US Economy
US: Over a quarter million jobs lost in September
By Andre Damon, October 3, 2009
The US unemployment rate reached 9.8 percent and the economy lost 263,000 jobs in September, undermining claims of an imminent economic recovery.
Michigan lawmakers prepare sweeping cuts in social services
By Tom Eley, October 2, 2009
Michigan legislators passed a one-month interim budget on Thursday, averting a shutdown of state government services and preparing the way for major cuts to social spending and education.
Wall Street lauds FDIC plan to replenish bank deposit insurance fund
By Barry Grey, October 1, 2009
The US Federal Deposit Insurance Corporation (FDIC) announced Tuesday that its deposit insurance fund, which guarantees the bank deposits of millions of American consumers, would fall into the red thi...
US Census Bureau report: 40 million living in poverty
By Kate Randall, September 30, 2009
The overall poverty rate in the US rose to 13.2 percent in 2008 as more workers lost their jobs across all sectors of the economy.
G20 summit sets stage for sharpening of international tensions
By Barry Grey, September 26, 2009
The Pittsburgh summit of the Group of 20 leading economies concluded Friday with the issuing of a joint communiqué contrived to mask sharpening conflicts between the major powers over policies to rev...
Great power conflicts overhang G20 summit in Pittsburgh
By Barry Grey, September 24, 2009
As political leaders gather for the Group of 20 summit of major economies, to be held today and Friday in Pittsburgh, they face the task of papering over increasingly open and embittered conflicts ove...
US: 2008 census figures show severe impact of recession on workers
By Jerry White, September 23, 2009
The US Census Bureau’s 2008 American Community Survey Data provides a picture of the social distress produced by the worst economic recession in decades.
Los Angeles unions back Democrats’ assault on city workers
By Dan Conway, September 22, 2009
In an effort to reduce the $405 million deficit, the Democratic mayor of Los Angeles, with the full backing of the public employee unions, has begun to impose severe wage and benefit cuts to force wor...
Unemployment in California reaches 70-year high
By Andrea Peters, September 21, 2009
California’s official unemployment rate, which reached 12.2 percent in August 2009, is now at its highest level since 1940.
Judge strikes down SEC settlement with Bank Of America over bonuses
By Andre Damon, September 21, 2009
A US Federal Judge rejected a settlement last week between Bank of America and the Securities Exchange Commission regarding allegations that the bank lied to its shareholders about bonuses paid to Mer...
US-China trade tensions sharply escalate
By John Chan, September 16, 2009
In a move that threatens to trigger a major trade conflict, US President Barack Obama last Friday signed an order to impose a 35 percent tariff on Chinese-made tyre imports over the next three years.
Michigan lawmakers prepare austerity budget
By Tom Eley, September 16, 2009
Michigan’s Democratic and Republican lawmakers are preparing to shift the burden of the state’s $2.8 billion budget deficit, which must be resolved by October 1, onto the working class through mas...
