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Keyword: obamanomics

Brevity: Headers | « Text »
  • Consumers shutting down as US economy deflates

    10/15/2015 9:16:50 AM PDT · by Lorianne · 91 replies
    CNBC ^ | 14 October 2015 | Jeff Cox
    The math is pretty simple: A lack of purchasing power for consumers has led to a lack of pricing power for companies. When it comes to the U.S. economy big-picture outlook, the ramifications are more complicated, and not particularly pleasant. Wednesday's producer price index reading, showing a monthly decline of 0.5 percent, demonstrates a larger problem: At a time when policymakers are hoping to generate the kind of inflation that would indicate strong growth, the reality is that deflation is looming as the larger threat. Declining prices often would be treated as a net positive by consumers, but income weakness...
  • Record Homelessness in Los Angeles -- But Nobody Blames the Democrats

    09/23/2015 12:41:21 PM PDT · by Kaslin · 25 replies
    Rush Limbaugh.com ^ | September, 23, 2015 | Rush Limbaugh
    RUSH: Los Angeles. This is the LA Times: "LA to Declare 'State of Emergency' on Homelessness, Commit $100 Million -- Los Angeles elected leaders," as opposed to the unelected leaders, "announced yesterday that they would declare a 'state of emergency' and devote up to $100 million" toward housing and other services for homeless people. I know. I mean, there's all kinds of lines here just waiting. Why don't they disguise themselves as immigrants? Why don't they go pitch their tent or their shopping cart, whatever, near the border like they're immigrants. "The proposal, which was presented at the City Hall...
  • Study shows employers shifting more medical costs to workers

    09/22/2015 12:57:16 PM PDT · by Olog-hai · 27 replies
    Associated Press ^ | Sep. 22, 2015 3:22 PM EDT | Tom Murphy
    Employers are leaving a bigger chunk of the bill for care to workers who use their health insurance, and benefits experts see few signs of this trend slowing. Most companies now offer health coverage that requires employees to pay an annual deductible before insurance kicks in, and the size of that deductible has soared in the past decade, according to a survey released Tuesday by the Kaiser Family Foundation and Health Research & Educational Trust. The average general deductible for workers with single coverage totaled $1,077 this year, compared to only $303 in 2006. That deductible has climbed nearly seven...
  • Obama's Recovery In Just 9 Charts (must bookmark alert)

    09/16/2015 12:16:09 PM PDT · by Zakeet · 34 replies
    FRED = Federal Reserve Economic Data This is the perfect handout for just about discussion of the Democrats' libtard agenda!
  • Obama's Persistent Economic Malaise: An economy worse than any of his predecessors since FDR

    09/09/2015 7:37:02 AM PDT · by SeekAndFind · 11 replies
    American Thinker ^ | 09/09/2015 | Jeffrey Folks
    The August jobs report was hardly reassuring.  On Friday, the Bureau of Labor Statistics reported net job creation of 173,000, far below estimates.  There's no way to sugar-coat it, though White House officials attempted to do just that.  They pointed out that the unemployment rate had fallen to 5.1%.  But that was because another 200,000 workers had simply given up trying to find a good job. Good jobs are not being created because economic expansion has stalled.  And expansion has stalled because Obama has presided over the greatest assault on free enterprise in our nation's history.   It didn't...
  • 698K Native-Born Americans Lost Their Job In August

    09/07/2015 4:55:41 PM PDT · by SkyPilot · 36 replies
    Zero Hedge and Drudge ^ | 7 Sep 15 | Tyler Durden
    698K Native-Born Americans Lost Their Job In August: Why This Suddenly Is The Most Important Jobs Chart After the Fed admitted over a year ago that the US unemployment rate (which in 2012 was supposed to be a rate hike "threshold" once it hit 6.5% and is now at 5.1%) has become irrelevant in a country where a record 94 million people have left the labor force, and with the Fed poised to hike rates even though US hourly wages have not only not increased for the past 7 years, but for the vast majority of the labor force continue...
  • Displaced Disney Cast Member: How They Replaced Me, Other Americans, With Cheap Foreigners On H1B...

