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Tea Party Avoids Divisive Social Issues – NYTimes.com
What’s Happening to China’s Migrant Workers? A New Generation Coming and Going – The China Sourcing Blog
States may hold onto tax refunds for months – USATODAY.com
Fed Helped Bank Raise Cash Quickly – NYTimes.com
U.S., Europe at odds over global financial reform – washingtonpost.com
China May [...]

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David Rosenberg takes on the sovereign debt issue in his latest commentary, highlighting the structural deficits in the U.S. and the U.K. They are actually higher than in Spain or Greece.
Greece here, Portugal there. Did you know that the structural deficit-to-GDP ratio is actually higher in the U.S. (7.8%) and the U.K. (7.6%) than it [...]

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The latest dust-up involving Goldman Sachs involves Build America Bonds. The New York Times reports:

Senator Charles E. Grassley of Iowa has asked Goldman Sachs to clarify how much it has collected in underwriting fees as states and cities issue so-called Build America Bonds to raise money for infrastructure projects and create jobs.
The senator, the senior [...]

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Folks, if I can get out of here [DC], I will.  I need the sun and that relaxation that only Mexico can provide.  So expect light posting next week.  Meanwhile, DC expects yet more snow on Monday (ha ha ha – Schadenfreude – ha ha!).
Have a great weekend.
Edward
Finance and economy
So Thats What Too Big to [...]

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New Jersey Governor Chris Christie declared a “fiscal emergency” for the state of New Jersey today, announcing massive cuts to schools and hospitals.  The issue is less the budget for this year, which itself shows a deficit of $2.2 billion, but rather next year’s projected shortfall of some $11 billion. On a per capita basis [...]

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Last week I showed you a chart from ProPublica in my post State unemployment insurance insolvency: 50 little Hoovers which demonstrated how states are being killed by the financial strains of unemployment insurance.  Well, this week ProPublica is back with more detail behind that chart – and, as you can imagine, it’s not exactly bullish.
They [...]

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If you have been watching the news flow in the last month, you would certainly have the impression that there are an increasing number of large layoffs – Sam’s Club being a notable one.  Before January, the jobless claims numbers pointed to a weak but somewhat improving layoff picture. But, there has been an alarming [...]

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This problem is going to be solved via tax increases a la Oregon or spending cuts a la California before FY 2011 hits in July. (hat tip Gregor)

(click image to enlarge)
Source
Unemployment Insurance Tracker – ProPublica

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This is not just about California. Come Summer 2010, the most severe gaps will be closed via budget cuts or tax increases unless the Federal Government can pull a rabbit out of the hat.

Source
Policies for Increasing Economic Growth and Employment in 2010 and 2011 – CBO
See also Illinois enters a state of insolvency