September 18, 2013: Washington politicos gear up for another wrassle, but no one's talking about jobs

Posted by mmcmullan on 09/18/2013

Good morning,

The White House has marked the five-year anniversary of the near-collapse on Wall Street with a call for action on the economy -- but instead of getting serious about middle-class job creation, it looks like President Obama and Congressional Republicans are going to have it out over a looming debt ceiling fight instead. This morning, writes David Jackson at USA Today, the president is expected to keep up the political pressure for another lift during remarks at the Business Roundtable.

Meanwhile, the CEOs at that lobby shop have lowered their expectations for growth in the next six months as the administration and Congress prepare to lock horns. Josh Mitchell at the Wall Street Journal reports.

Nothing like a debt ceiling fight to distract from the real issue: Job creation. For the past few months now, It sure seems like Washington has fiddled while Rome continues to burn.

Elsewhere around the web:

The Great Recession is said to be over ... but median household income fell in 2012 and is now actually lower than the pre-recession peak in 2007, according to the Census Bureau. From Robin Harding at the Financial Times:

The typical American family now earns less in real terms than in 1989 after household incomes fell for the fifth consecutive year, highlighting how the sluggish recovery is crimping spending power even as the Federal Reserve considers slowing its monetary stimulus.

The Smithfield acquisition rolls on. Virginia-based Smithfield Inc., the world’s pork producer, is getting closer to being bought by China’s Shanghui International as a shareholder vote looms. Soyoung Kim, Olivia Oran and Nadia Damouni report for Reuters:

An approval by Smithfield's shareholders would mark the end of a process that got mired in controversy earlier this summer as some U.S. politicians expressed worries about food safety and domestic pork supplies if the company were to end up in Chinese hands. Shuanghui's bid is aimed to satisfy China's growing appetite for pork.

And guess what recently left our Solar System?

An American-made object, naturally!

Happy hump day, everybody!

-AAM

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