US Economy
California finances plummet less than three months after budget passage
By Kevin Martinez and Dan Conway, November 11, 2009
The California budget deficit of $1.1 billion comes less than 10 weeks after a balanced budget deal was reached by Governor Schwarzenegger and the state legislature.
Speculative recovery sows seeds of an even greater economic crash
By Barry Grey, November 10, 2009
The connection between soaring stock and other asset prices and a falling dollar points to the extraordinarily speculative and unstable character of what is being called a global economic recovery.
California’s Gov. Schwarzenegger backs new tax breaks for the rich
By Reem Nour and Dan Conway, November 10, 2009
The Commission on the 21st Century Economy, created by California Governor Arnold Schwarzenegger and members of the Democrat-controlled state legislature, has proposed an overhaul of the state’s tax...
US unemployment rate surges to highest level in 26 years
By Andre Damon, November 7, 2009
The sharp increase in unemployment has been accompanied by corresponding decline in wages and growth in the exploitation of the working class.
Wall Street bonuses to rise by 40 percent
By Patrick Martin, November 6, 2009
The authors of the biggest financial catastrophe in world history—executives and traders at US investment and commercial banks—will see their year-end bonuses rise by an average of 40 percent comp...
Documents reveal SEC complicity in Madoff Ponzi scheme
By Andre Damon, November 6, 2009
Documents relating to the investigation of Bernard Madoff released last Friday by the Securities and Exchange Commission (SEC) highlight the complicity of the US regulatory agencies in one of the bigg...
US executives’ pensions soar in value
More Americans have to work past 65
By David Walsh, November 4, 2009
Workers in the US are increasingly giving up on the idea of retiring at 65, or even 67, while top CEOs are planning to quit their positions and live like royalty.
Workers’ wages to fall further, International Labour Organization warns
By Barry Grey, November 4, 2009
The International Labour Organization (ILO) warned Tuesday that global growth in workers’ real wages, which fell sharply in 2008, will decline even more in 2009, despite what is being touted by gove...
US business lender CIT files for bankruptcy
By Andre Damon, November 3, 2009
CIT Group, Inc., a major business lender, filed for bankruptcy Monday, becoming the largest recipient of Troubled Asset Relief Program (TARP) assistance to go bankrupt.
Democratic governor signs budget law
Michigan makes drastic cuts to education, social spending
By Tom Eley, November 2, 2009
Michigan’s Democratic governor on Friday signed into law a budget that drastically reduces state spending on education and social programs.
US wages and salaries rise at record-low levels
By Andre Damon, October 31, 2009
Employment costs in the US are rising at the lowest level in at least 27 years, the result of policies designed to lower the living standards of workers.
US: GDP figure masks deepening economic crisis
By Barry Grey, October 30, 2009
The Commerce Department on Thursday reported that the US gross domestic product (GDP) grew 3.5 percent on an annualized basis in the third quarter, breaking a string of four consecutive quarters of ne...
