By Frank Bass, Bloomberg News
The U.S. government paid almost $80 million in unemployment benefits during the worst of the economic downturn to households that made more than $1 million, including a record $29.9 million in 2010, tax records show.
Almost 3,200 households — about 20 percent of them from New York — that reported adjusted gross income of more than $1 million received jobless-insurance payments averaging $12,600 in 2010, the latest [...]
The latest round of extraordinary Federal Reserve stimulus is risky and leaves little room to maneuver should another crisis hit, economist Lawrence Lindsey told CNBC’s“Squawk Box” on Wednesday.
Lindsey said that with the Fed purchasing at least $40 billion a month in mortgage debt through QE3, “they are buying the entire deficit.” (Read more: Fed Pulls Trigger, to Buy Mortgages in Effort to Lower Rates.)
“I have no problem doing extraordinary things in extraordinary [...]
A self-described Democratic business expert running for Congress in Illinois has not reported earning income from his own consulting firm for the last three years, according to financial disclosure forms, leading one constituent to file a complaint with the Federal Elections Commission (FEC).
Democrat Brad Schneider is running against freshman Rep. Robert Dold (R) in Illinois’s Tenth Congressional District, which encompasses portions of Northern Chicago and the wealthy Democratic stronghold of Highland Park.
The hotly contested [...]
August 24, 2012
The Presidential race is boiling down to one dominant issue: which party’s policies will do more to help the financially stressed American middle class. President Obama’s campaign theme is that Mitt Romney and the Republicans cater to the rich, while Mr. Obama cares about struggling families.
He may care, but he sure hasn’t done much for them. New income data from the Census Bureau, tabulated by former Census income [...]
A Russian spy ring busted in the U.S. two years ago planned to recruit members’ children to become agents, and one had already agreed to his parents’ request, according to current and former U.S. officials.
When the suspects were arrested in 2010 with much fanfare, official accounts suggested they were largely ineffectual. New details about their time in the U.S., however, suggest their work was more sophisticated and sometimes more successful [...]
Drought Grows Nationally Even As Florida Gets Soaked
Extreme rainfall from Tropical Storm Debby virtually wiped out long-standing drought across Florida, but continued dry weather across the rest of the contiguous U.S. led to the most widespread area of abnormal dryness in the 12-year history of the U.S. Drought Monitor report.
Drought Threatens U.S. Food Prices
A drought in the Corn Belt and elsewhere in the Midwest has pushed the bushel price of [...]
It emerged today that a Philadelphia city councilman pays $28,800 of taxpayer money to a consultant who handles his social media presence.
While councilman Jim Kenney sometimes Tweets his own thoughts, he decided to hire ChatterBlast, a Pennsylvania-based social media company, to act as a middle man.
‘I, at 53 years old, do not have that facility so I need consultant advice to communicate with a group of folks who are not [...]
From Zero Hedge:
A few days after the one year anniversary of the Fukushima disaster, nobody talks about it anymore. After all it’s “fixed”, and if it isn’t, the Fed will fix it. Remember in the New Normal nothing bad is allowed the happen. So for those who have forgotten, here is a reminder.
From ASR, a global coastal and marine consulting firm, The Radioactive Seawater Impact Map…
Read full article (with graphic)…
A new report by the nonpartisan Congressional Budget Office states that by 2016, Obamacare will result in 4 million people fewer people getting health insurance coverage from their employers.
The estimate is a vast increase from the CBO prediction just a year ago that 1 million would no longer obtain coverage from their [...]
Household debt in the US and elsewhere surged in the boom years, with dire consequences
From BBC News:
At the beginning of 2010, I highlighted a fascinating analysis by the consultants McKinsey called Debt and Deleveraging, which showed quite how indebted the economies of the developed west had become.
McKinsey said that the UK had by 2008 become the most indebted of all the big, rich economies, more indebted even than debt-engulfed [...]
by Matt Brownell
If it’s been a while since you filled up, you might be in for a rude awakening. Prices have been rising steadily in the past few weeks on skyrocketing crude oil prices; the cost of a gallon of regular gas stands at $3.57, up 19 cents from a month ago. The rise has given fodder to Republican presidential candidates seeking an angle of economic attack on President Barack Obama and put [...]
UK’s debts ‘biggest in the world’
McKinsey said that the UK had by 2008 become the most indebted of all the big, rich economies, more indebted even than debt-engulfed Japan.
According to the consulting firm, by the end of March this year, the aggregate indebtedness of the UK – that’s the sum of household debts, company debts, government debts and bank debts -had risen to 492% of GDP, or almost five times [...]
January 8, 2012
Ron Paul’s presidential campaign has hired a consulting firm to analyze the YouTube video critical of John Huntsman attributed to Paul’s supporters.