    09/07/2015 11:07:16 AM PDT · by Enlightened1 · 138 replies
    Breitbart ^ | 09/07/15
    <p>As a patriotic and proud citizen of the United States, I have a story to share that has not only impacted my family, hundreds of colleagues, but also current and future United States workers.</p> <p>As I watched the grim faced Disney Executive, it was obvious that bad news was going to be delivered. The dead silence was broken when the Disney Executive made a harsh announcement. All of you in this room will be losing your jobs in the next 90 days. Your last day of employment for this company will be January 30, 2015. Your jobs have been given over to a foreign workforce. In the meantime you will be training your replacements until your jobs are 100 percent transferred over to them and if you don’t cooperate you will not receive any severance pay. Also, if we don’t feel confident that we have captured everything that you do we can, at our discretion, keep you longer than the 90 days until we have captured everything that you do with this job. Don’t discuss this meeting with anybody else in the company. Everybody in the room was appalled at the message. I was completely silent thinking how this was going to affect my coworkers and how I was going to break the news to my wife and children back at home as I was the only person in my home with a steady job. How would I pay for all the expenses that go along with a home, a wife, and children?</p>
  • Joe Biden: 'Something is wrong' with economy

    09/07/2015 8:49:28 AM PDT · by cp124 · 65 replies
    CNN ^ | cp124
    Pittsburgh (CNN)Vice President Joe Biden warned on Monday that "something is wrong" with the American economy as he launched a Labor Day march here with speculation swirling that he may run for President. In a highly populist speech that could foreshadow the themes he would highlight on the campaign trail, Biden said workers have been "clobbered" in the modern economy. "It used to be when productivity went up in America, everybody got to share. The people who caused the productivity increase, they got to share. They got a piece of the action," Biden said before leading a march of an...
  • BLACK MONDAY: The First Time EVER The Dow Has Dropped By More Than 500 Points 2 Consecutive Days

    08/24/2015 5:50:43 PM PDT · by SkyPilot · 84 replies
    The Economic Collapse ^ | 24 Aug 15 | Michael Snyder
    On Monday, the Dow Jones Industrial Average plummeted 588 points. It was the 8th worst single day stock market crash in U.S. history, and it was the first time that the Dow has ever fallen by more than 500 points on two consecutive days. But the amazing thing is that the Dow actually performed better than almost every other major global stock market on Monday. In the U.S., the S&P 500 and the Nasdaq both did worse than the Dow. In Europe, almost every major index performed significantly worse than the Dow. Over in Asia, Japanese stocks were down...
  • The Fed hike could LOWER interest rates

    08/24/2015 1:25:34 PM PDT · by Citizen Zed · 3 replies
    cnbc ^ | 8-24-2015 | Kelly Evans
    The public has been seemingly desperate for the Federal Reserve to raise interest rates. "Savers are getting creamed here," has been a common refrain. "Banks are getting crushed." "Zero percent sends a bad message, it undermines confidence." Even the experts seem upset by the inertia: "It's simply time," has become another popular phrase. Imagine what would happen, then, if the Fed raised rates—and they dropped even lower, instead. That's effectively what's happening today. Even if the Fed hasn't raised interest rates, it has stopped lowering them, and it has stopped the balance-sheet expansion that replaced rate cuts once its target...
  • U.S. Flash PMI Falls To 22 Month Low At 52.9

