- Obama receives Jobs Figures Boost
- Romney makes big gains over struggling Gingrich
- Democrats introduce "Buffet Rule" Legislation in Senate
- Articles of the Week
Good US Jobs Figures for Obama
President Obama received encouraging news on jobs in the US,
as the improved economic start to 2012 continued. Unemployment is now at its
lowest rate since February 2009, just after Obama came to power, and currently
stands at 8.3%. In the last month, 243,000 jobs were created in the private
sector, the 23rd consecutive month that jobs have been created.
The news is good, but the overall picture remains poor and
Republicans are attempting to capitalise on this. Frontrunner for the GOP
nomination, Mitt Romney, said: "We welcome the fact that jobs were created
and unemployment declined. Unfortunately, these numbers cannot hide the fact
that President Obama's policies have prevented a true economic recovery."
The American public remain unconvinced by Obama’s record. According
to Gallup, the President is still struggling to improve his approval figures.
His approvals are holding steady at 45%, still below his disapprovals which
currently stand at 48%. He will hope this good economic news will have an impact
on his polling.
Romney makes big gains on Gingrich
Former Massachusetts Governor Mitt Romney recovered from his
surprisingly heavy defeat in South Carolina to win the Florida primary and the
Nevada caucus this week, reasserting himself as the front-runner in the on-going
primary season and presumptive Republican nominee.
Romney’s victory in Florida by 14 points over closest rival
Newt Gingrich was backed up by an even bigger in victory in Nevada, where he
won by 18 points. These results helped him restore a national lead over Mr Gingrich,
the former House Speaker. Having been trailing by a point last week, Romney now
leads by 8. It was also a week where Mr Romney received the endorsement of
Donald Trump. In fact, the only bump was when he “misspoke” in a comment where
he said that he was “not concerned about the very poor”.
Newt Gingrich meanwhile is relying on more favourable
results in southern, more conservative states in March. However, there is
speculation that he may not last until then. He is now coming under fire for
his relationships with the bailed-out housing market companies Fannie Mae and
Freddie Mac.
Mr Gingrich received $1.6mn dollars in consultancy fees from
Freddie Mac after he left Congress in 1999 and he has attempted to play down
his links to the company which was at the heart of the sub-prime crisis of
2007-8. However, it is now emerging that his association with them went
back farther than previously appreciated and the issue is fast becoming another
millstone around Mr Gingrich’s neck, his campaign having already been hampered
by his chequered personal history.
Senate Democrats introduce “Buffett Rule” Legislation
Democrats in the US Senate have introduced legislation to enforce
the so-called “Buffett Rule” into the US Federal Tax Code. The proposed rule
would ensure that people who earned $1mn a year from salaries or investments
paid at least 30% in tax.
The rule, which has been adopted by President Obama and
other Democrats, gained its name from the wealthy investor Warren Buffett, who
expressed horror at the fact that he pays a lower rate of tax than his secretary.
It ties into with the election issue of fairness in the tax system which was
highlighted recently when Republican front-runner Mitt Romney released tax
returns which revealed that he pays around 14% tax on earnings of over $50,000
a day.
Should the legislation pass the Senate, it will have a very
hard time getting through the House of Representatives which has a comfortable
Republican majority. The Republicans oppose the legislation saying that taxing
investments will stifle the economy and impact jobs. Democrats dismiss this,
saying that it is a tax code which takes from the fortunate few to help middle class
families and the poor.
Articles of the Week
Time’s Michael
Crowley wonders if
Mitt Romney is starting to fall behind President Obama
Amy Gardner in The
Washington Post on the
potential for a Romney-Paul strategic alliance
CNN’s Charles Riley on why
Obama is not out of the economic woods yet
Upcoming Votes this Week
Tuesday 7th February: Colorado Republican
Caucuses, Minnesota Republican Caucuses, Missouri Republican Primary
Saturday 11th February: Maine
Republican Caucuses
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