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“Today’s employment data indicate the broad impact of the housing correction and financial market strains. The Administration and the Congress together have taken strong action to support our economy through the Emergency Economic Stabilization Act. Treasury will implement the Act to stabilize markets, promote increased lending, and foster improved growth and job creation.”

Assistant Secretary Phillip Swagel, November 7, 2008

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LATEST NEWS

Treasury Distributes 1.147 Million Additional Stimulus Checks in September

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FOCUS ON

Economic Growth Package

• Treasury Distributes 1.147 Million Additional Stimulus Checks in September
• Week 11 Wrap-Up: Treasury Sent 7.530 Million Stimulus Payments This Week
• Treasurer Cabral Remarks on the Economic Stimulus Package
• Paulson Remarks on the Economic Stimulus Package
• Fact Sheet: State-by-State Benefit of the Economic Stimulus Act of 2008
• Fact Sheet: Examples of How the Economic Growth Package will Benefit Americans
• Paulson Statement on Senate Passage of Economic Growth Package
• Paulson Statement on House Passage of Economic Growth Legislation
• Paulson Answers Questions on Economic Growth Agreement
• Paulson Press Briefing on the Bipartisan Economic Growth Agreement
• White House Fact Sheet: New Growth Package Meets Criteria to Keep Our Economy Healthy
• Bush Statement on Economic Growth Agreement
• Paulson Remarks on the Economy
• Paulson Takes Questions at the White House
• Paulson Remarks at White House Press Briefing
• White House Fact Sheet: Taking Action to Keep Our Economy Healthy
• Transcript: President’s Remarks

Treasury Releases Social Security Papers

To build on the discussions that Secretary Paulson has had with members of Congress in both parties, Treasury has released a series of issue briefs that discuss Social Security reform, focusing on the nature of the problem and those aspects of reform that have broad support.

• Paulson Statement on Treasury Social Security Papers on Common Ground
• Issue Brief 1: Social Security Reform: The Nature of the Problem
• Issue Brief 2: Social Security Reform: A Framework for Analysis
• Issue Brief 3: Social Security Reform: Benchmarks for Assessing Fairness and Benefit Adequacy
• Issue Brief 4: Social Security Reform: Mechanisms for Achieving True Pre-Funding
• Issue Brief 5: Treasury Releases Fifth in a Series of Social Security Papers

U.S. Economic Strength

Employment Fell in October: 
Job Growth: Payroll employment fell by 240,000 in October, following a decrease of 284,000 in September.  Employment increased in 24 states and the District of Columbia over the year ending in September. (Last updated: November 7, 2008)

Unemployment: The unemployment rate was 6.5 percent in October, up from 6.1 percent in September and 1.7 percentage points higher than a year ago.  (Last updated: November 7, 2008)

The Economy Slipped in Q3:
Real GDP: Real GDP edged down 0.3 percent at an annual rate in Q3, as consumer spending fell, business investment declined, and the housing sector continued to weaken.  Net exports remained a source of strength, however, contributing 1.1 percentage points to real growth.  Inventory investment and government spending also provided support to the economy in Q3.  (Last updated: October 30, 2008)

Solid Export Growth and Low Core Inflation Remain Bright Spots:Exports: Exports have been a key driver of growth.  Over the past 4 quarters they rose a solid 6.9 percent. (Last updated: October 30, 2008)
Inflation: Core inflation remains contained.  The consumer price index excluding food and energy rose 2.5 percent over the 12 months ending in September. (Last updated: October 16, 2008)

The Emergency Economic Stabilization Act Will Provide Needed Stability for our Financial Markets:
The package gives Treasury the authority it needs to inject capital into financial institutions and purchase the troubled assets that are blocking normal credit flows and threatening our economy.  This will help boost liquidity and add capital to the financial system, thereby restoring confidence in our markets and our financial institutions so they can fuel continued growth and prosperity.(Last updated: October 17, 2008)

Pro-Growth Policies Will Enhance Long-Term U.S. Economic Strength:
The Federal budget deficit widened by $292 billion to $455 billion (3.2 percent of GDP) in FY2008, following 3 years of improvement that trimmed the deficit to $162 billion (1.2 percent of GDP) in FY2007.  The increase was due in part to the slowing economy and the economic stimulus package enacted early in 2008. The FY2008 budget results reinforce the need to not only address short-term challenges, but to pursue policies that promote economic growth and fiscal responsibility, and address entitlement reform.

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Last Updated: November 10, 2008