    08/21/2015 10:32:20 AM PDT · by BenLurkin · 4 replies
    Kitco News ^ | Friday August 21, 2015 09:48 | Neils Christensen
    The U.S. manufacturing sector is once again under pressure as it continues to hover just above contraction level, according to the latest flash Purchasing Managers Index data. Friday, private research firm Markit said its August PMI estimate fell to a level of 52.9, compared to July’s final reading of 53.8. According to consensus reports, economists were expecting to see a reading at 53.9. According to the report, this is the lowest manufacturing reading since October 2013. ““With the headline PMI swiftly losing ground after a modest rebound during July, the latest figure now points to the weakest overall pace of...
  • S&P downgrades U.S. credit rating [4 Years Ago Today; Obama's War on Prosperity]

    08/05/2015 6:09:41 PM PDT · by SoFloFreeper · 4 replies
    cnn ^ | 8/5/2011 | Charles Riley
    Credit rating agency Standard & Poor's on Friday downgraded the credit rating of the United States, stripping the world's largest economy of its prized AAA status. In July, S&P placed the United States' rating on "CreditWatch with negative implications" as the debt ceiling debate devolved into partisan bickering. To avoid a downgrade, S&P said the United States needed to not only raise the debt ceiling, but also develop a "credible" plan to tackle the nation's long-term debt.
  • U.S. factory activity dips; consumer spending cools

    08/03/2015 1:18:48 PM PDT · by BenLurkin · 7 replies
    reuters ^ | Mon Aug 3, 2015 2:02pm EDT | Lucia Mutikani
    The Institute for Supply Management said its national factory activity index fell to 52.7 last month from a reading of 53.5 in June. A reading above 50 indicates expansion in the manufacturing sector. A gauge of new orders received by factories rose to a seven-month high, while inventories continued to decline. There was growth in 11 of the 18 manufacturing industries, including furniture, fabricated metal products, electrical equipment, appliances and components, and transportation equipment. Five industries including machinery reported that production had contracted in July. Manufacturing has been hobbled by a strong dollar, which has pressured the profits of multinational...
  • The New Normal and a Very New Spin

    08/03/2015 7:57:54 AM PDT · by jfd1776 · 7 replies
    Illinois Review ^ | August 3, 2015 A.D. | John F. Di Leo
    It began quietly enough. A talking head on television would say it’s unfair to expect the robust economic boom of the 90s again; we had the “peace dividend” to thank for it, and it’s not like the Soviet Union is going to fall again. Or a columnist reminds us of the invention of the modern computer in the early 80s, and then the arrival of the internet age in the 90s; such technological breakthroughs were a once-in-history occurrence; they’re responsible for the booms we remember, nothing else. Or some caller on the radio, aged and experienced, with opinions fortified by...
  • US stocks decline as some companies offer bleak future guidance

    07/25/2015 11:24:45 PM PDT · by BenLurkin · 15 replies
    nycity.today ^ | on Sun, 07/26/2015 - 03:16 | Peggy Miles
    .S. Stocks declined mainly due to disappointing second results by many companies and negative news from markets overseas. The bleak future outlook from some of the companies also led to selloff in the markets. The turmoil in the Chinese market was also noted as an issue by many stock market analysts. Many companies performed better than Wall Street expectations including Google and Amazon. Investors were concerned about bleak outlook for future quarters by some of the companies. .. For S&P 500, healthcare stocks faced the tough time during the week. Nine out of ten major sectors on S&P 500 ended...
  • Did airlines allegedly price-gouge after Amtrak crash? [Team Obama Red Herring]

    07/24/2015 8:08:10 AM PDT · by SoFloFreeper · 18 replies
    See BS "News" ^ | 7/23/15 | Kate Gibson
    Transportation Secretary Anthony Foxx on Friday said the government is investigating whether four airlines engaged in price gouging after a deadly Amtrak crash in Philadelphia in May disrupted rail service in the Northeast. The Transportation Department sent letters on Friday to Delta, American, Southwest and JetBlue requesting information. Prices on round-trip airline tickets between major cities such as New York City and Washington, D.C., skyrocketed in the wake of the deadly Amtrak derailment, which closed a major stretch of rail line and disrupted travel in one of....
  • Report: 3 million more children in poverty under Obama, 22% of all kids

