US Economy
California governor imposes new cuts in social programs
By Alfonso Santana and Joe Kishore, July 30, 2009
California governor Arnold Schwarzenegger signed a budget on Tuesday, using his veto to impose more draconian cuts on top of the $15 billion already agreed by the state legislature.
Citigroup’s $100 million banker
By Tom Eley and Barry Grey, July 29, 2009
A Citigroup energy trader is demanding that the bank honor a contract to pay him $100 million this year.
Minnesota balances budget on the backs of workers and the poor
By Michael Stapleton, July 27, 2009
The state of Minnesota has balanced a $4.6 billion budget deficit through cuts to healthcare, education and programs that benefit the poor.
As jobless claims rise, Wall Street celebrates corporate profit reports
By Barry Grey, July 24, 2009
The number of Americans filing new claims for jobless benefits rose by 30,000 in the week ended July 18. Wall Street responded to the jobless claims report, along with better-than-expected corporate e...
“This is a human disaster”
Bankrupt US parts maker Delphi dumps pension obligations
By Tom Eley, July 24, 2009
Bankrupt auto parts maker Delphi will shift billions in pension liabilities to the US government. The measure will result in diminished pensions for hourly retirees and major cuts for salaried retiree...
Fed Chairman Bernanke signals more bank bailouts, calls for cuts in social programs
By Barry Grey, July 23, 2009
In two days of testimony before Congress, Federal Reserve Board Chairman Ben Bernanke defended the multi-trillion-dollar bailout of the banks while seeking to allay fears on financial markets of a pot...
California budget deal reached
Governor Schwarzenegger and Democratic leaders agree to major cuts
By Kevin Mitchell, July 22, 2009
The agreement over the state’s $26 billion dollar budget deficit includes $15.6 billion in cuts, almost entirely from programs that benefit the working class and poor.
US bank bailout could cost $23.7 trillion
By Andre Damon, July 22, 2009
The federal government’s bailout of Wall Street may cost $23.7 trillion, according to a statement given to Congress Monday by the lead overseer of the Treasury's bailout program.
Michigan officials slash public services
By Jack Cody, July 22, 2009
The economic crisis has hit Michigan with full force. Every level of government is dealing with massive budget shortfalls by cutting wages, benefits and social services for workers.
Central bankers warn: No sustained growth from stimulus spending
By Alex Messenger, July 21, 2009
The latest Bank of International Settlements report is a sober warning that the gargantuan bailouts and stimulus packages of the last year will not produce lasting growth.
State budget shortfalls deepen US social crisis
By Tom Eley, July 21, 2009
US states confront unprecedented budget deficits that could continue through at least 2012. In response, state capitals are slashing social programs and attacking the jobs and benefits of state worker...
CIT crisis threatens wave of business failures and layoffs
By Barry Grey, July 18, 2009
The collapse of CIT’s efforts to secure government relief on Wednesday has left the 101-year-old bank teetering on the edge of bankruptcy and threatens a cut-off of funding to retailers and supplier...
