US Economy
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...
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 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.
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...
US companies, governments continue to slash jobs and pay
By David Walsh, October 28, 2009
The US economy continues to shed jobs, wreaking havoc on countless lives, even as government officials prepare to announce the official end of the recession that began in December 2007.
America’s crumbling infrastructure
By Jeff Lassahn, October 28, 2009
America’s roads, bridges, and sewerage are in advanced state of decay, according to a 2009 report by an association of civil engineers.
US bankers cash in despite phony pay restraint
By Patrick Martin, October 24, 2009
According to the report issued Thursday by Treasury Department “pay czar” Kenneth Feinberg, at least 66 of the 138 bank and corporation executives under his jurisdiction will receive government-ap...
As unemployment claims rise
White House rejects new measures to stem jobs crisis
By Barry Grey, October 24, 2009
Even as the Labor Department reported an unexpected rise in initial claims for unemployment benefits, the Obama administration and Democratic congressional leaders reiterated their opposition to any s...