    07/21/2015 4:24:14 PM PDT · by SoFloFreeper · 30 replies
    Washington Examiner ^ | 7/21/15 | Paul Bedard
    since President Obama took office, the poverty rate among children has soared to 22 percent, with three million more children living in poor conditions, according to an authoritative new report released Tuesday. The 2015 "KIDS COUNT" report from the Annie E. Casey Foundation said that the percentage of children living in poverty jumped from 18 percent in 2008, the year Obama was elected, to 22 percent in 2013....
  • A huge financial company just offered employees the 'opportunity' to 'voluntarily retire'

    07/16/2015 8:08:30 AM PDT · by SeekAndFind · 29 replies
    Business Insider ^ | 07/16/2015 | Kathleen Elkins
    TIAA-CREF, a Fortune 100 financial-services organization that employs 12,500 workers in more than 100 local offices, announced a "special, one-time Voluntary Retirement Program" on Tuesday in a memo to its employees. The company is offering this "opportunity" to people age 50 and older who have at least 10 years' tenure at the company, or at least five years' tenure for those 55 and up. Eligible employees who choose to participate will receive unspecified financial incentives. We received a copy of the memo from an anonymous tip. TIAA-CREF confirmed the existence of the program and declined to comment further, emphasizing that...
  • The End of Federally Financed Ghettos

    07/12/2015 7:08:33 AM PDT · by Second Amendment First · 55 replies
    NY Times ^ | JULY 11, 2015 | THE EDITORIAL BOARD
    The Supreme Court issued an important ruling last month when it reminded state and local governments that the Fair Housing Act of 1968 bars them from spending federal housing money in a manner that perpetuates racial segregation. Last week, the Obama administration took an even more important step — one that has already changed the decades-long discussion about how to combat residential segregation. It rewrote the rules under the provision of the act that requires state and local governments to “affirmatively further” housing goals by making real efforts to cope with the cumulative results of the discrimination that confined black...
  • Harvard: Home ownership at 20-year low, blacks suffer most

    07/07/2015 11:52:15 AM PDT · by xzins · 58 replies
    Washington Examiner ^ | 7/7/15 | PAUL BEDARD
    The American Dream of a home is slipping out of reach for millions of Americans, especially African Americans, as house sales hit a 20-year low, according to a new Harvard University study of the U.S. housing market. Instead, house-poor Americans are shifting to rentals with such speed that many areas can barely keep up with demand. Overall, home ownership, the cornerstone of the American Dream, is down to 63 percent, a far cry from the 69 percent registered in 2004. The Joint Center for Housing Studies of Harvard University's annual "State of the Nation's Housing" report said current home ownership...
  • (VA) Senator Warner Addresses the Opportunities and Challenges of the 'Sharing Economy'

    06/24/2015 7:16:40 AM PDT · by Perseverando · 11 replies
    Senator Mark Warner ^ | June, 2015 | Unattributed
    Whether by economic necessity or by choice, as many as one-third of American workers now find themselves piecing together two, three or more on- demand opportunities to make a living. It's called The Gig Economy, or the Sharing Economy. Yet Washington mostly has remained on the sidelines as the U.S. economy, its workforce and the work place, have undergone perhaps the most dramatic transformation in decades. Senator Warner, a former business executive, is committed to bringing this conversation to Washington, working with his colleagues, stakeholders, and the growing “gig economy” workforce, to put forward practical solutions to keep up with...
  • Obama: My top priority is always the economy

    06/13/2015 8:05:14 AM PDT · by PROCON · 35 replies
    investors.com ^ | June 13, 2015 | ANDREW MALCOLM
    President Obama's weekly remarks Hi, everybody. My top priority as President is to grow the economy and help more hardworking Americans get ahead. And after the worst economic crisis in our lifetimes, our businesses have now created 12.6 million new jobs over the past 63 months.
  • Obama’s Economic “Expansion” Keeps Shrinking

