated with martial-arts stereotypes.

“ME LOVE YOU LIN TIME”: Avoid. This is a lazy pun on the athlete’s name and alludes to the broken English of a Hollywood caricature from the 1980s.

“YELLOW MAMBA”: This nickname that some have used for Lin plays off the “Black Mamba” nickname used by NBA star Kobe Bryant. It should be avoided. Asian immigrants in the United States in the 19th and 20th centuries were subjected to discriminatory treatment resulting from a fear of a “Yellow Peril” that was touted in the media, which led to legislation such as the Chinese Exclusion Act.

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Your Fucking Dead Chart Porn

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More and more we’re hearing about how 2012 is similar to 2007.

For example, yesterday Albert Edwards put out this chart of stalled earnings momentum, comparing the current scene to 2007.

chart

And just now on CNBC, ECRI’s Lakshman Achutchan hinted at the comparison in defending his recession call.

And then of course, there’s the growing oil price doom drumbeat. Just like 2007, prices are shooting up.

chart

But basically, that’s where the comparisons stop.

In 2006-2007, initial jobless claims were steadily drifting higher. Now they’re dropping like a rock.

chart

In 2006-2007, housing starts were dropping like a rock. Now they’re rising.

chart

Along the same lines, total employment growth was decelerating on an annual basis in 2006-2007, whereas now it’s accelerating.

chart

In 2006-2007 car sales were declining precipitously. Now they’re surging.

chart

So the comparison to 2007 is pretty thin. Sure there are some superficial similarities regarding oil prices, but when you look at the sharply different direction in car sales, home sales, and housing starts, it’s really not even that close.

Read more: http://trade.cc/apdg#ixzz1nJ4CRGSx

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As US Debt To GDP Passes 101%, The Global Debt Ponzi Enters Its Final Stages

Today, without much fanfare, US debt to GDP hit 101% with the latest issuance of $32 billion in 2 Year Bonds. If the moment when this ratio went from double to triple digits is still fresh in readers minds, is because it is: total debt hit and surpassed the most recently revised Q4 GDP on January 30, or just three weeks ago. Said otherwise, it has taken the US 21 days to add a full percentage point to this most critical of debt sustainability ratios: but fear not, with just under $1 trillion in new debt issuance on deck in the next 9 months, we will be at 110% in no time.

Read the rest here.

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The Stomach Flu Bug is Going Around, Big Time

 

 

via

It has been a busy season for the “stomach flu,” that nasty, highly contagious bug that has led officials from California to Washington, D.C., to close schools, issue alerts and launch massive cleaning efforts.

The microbial culprit, norovirus, affects one in 15 Americans every year, causing sudden vomiting, diarrhea and stomach cramps that continue for a very unpleasant 24 to 48 hours, usually requiring no medical intervention.

The U.S. Centers for Disease Control and Prevention in Atlanta says about half of cases of food poisoning are caused by norovirus, which has gained infamy as the cause of outbreaks on cruise ships, college campuses, nursing homes and other gathering places.

This month, at least 85 students fell ill at George Washington University in Washington, D.C., plus 186 atRider University and about 100 at Princeton University, both in New Jersey. It also has hit hundreds of students in elementary, middle and high schools, and passengers on at least three cruise ships.

Norovirus-tips

Wash hands. Passing your hands under a few sprinkles of water won’t do it. Wet hands with clean running water, hot or cold, apply soap and work into a lather. Scrub all parts of hands for 20 seconds (two rounds of the Happy Birthday song). Rinse and dry with air or a clean towel.

Avoid touching contaminated surfaces.Be aware that elevator buttons, door knobs, water fountain handles, all could potentially be contaminated.

Be careful in the kitchen. Wash fruits and vegetables, cook shellfish before eating. Don’t prepare food if you’re sick and for three days after you recover.

Alcohol gels. Their efficacy against norovirus is uncertain, but between hand-washings, they might help. They shouldn’t be a substitute for soap and water.

Clean surfaces. Use bleach-containing disinfectant wipes or a solution of 5-25 tablespoons of household bleach per gallon of water to wipe down bathrooms, kitchen and “high-touch’’ surfaces such as doorknobs, phones, light switches, hand rails.

Wash laundry. Immediately remove clothing or bedding that might be contaminated with vomit or fecal matter. Handle carefully to avoid spreading the virus. Wash in detergent at the longest cycle length and machine dry.

If you get sick, stay hydrated. Drink plenty of fluids and if you can’t, get medical help.

The best offense against norovirus illness, health officials say, is a good defense. Tips to reduce risks:

Sources: Centers for Disease Control and Prevention

“It’s everywhere,” says Jan Vinje of the CDC, who spoke about norovirus last week at a meeting of the American Association for the Advancement of Science. “Basically, January through April is high season for norovirus activity,” he says, adding with a quip: “And now it’s February — Norovirus Appreciation Month.”

Norovirus is estimated to affect more than 20 million Americans every year, causing about 800 deaths, usually a result of dehydration in the very young or the elderly.

There is no vaccine and no treatment, and if you get infected by one strain, you can get walloped by another strain, or even re-infected a few months later by the one that got you first time around. People are contagious from the moment they feel ill to at least three days — and possibly two weeks — after they recover, the CDC says.

