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U.S. sees highest poverty spike since the 1960s, leaving 50 million Americans poor as government cuts billions in spending… so does that mean there’s no way out? The number of Americans living in poverty has spiked to levels not seen since the mid 1960s, classing 20 per cent of the country’s children as poor. It comes at a time when government spending cuts of $85 billion have kicked in after feuding Democrats [...] The scale of unpaid tax now outstrips the entire deficit. Forcing the elite to pay up is a matter of both justice and necessity ‘Only the little people pay taxes,” the late American corporate tax evader Leona Helmsley famously declared. That’s certainly the spirit of David Cameron and George Osborne’s Britain. Five years into the crisis, the British economy has just edged out of its third downturn, but construction is still reeling [...] One of the Pentagon’s most-criticized expenditures is warmly welcomed in tea partier Rick Scott’s Sunshine State. The F-35 fighter jet’s first missile floated wide. The second found its target, and an explosion brought the bogey down. “Yes! Got him! Woo!” exclaimed the pilot, Jennifer Carroll, a 52-year-old former Navy officer and airplane mechanic. But it’s Carroll’s current job—lieutenant governor of Florida—that explains why her simulator flight was being closely watched by [...] The Spanish ruling party’s failure to win control in a key state election is a “serious setback” that casts doubts over the government’s ability to stick to its financial reforms, economists have warned.
Traders were alarmed by signs that Mariano Rajoy was losing popular support for his programme to reduce Spain’s burgeoning debts, without which the country may need a Greek-style bail-out. The prime minister’s PP party won 50 seats in the [...] by Mamta Badkar Spain’s ruling People’s Party failed to secure a majority in Andalusia’s regional elections on Sunday. In his latest note, Nomura’s senior political analyst Alastair Newton said this would be a significant setback to efforts to bring in Spain’s deficit. Constitutional autonomy in many of these regions makes party links crucial to determining the policies of the regional governments. From Newton: “Governance of Spain’s regions is a key factor in deficit control, with [...] MADRID (AP) — Spain’s main political powers agreed to amend the constitution Friday to make the government legally obliged to keep its deficit low, an effort to reassure financial markets that it will keep its troubled finances under control and not need a bailout. The ruling Socialists and the opposition center-right Popular Party cut a deal after hours of frantic negotiations to propose a law under [...] Minerd does have some pertinent observations on how the imminent pan-European bank run will eventually look like. ‘Imagine You’re Irish’ To help explain why I believe a broader financial crisis is coming to Europe, let me start with a quick story. Imagine for a moment that you’re an Irish citizen. Needless to say, you have many concerns about your country’s economic situation. The unemployment rate is 13.7 percent [...] |
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