    05/29/2015 4:24:09 PM PDT · by Oldeconomybuyer · 18 replies
    FrontPage Magazine ^ | May 29, 2015 | by Daniel Greenfield
    The economic recovery is really coming along great. For the third time since the expansion began in June 2009, the U.S. economy suffered a setback. Don’t call it a setback. It’s a strategic retreat. Those ‘optimistic’ estimates keep being revised. Such declines in GDP are rare in economic expansions, pointing to the fragile nature of the current rebound. The economy hasn’t contracted in three different quarters during good times since the 1950s. It’s the fault of the GOP. Also the weather. That’s the weakest reading since frigid winter temperatures derailed growth at the start of 2014. We can’t have an...

    05/29/2015 5:47:11 AM PDT · by tellw · 117 replies
    AP ^ | 5/29/2015 | MARTIN CRUTSINGER
    WASHINGTON (AP) -- The U.S. economy went into reverse in the first three months of this year as a severe winter and a widening trade deficit took a harsher toll than initially estimated. The Commerce Department says the overall economy as measured by the gross domestic product contracted at an annual rate of 0.7 percent in the January-March period. The revised figure, even weaker than the government's initial estimate of a 0.2 percent growth rate, reflects a bigger trade gap and slower consumer spending. It marked the first decline since a 2.1 percent contraction in the first three months of...
  • Get ready for some depressing news about the US economy (UNEXPECTED!)

    05/28/2015 8:30:56 PM PDT · by SaveFerris · 28 replies
    Business Insider ^ | Thu, May 28, 2015, 11:30pm EDT - US Ma | By Myles Udland
    We're about to get some terrible news about the US economy. Sort of. On Friday morning at 8:30 a.m. ET, the Bureau of Economic Analysis will release its second estimate of first quarter GDP, which is expected to show the economy contracted 0.8% in the first quarter. The initial reading on first quarter GDP, released on April 29, showed the economy grew just 0.2%. Ahead of that report, Wall Street expected the economy grew 1% to start 2015. Subsequent data, however, showed that the economy was likely even weaker than first estimated to start the year. Some economists, however, either...
  • Opinion: Capitalism is killing America’s morals, our future

    05/26/2015 7:48:22 AM PDT · by Oldeconomybuyer · 45 replies
    Market Watch ^ | May 26, 2015 | By Paul B. Farrell
    Yes, capitalism is working ... for the Forbes Global Billionaires whose ranks swelled from 322 in 2000 to 1,826 in 2015. Billionaires control the vast majority of the world’s wealth, 67 billionaires already own half the world’s assets; by 2100 we’ll have 11 trillionaires, while American worker income has stagnated for a generation. But for the vast majority of the world, capitalism is a failure. Over a billion live on less than two dollars a day. In his “Capital in the Twenty-First Century,” economist Thomas Piketty warns the inequality gap is toxic, dangerous. As global population explodes from 7 billion...
  • Poll: Americans want socialism and repeal of federal laws

    05/19/2015 4:20:43 PM PDT · by Oldeconomybuyer · 34 replies
    Pravda ^ | May 19, 2015
    According to the results, 60 percent of Americans believe the nation is on the wrong path. The Princeton Survey Research Associates International underlined that 52 percent of those who identified as Democrats, said they had a favorable view of socialism. 33 percent of Independents shared the view. Among other highlights of the survey, Obama's foreign policy is approved by only 37 percent of Americans and not even one in five like the job Congress is doing. Noteworthy, that fifty percent of Americans say they're open to allowing states to repeal federal laws if half or more of the states, representing...
  • Los Angeles homelessness rises 12 percent amid slow economic recovery