The analysis conducted by CanDo.com concludes that the video was posted by Huntsman supporters, not Ron Paul supporters. It was intended to provoke a backlash against Paul’s campaign.
Huntsman supporters in New Hampshire in October.
CanDo.com says it reached the conclusion because the YouTube account on which it was posted, NHLiberty4Paul, [...]
“Even as Bank of America and other major lenders back away from charging customers to use their debit cards, many banks have been quietly imposing other new fees.
Need to replace a lost debit card? Bank of America [BAC 6.05 -0.16 (-2.58%) ] now charges $5 — or $20 for rush delivery.
Deposit money with a mobile phone? At U.S. Bancorp [USB 25.48 -0.46 (-1.77%) ], [...]
NEW YORK (CNNMoney) — As the U.S. economy struggles to recover, job losses keep coming for thousands of Americans, according to a report released Wednesday.
The number of layoffs announced rose 126% in September to 115,730 from August’s 51,114, according to outplacement consulting firm Challenger, Gray & Christmas. That’s the highest number of planned job cuts since April 2009, when 132,590 were announced.
Government workers face [...]
Just as the markets took an unexpected tumble today, despite the debt deal, another unfortunate announcement for the economy. Layoffs in previously strong sectors like pharmaceutical and retail passed the number of government jobs cut.
From Reuters, today:
The number of planned layoffs at U.S. firms rose to a 16-month high in July as sectors which had been seeing fairly few layoffs unexpectedly bled jobs, a report [...]
By ANNE TERGESEN
A 2006 law designed to boost employees’ retirement-savings is having the opposite effect for some people.
Under the law, companies are allowed to automatically enroll workers in their 401(k) plans, rather than require employees to sign up on their own. The measure was intended to encourage more people to bulk up their retirement nest eggs—a key goal in a country where millions of people aren’t [...]
NEW YORK (CNNMoney) — As the economic recovery continues to lose momentum, more job losses are on the horizon for thousands of Americans, according to a report released Wednesday.
The number of planned job cuts rose 11.6% in June to 41,432 from May’s 37,135, according to outplacement consulting firm Challenger, Gray & Christmas.
Government workers will take the biggest hit, the report said, accounting for 10,176 of [...]
As the economy regained some momentum in 2010, Americans responded in kind by increasing their charitable giving.
Philanthropic donations from individuals, foundations and corporations increased 3.8% to $290.89 billion in 2010, up from $280.3 billion in 2009, according to the latest Giving USA survey, released Monday.
But with an uptick in 2010, the implications for fund-raising and for charities across the country remain uncertain for now, said Nancy Raybin, a spokeswoman for [...]
NEW YORK (CNNMoney) — Good news: The job market is improving and employers are starting to hire again. But the rules of landing a job have changed.
There’s still a lot of competition out there. If you want to get a foot in the door, you’ll need to use every tool available to you.
If there’s one thing that’s different in the post-recession job market it’s this: [...]
U.S. employers can expect an 8.5 percent increase in their medical costs next year due in some part to the healthcare reform law, the consulting firm PwC said in a report Wednesday.
The widely read annual report on cost trends points to three main drivers of healthcare costs, two of which are exacerbated by the new law.
At the same time, PwC said the law will have [...]
Maybe, just maybe, there’s a myth about teachers and their salaries…
The High Cost of Low Teacher Salaries
“The consulting firm McKinsey recently examined how we might attract and retain a talented teaching force. The study compared the treatment of teachers here and in the three countries that perform best on standardized tests: Finland, Singapore and South Korea.
“Turns out these countries have an entirely different approach to [...]
With the US economy at long last gaining some traction, big companies that had all but halted hiring in the past few years seem to be coming back in a big way by adding thousands of jobs.
McDonald’s, Intel, Google are three of the 10 companies featured by online publication 24/7 Wall Street in a study of companies that are hiring this year.
The study by the publication and employment [...]
By Emma Rowley8:49PM GMT 18 Jan 2011
The world’s expected economic growth will have to be supported by an extra $100 trillion (Â£63 trillion) in credit over the next decade, according to the World Economic Forum.
This doubling of existing credit levels could be achieved without increasing the risk of a major crisis, said the report from the WEF ahead of its high-profile annual meeting in Davos.
But researchers [...]
December isn’t looking as great as advertised, as retailers reported weaker-than-expected sales and dragged stocks to a muddled close. Tech stocks offered one of the day’s few bright spots. The dollar rebounded to a two-week high, and the correction in commodities resumed with crude oil finishing below $89. NYSE decliners led advancers by about four to three.
Blaming the weather:
Any lingering notion that Americans are back to their free-spending [...]