September 1

What you need to know to navigate today’s most critical debates.

Record number in government anti-poverty programs (USA Today)
As the recovery stalls, one in six Americans are relying on our public safety nets.

Will we ever recover from the financial crisis? (WaPo)
Ezra Klein highlights a study of the aftermath of severe financial crises that may make you regret getting out of bed today.

Tax Cuts Weighed to Spur Economy (WSJ)
President Obama’s economic advisers are considering business and payroll tax cuts and new infrastructure spending, but expect (surprise!) Republican obstruction.

Tax Cuts That Make a Difference (NYTimes)
David Leonhardt writes that tax cuts aren’t a long-term solution to America’s economic problems, but they’re probably the best we can do for now.

No Clothes (Fed Watch)
Tim Duy tears into the speech Ben Bernanke delivered last Friday and argues that the Fed chairman showed he lacks the will to lead.

Why a Civil Society Extends Unemployment Benefits (HuffPo)
Robert Reich notes the callousness of “tough love” economics.

A deserted feeling in middle-class America (WaPo)
Harold Meyerson reports that labor leaders are struggling to convince the white working class that elected Democrats are on their side.

Bank Profits Soar, Lending Falls As Banks Pay Next To Nothing For Funds (HuffPo)
An FDIC report shows that while the economy is slumping for everyone else, low interest rates have left bankers sitting pretty.

NYT Story on Wall Street’s Fallout with Obama Misses the Dead Bodies (Naked Capitalism)
Yves Smith argues that Andrew Ross Sorkin has bought into Wall Street’s fables and overlooked the real source of its anger: a proposed tax on carried interest.

Staff Losses and Dissent May Hurt Crisis Panel (NYTimes)
The FCIC is fraying at the seams as it drafts its final report to Congress.

Let a Thousand Regulators Bloom (Businessweek)
Regulatory agencies are adding serious manpower as they prepare to implement the Dodd-Frank reforms.

JPMorgan Said to End Proprietary Trading to Meet Volcker Rule (Bloomberg)
The investment giant is shutting down all prop units, starting with commodities.

Wall Street May Pay Bonuses Early To Dodge Possible Repeal Of Bush Tax Cuts (HuffPo)
It’s Christmas in September as banks seek to take advantage of current tax rates.

Nearly 94 Percent of Gulf Coast Claims Remain Unprocessed (Washington Independent)
Citing improper documentation as the culprit, the Gulf Coast Claims Facility is proving to be about as speedy and efficient as HAMP.

Obama Wants Us to Forget the Lessons of Iraq (TNR)
The president has called on Americans to turn the page on the Iraq War, but the story is far from over.

Simpson to disabled vets: You cost too much (Daily Kos)
Obama’s deficit commission co-chair continues to display his inimitable charm.