    05/12/2015 4:38:00 PM PDT · by BenLurkin · 23 replies
    Reuters) ^ | Steve Gorman
    The Los Angeles Homeless Services Authority's report cited stagnant or falling wages among the lowest-income earners, a local jobless rate that remains above state and national averages, and a worsening lack of affordable housing. ... According to the agency's latest biennial count, an estimated 44,300 people are living on the streets, in cars, in abandoned buildings or in shelters and government-funded "transitional housing" on any given night in Los Angeles County. That tally, based on a census conducted in January, is up 12 percent, or nearly 5,000 people, across Los Angeles County, compared with numbers reported from the previous survey...
  • Obama eyes big change to rules on overtime pay

    05/05/2015 1:49:30 PM PDT · by Oldeconomybuyer · 35 replies
    CBS News ^ | May 5, 2015 | ByARDEN FARHI
    Under current law, employers are required to pay time-and-a-half wages to employees working more than 40 hours a week only if they earn less than $23,660 annually. The Obama administration is intent on increasing - and likely more than doubling - that salary threshold, according to people briefed on the administration's plans. That change is likely to have significant impact on workers in retail and the food services industry, like a restaurant manger who earns $30,000 a year but works 60 hours a week. "We need a national wage floor that that rises each year, so that its purchasing power...
  • Ph.D students earning a degree in depression

    04/30/2015 1:44:31 PM PDT · by Oldeconomybuyer · 22 replies
    CNN Money ^ | April 27, 2015 | By Patrick Gillespie
    A recent survey by UC-Berkeley's student assembly found that nearly half -- 47% -- of its Ph.D students were depressed, citing dismal job prospects. About 37% of its master's degree students also reported depression. Even though the once-a-decade report only focused on Berkeley -- one of the most prestigious public universities in the country -- it could spark a wider discussion on the value of graduate education in America. "The largest source of anxiety for me is my job outlook. It is tremendously uncertain and thus fear-inducing," one anonymous graduate student said in their survey response. Job pessimism was the...
  • US Economy Stalls in Q1 as weather, lower energy prices bite

    04/29/2015 5:54:04 AM PDT · by SoFloFreeper · 19 replies
    cnbc.com ^ | 4/29/15
    US economic growth braked more sharply than expected.... gross domestic product expanded at only at 0.2 percent annual rate....
  • U.S. GDP grows a scant 0.2% in first quarter

    04/29/2015 5:33:23 AM PDT · by Oldeconomybuyer · 11 replies
    Market Watch ^ | April 29, 2015 | By Jeffry Bartash
    The U.S. grew at a meager 0.2% annual pace in the first three months of 2015, a period marked by severe weather, a major port dispute and a soaring dollar that curbed American exports. Consumer spending, the main engine of growth, slowed sharply to 1.9%, below the average 2.3% increase since the recovery began in mid-2009.
  • Homeownership rate drops to quarter-century low

    04/28/2015 9:26:58 AM PDT · by Oldeconomybuyer · 6 replies
    Market Watch ^ | April 28, 2015 | By Ruth Mantell
    In the latest sign of a changing housing market, homeownership rates are at a quarter-century low, while the rental-vacancy rate is close to the slimmest proportion in more than two decades, according to government data released Tuesday. The seasonally adjusted homeownership rate, which shows the share of occupied homes in which an owner lives, fell to 63.8% in the first quarter — the lowest proportion since the end of 1989, the U.S. Census Bureau said. Families with income both above and below the median have seen drops in homeownership rates over the past year. Weak income growth and difficult-to-get mortgages...
  • GM to pause production of Chevy Volt as sales slow (1874 Volts sold in the entire 1Q)

    04/09/2015 4:19:03 PM PDT · by Red in Blue PA · 101 replies
    General Motors will stop making the Chevrolet Volt for four weeks in June and July due to slow sales and to deal with the change to an all-new version of the gas-electric hybrid car. The company says the Detroit-Hamtramck plant that makes the Volt and four other cars will probably stay open through the summer despite plans for the Volt. The factory also is undergoing construction so it can build a new full-size Cadillac CT6 and the 2016 Volt starting late in the summer. Sales of electric and hybrid cars have slowed this year, largely due to low gasoline prices....
  • Strapped Americans Headed for “Civil Unrest and Riots,” With Poor Spending 60% on Bare Essentials

