US Economy
Democrats propose cut in extended unemployment benefits
By Patrick Martin, February 11, 2012
The plan is the beginning of a bargaining process in Congress that will cut benefits for the long-term unemployed.
Obama administration brokers pro-bank mortgage fraud settlement
By Joseph Kishore, February 10, 2012
The terms of the agreement announced Thursday are entirely favorable to the banks, while doing little or nothing to aid the millions of people who have been devastated by the collapse of the US housing market.
Global layoffs hit workers at GM, Nokia and Pepsico
By Jerry White, February 10, 2012
A week after American Airlines announced 13,000 job cuts in the US, a new round of mass layoffs is hitting workers in the auto, food and mobile phone industries around the world.
Young adults hardest hit by recession, US study shows
By Kate Randall, February 10, 2012
A Pew study finds that young adults in the US are less likely to be employed than at any time since World War II.
Regulators collude in lawbreaking by Wall Street banks
By Barry Grey, February 7, 2012
The US Securities and Exchange Commission (SEC), the main federal regulator of banks and financial firms, routinely grants major Wall Street banks waivers from legal penalties in fraud cases.
January employment report masks depth of US jobs crisis
By Barry Grey, February 4, 2012
President Barack Obama on Friday hailed the Labor Department’s January employment report, calling it “good news.”
Study reports that New Yorkers struggle to put food on the table
By Ali Ismail, February 4, 2012
Four years after the onset of the economic crisis, long-term unemployment is fueling hunger in the financial capital of the US.
New boss of Highland Park, Michigan schools
Who is Jack Martin?
By Nancy Hanover, February 3, 2012
On his first day on the job as Emergency Manager of the Highland Park Schools, Martin announced the closure of one of three remaining schools in the impoverished district.
Kentucky governor announces austerity budget
By Naomi Spencer, February 1, 2012
Kentucky’s Democratic Governor Steve Beshear proposed budget cuts of 8.4 percent for many state agencies and spending freezes for other critical areas.
US CEO pay reaches new heights
By David Walsh, January 28, 2012
One report notes that 2011 was “the year of the $50 million-plus CEO” in the US. Another study points to executives who have received “golden parachutes” worth more than $100 million. CEOs of bankrupt firms do all right too.
Notes on the social crisis in America
By Naomi Spencer, January 28, 2012
Tornados ripped through central Alabama again this week; hospitals contend with meth-related accident victims and dental emergencies among the uninsured; California jail conditions worsen under prisoner “realignment” program.
US budget cuts devastate shelters for victims of domestic violence
By E. Galen, January 25, 2012
Federal and state funding for shelter and other services for victims of domestic violence is being cut even as the need for emergency shelter is going up.
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