But there’s hope. An antiviral medicine is in early development, and significant progress is being made toward a vaccine.

Charles Arntzen of Arizona State University, who also spoke at the AAAS meeting, reports that a vaccine could be ready in a few years. LigoCyte Pharmaceuticals of Bozeman, Mont., is testing its nasal spray vaccine in human volunteers, and a second research group, coordinated through ASU, is moving toward human trials of a slightly different nasal vaccine.

They’re likely to require annual booster doses because of the potential for changes in the virus or for new strains to emerge, Arntzen says.

Norovirus is a hardy bug, says Natalie Prystajecky, an environmental public health microbiologist at theUniversity of British Columbia, the third presenter at the AAAS symposium. “It can survive in cold water as long as 61 days and be infectious,” she says, and it’s detectable for two weeks on hard surfaces, though it’s not clear that it could still cause illness at that point. Cooking destroys it, but foods eaten raw, such as produce washed with contaminated water or foods prepared by cooks with unclean hands, can carry the virus.

Oysters, which are nourished by filtering water on the ocean floor, are the single food most likely to be contaminated, and many restaurants post warnings to consumers to be aware of the risk, especially the elderly, very young or those with weakened immune systems.

At George Washington University, Lynn Goldman, a physician and dean of the GW School of Public Health, says the outbreak there temporarily overwhelmed the health clinic. Crews have been called in to disinfect areas where the virus could lurk on surfaces, such as dorms, bathrooms, student lounges and study halls, and hand-washing is being promoted.

“One of the unusual things about norovirus is that one person who is ill can infect a lot of other people,” Goldman says. “As few as 18 viral particles are enough to cause infection. With many other infections, you need to be exposed to hundreds of them.”

Students on the campus of 25,000 are “taking it seriously,” she says, but “they realize that for young, healthy adults, it’s not any reason for alarm, as long as they don’t get dehydrated.”

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State of the Union: Many Americans Feel Financially Insecure

“A new poll finds that a large percentage of Americans consider themselves financially insecure, despite the apparent recovery of the economy and a rising stock market.

A quarter of Americans said they had more credit card debt than emergency savings and 16 percent have no credit card debt but also no emergency savings, according to the poll, conducted for the financial web site Bankrate.com. 

Despite four straight months of improving sentiment, consumers’ overall financial situation is still seen as negative. Twenty-seven percent of Americans report a lower level of financial security now versus one year ago and 24 percent report a higher level.

Thirty-eight percent of Americans are less comfortable with their savings now compared with one year ago; only 14 percent said they are more comfortable.

Editor’s Note: Wall Street Whistleblower Warns of Meltdown, See His Uncensored Interview

Bankrate’s monthly Financial Security Index held at 97.3, unchanged from January. Any reading below 100 indicates a lower level of financial security compared with 12 months earlier.

“Emergency savings remains a problem area for many Americans, which leaves them only one unplanned expense away from having high-cost debt,” said Bankrate Senior Financial Analyst Greg McBride.

“Long-term unemployment, stagnant wage growth and rising household expenses are all contributing to this trend. As difficult as it may be to boost savings, having an adequate emergency savings cushion is critical to maintaining financial stability, and Americans need to find ways to sock away more cash for a rainy day.”

As to job security, consumers are slightly positive, with 20 percent feeling more secure than one year ago and 19 percent feeling less secure, up from 17 percent in January.

Consumers have reported less negativity about their savings in each of the past three months, with fewer feeling less comfortable and more feeling about the same as 12 months ago.

Additional findings of the Bankrate poll included: ”

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Fed: Income Inequality Rose to Record Level in 2010

“Inequality of earnings in the U.S. rose to a postwar high even as transfers of wealth, such as unemployment benefits, reached a record in 2010, according to the Federal Reserve Bank of Minneapolis.

“The bottom 20 percent of the U.S. population has never done so poorly, relative to the median, during the whole postwar period,” Fabrizio Perri and Joe Steinberg wrote in a paper released Tuesday by the Minneapolis Fed. “Low-earning households have become, during the course of the Great Recession, more vulnerable due to large losses in wealth.”

President Barack Obama has made inequality a rallying point for his re-election campaign, calling for legislation to raise taxes on millionaires after Congress extended a temporary payroll tax-cut for workers.

“My message to Congress is, don’t stop here. Keep going,” Obama said Tuesday of the payroll-tax cut at an event meant to highlight U.S. workers who will benefit.

The Senate and the House of Representatives cleared the $145 billion payroll package on Feb. 17, and the White House said Obama plans to sign it into law this week.

Money earned by the bottom 20 percent of U.S. households fell by about 30 percent compared with the median during the recession as workers lost their jobs or decided to leave the labor market, according the Minneapolis Fed study.

After Paying Taxes

Households that were in the bottom 20 percent of earnings in both 2006 and 2008 experienced a $159 decrease in disposable income, or money available after paying income taxes, said the Minneapolis Fed’s Perri, a consultant, and Steinberg, a research analyst. Those that moved into the bottom quintile from a higher-earning category had $12,236 less to spend in 2008 than in 2006, the study found….”

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