World Economy
Obama signs bills for record Pentagon, Homeland Security spending
By Patrick Martin, October 30, 2009
President Obama signed legislation Wednesday authorizing $680 billion for the Pentagon, the largest military budget ever. On Thursday, he signed a bill giving another $44 billion to the Department of ...
Britain: Deepening recession fuels concern over corporate bonuses and bailouts
By Julie Hyland, October 30, 2009
Disagreements over the Brown government’s policy on the global economic crisis have become more vocal after figures showed that the UK economy shrank by 0.4 percent from July to September.
Ukrainian economy suffers sharp fall in 2009
By Niall Green, October 29, 2009
Five years after the “Orange Revolution,” the Ukrainian economy is in the deepest crisis since the post-Soviet economic and social implosion of the 1990s.
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.
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...
Twenty years after capitalism’s return:
Living standards continue steep fall in Eastern Europe
By Stefan Steinberg, October 24, 2009
Twenty years after the reintroduction of capitalism in the Soviet Union and Eastern Europe, a World Bank report acknowledges that a third of the population in the region lives in poverty.
Atlanta homeless shelters strain under economic crisis
By Naomi Spencer, October 23, 2009
As the economic crisis deepens, Atlanta, Georgia, emergency providers are straining to accommodate more than 7,000 homeless people, including many newly homeless families.
“A bit of a hoax”
White House unveils token bank pay restrictions
By Andre Damon and Joe Kishore, October 23, 2009
As details of the Obama administration’s bank pay restrictions were released, it became evident that they will do little to limit compensation, even at the handful of companies affected.
Germany: Closure of Quelle mail order business costs 7,000 jobs
By Peter Schwarz, October 23, 2009
Three weeks after the federal election, Germany’s best known mail order company is being closed down with the loss of 7,000 jobs.
US Fed Chairman Bernanke demands austerity
By Barry Grey, October 22, 2009
In remarks Monday to a conference on Asia and the global economic crisis Federal Reserve Chairman Ben Bernanke called for austerity policies to rein in US budget deficits and the ballooning national d...
Britain: Thousands of jobs threatened in higher and further education
By Robert Stevens, October 21, 2009
Thousands of job cuts are being implemented at higher and further education institutions throughout the UK.
Michigan governor slashes $54 million more from school funding
By Tom Eley, October 21, 2009
Michigan Governor Jennnifer Granholm on Monday vetoed another $54 million from public school funding, targeting school districts in metropolitan Detroit, and signed into law a statewide funding cut of...
