The president of the American Federation of Government Employees says a one-percent increase is “absolutely unconscionable.”
The head of the largest federal employee union said Saturday that President Obama’s proposal to increase pay for federal employees by 1 percent was “absolutely unconscionable” and “simply not enough.”
“It is not enough to allow federal employees to make up lost ground from two-plus years of frozen pay. It is not enough to allow workers, [...]
Rep. Jesse Jackson Jr. (D-Ill.) and 17 House Democrats, including several Congressional Black Caucus members, proposed legislation Wednesday that would increase the minimum wage to $10 an hour.
Jackson said his bill, the Catching Up to 1968 Act, is needed to help low-income workers “catch up” to inflation, which he said is eating away at the current federal minimum wage of $7.25 an hour. He also said it would give [...]
A disproportionate share of cases have been brought against Congressional Black Caucus members. African-American lawmakers would like to know why.
Emanuel Cleaver, a Methodist minister and the chairman of the Congressional Black Caucus, stood up and began searching his desk for a Bible. Cleaver wasn’t looking up a particular verse or Psalm. He grabbed the Good Book for emphasis. He wanted to hold it in his hands as he declared, with [...]
Banks with a TCE to RWA ratio of less than 6.5% to 7.5% accounted for a disproportionate share and the vast majority of distressed banks. Approximately 21% of the largest global banks became distressed during the crisis. Banks with a TCE to RWA ratio of less than 6.5% prior to the depths of the crisis had a distress rate of 33% and made up 58% of distressed banks. Banks with [...]
Click on link and scroll down to see the essential CHARTS.
WED NOV 23, 2011 AT 05:15 PM PST
Income inequality and tax fairness in three charts
Occupy Wall Street has made a difference in the public narrative to the extent that the traditional media is at least now aware of the idea of income inequality. You don’t need more proof of that than this “Reality Check” from the Washington Post.
It’s true [...]
New Haven: The Chinese have long admired America’s economic dynamism. But they have lost confidence in America’s government and its dysfunctional economic stewardship. That message came through loud and clear in my recent travels to Beijing, Shanghai, Chongqing, and Hong Kong.
Coming so shortly on the heels of the subprime crisis, the debate over the debt ceiling and the budget deficit is the last straw. [...]
A City College of New York student begins her job hunt.
NEW YORK — For David Cristello, the jobs are catch as catch can.
Cristello, 23, currently holds down five part-time jobs.
Come summer, when he starts a tennis camp in his native Natrona Heights, Pa., he’ll be at six.
Since graduating from the University of Pittsburgh last June, Cristello’s job search has yielded several part-time jobs, but no full-time work.
“The worst part [...]
The agency now estimates the losses from the corporate credit unionsâ€™ mortgage-backed securities portfolio ultimately will be in the range of $14 billion to $16 billion, which means the NCUA expects to collect about $30 billion, or about 66 cents on the dollar. The losses will occur if and when, as expected, many borrowers on the underlying mortgages default.
Larry Fazio, NCUAâ€™s deputy executive director, [...]
I made some comments earlier this week on Jeremy GranthamÃ¢â‚¬â„¢s quarterly letter to investors regarding deflation. LetÃ¢â‚¬â„¢s move to another topic Grantham wades into that is near and dear to my heart: the financial sector. Grantham argues that a disproportionate share of the US economy is devoted to financial services. He says:
My previous argument in the Economist debate was that the 3% of GDP that was [...]
According to the Fort Worth Star Telegram, “it is now 20 months since oil peaked at $147 a barrel, and 18 months since the worldwide financial meltdown. Yet not one thing has been done to ensure that either situation never happens again.”
U.S. gas prices now average $2.67 a gallon. This means the average driver now pays about $134 a month for gas. These high prices come as Americans struggle to [...]