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Political Economy explores how political forces in Washington and elsewhere in the world shape the economy and how corporate agendas influence political institutions and politicians. The blog offers new perspectives on the day's top economic and business stories with exclusive interviews with government officials and lawmakers, commentary from influential economists and analysis from Post reporters. Ariana Eunjung Cha is the blog's lead writer and Mike Shepard is the author of the daily economic agenda.

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Ezra Klein's Take

    "The Obama campaign publicly supported the bank bailout and then repelled the populist measures to really hammer banker pay when they got into office. The financial reform bill didn't break up the banks, set leverage requirements in statute or do any of a number of other things that would've really hurt the financial industry. The auto bailout was designed to preserve the existence of America's auto industry, and even the Economist has admitted that the Obama administration did everything in its power to "restore both firms to health and then get out as quickly as possible." The various stimulus measures have been designed to directly support businesses or indirectly support the people who those businesses rely on."

Steve Pearlstein's Take

    "Given the fragile state of the economy, this is no time to be raising taxes on the middle class, as nearly every dollar taxed is nearly a dollar not spent buying goods and services... At the same time, even conservative economists acknowledge that while the rich account for a disproportionate share of consumer spending, raising their taxes by a modest amount won't alter that spending or have much of a short-term impact on the economy. The reason: Wealthy people make considerably more than they spend, and they save the rest."

Economic Agenda: Wednesday, July 28, 2010

By Mike Shepard

At 8:30 a.m. -- The Commerce Department releases data on durable goods orders for June. Economists surveyed by Bloomberg are predicting a 1 percent increase from May.

At 9:30 a.m. -- The National Commission on Fiscal Responsibility and Reform meets to discuss the fiscal challenges facing the nation.

At 10:30 a.m. -- White House Budget Director Peter Orszag participates in a discussion at the Brookings Institution on the federal budget.

At 2 p.m. -- The Federal Reserve releases its "beige book" survey of regional economic activity in the United States.

At 2:30 p.m. -- The Senate Banking committee meets to vote on the nominations of Janet Yellen, Peter Diamond and Sarah Raskin to the Federal eserve board.

Sometime in the afternoon -- President Obama discusses the economy
during a visit to Edison, N.J.

By Ariana Eunjung Cha  |  July 28, 2010; 6:28 AM ET
 
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Next: Morning briefing: Talks between Greece, striking fuel-tanker drivers collapse

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