US Economy
72 failures so far this year
Three more US banks collapse
By Patrick O’Connor, August 10, 2009
US regulators closed another three banks last Friday. A total of 72 US banks have collapsed so far this year, up from 25 in all of 2008 and three in 2007.
As long-term joblessness soared
US payrolls fell another quarter-million in July
By Patrick Martin, August 8, 2009
The US economy shed another 247,000 jobs in July, the Labor Department reported Friday, marking the 19th consecutive month that nonfarm payrolls declined.
Obama mortgage plan aids banks, not homeowners
By David Walsh, August 6, 2009
The Obama administration’s home mortgage modification program, launched with great fanfare earlier this year, has assisted a mere fraction of those in danger of losing their homes, and the outrage o...
Stocks, profits up—Jobs, income down
Whose recovery?
By Patrick Martin, August 6, 2009
As the Obama administration and the corporate-controlled media tout the supposed signs of an economic recovery, American workers confront a worsening job market, declining real incomes, and the spread...
Obama touts economic “recovery”
By Tom Eley and Barry Grey, August 3, 2009
The Obama administration is seizing on recently-released economic data to proclaim that the recession is ending. The aim is to justify the government’s refusal to provide any serious social relief, ...
US: Florida economy hit by housing collapse
By Charles Knause, August 3, 2009
Hard hit by the effects of the economic crisis, a veritable social catastrophe is now unfolding in the “Sunshine State.”
Billions in bonuses for bailed-out bankers
By Patrick Martin, August 1, 2009
Nine Wall Street banks that were among the biggest recipients of the US government bailout paid nearly $33 billion in bonuses last year, including awards of $1 million or more to nearly 5,000 people.
States cut social programs as deficits deepen
By Hiram Lee, August 1, 2009
US states are utilizing deep and continuing budget deficits to carry out savage cuts to social programs.
Michigan House Democratic leader proposes assault on public employee health care
Seeks to slash $900 million
By Shannon Jones, August 1, 2009
The Democratic leader of the Michigan House of Representatives is proposing a plan to reorganize public employee health care that would slash benefits and increase out of pocket costs.
Verizon to slash 8,000 jobs
US job cuts, foreclosures mount
By Tom Eley, July 31, 2009
New layoff announcements and reports of record home foreclosures point to a deepening social crisis in the US.
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.
