The International Monetary Fund (IMF) is attracting renewed scrutiny after an outraged senior official resigned last month, saying he was “ashamed” to even be associated with the Fund while publicly blasting it for “incompetence,” illegitimate selection of “tainted” leadership, and suppressing critical information.
After serving at the global organization for some two decades, IMF economist Peter Doyle — a former division chief at the European Department and a respected advisor when he jumped ship — also said many of the problems were actually “becoming more deeply entrenched.”
“After twenty years of service, I am ashamed to have had any association with the Fund at all,” Doyle wrote.
As a contentious “farm” bill rages in Congress, House Minority Whip Steny Hoyer (D-Md.) argued Tuesday that unemployment insurance and food stamps (which are included in the legislation) are the two “most stimulative” measures to boost economic growth.
President Obama recently commented that business success relied upon government to succeed. Operators of lemonade stands, however, have found govenrment an obstacle, not an aid, to success.
Last week, White House Press Secretary Jay Carney made a bold assertion: President Obama’s 2009 economic stimulus law is “widely recognized to have broken the back of the recession.” The American Recovery and Reinvestment Act, which was signed into law on February 17, 2009, had an original cost estimate of $787 billion, but has since been revised by the Congressional Budget Office (CBO) to an elevated tune of $831 billion.
Monday's report from the California Employees’ Retirement System (CalPERS) contained two numbers that are spelling out the death spiral of that plan: too little money making too little returns. How bad are the returns? According to the report, the plan made a paltry one percent in the past year (July 2011 - June 2012), far below what's needed for the plan to be able to keep its promises to its beneficiaries