    04/09/2015 6:04:35 AM PDT · by HomerBohn · 90 replies
    SHTF ^ | 4/8/2015 | Marc Slavo
    It is clear that the economic realities falling upon the masses in America are driving us towards a crisis point. Even with substantial government subsidies, the bottom 10% of Americans are beyond struggling, spending more than 60% of their meager incomes on the bare essentials. According to the latest official numbers, the poorest in the United States are spending 42% of their income on housing and another 17% on food, statistics that are unsustainable for individuals and families. The Wall Street Journal reported: For many Americans, the rise in food and housing prices is a tough squeeze. That’s because—even in...
  • Obamanomics Has Failed Utterly In Reviving The Jobs Machine

    04/07/2015 6:39:30 AM PDT · by SeekAndFind · 12 replies
    IBD ^ | 04/07/2015
    How many times have we seen this? Every time the economy seems ready to pull out of its 2% growth rut and shift into a higher gear, the engine stalls. It's happening again in 2015. Employers added a flimsy 126,000 jobs in March — and with downward revisions from previous months, the job gains were half that high. The latest estimate for first-quarter GDP is below 1%, with one Federal Reserve Bank predicting closer to zero. Businesses aren't buying into the robust expansion story that President Obama has been peddling in his "mission accomplished" victory tour across the country —...
  • Americans Not in Labor Force Exceed 93 Million for First Time; 62.7% Labor Force Participation…

    04/03/2015 11:51:16 AM PDT · by Olog-hai · 51 replies
    Cybercast News Service ^ | April 3, 2015 - 8:58 AM | Ali Meyer
    The number of Americans 16 years and older who did not participate in the labor force—meaning they neither had a job nor actively sought one in the last four weeks—rose from 92,898,000 in February to 93,175,000 in March, according to data released today by the Bureau of Labor Statistics. That is the first time the number of Americans out of the labor force has exceeded 93 million. Also from February to March, the labor force participation rate dropped from 62.8 percent to 62.7 percent, matching a 37-year low. Five times in the last twelve months, the participation rate has been...
  • Oakland Kids Get A Raise From The New Minimum Wage

    03/29/2015 8:41:47 AM PDT · by Oldeconomybuyer · 54 replies
    NPR ^ | March 25, 2015 | by SAVANNAH ROBINSON
    Eighteen-year-old Alicia Donaldson works at a busy McDonald's in East Oakland. Her job is more complicated than anyone might think. "When you do the grill and the chicken by yourself, it's not easy," she admits. "You have to put down the meat on the grill, and then put chicken in the grease. People get burned a lot." That's a lot of pain for only $9 an hour. Today it's still hard work, but now Alicia is making $12.25 instead. "When I worked 56 hours my check was about $480," she remembers. This month the highest minimum wage in the nation...
  • Consumer Sentiment Slips in March on Bad Weather

    03/27/2015 7:57:54 AM PDT · by Oldeconomybuyer · 7 replies
    ABC News ^ | March 27, 2015 | By PAUL WISEMAN AP Economics Writer
    Bad weather and rising gasoline prices pushed U.S. consumer sentiment a bit lower in March. The March drop in confidence was caused entirely by falling confidence among low-income households, which are especially sensitive to high utility bills in the winter. Michigan's Curtin predicted that an improving job market would boost consumer spending the rest of the year.
  • Retail sales slide for third month in a row

    03/12/2015 6:47:53 AM PDT · by Oldeconomybuyer · 17 replies
    Market Watch ^ | March 12, 2015 | by Jeffry Bartash
    Sales at U.S. retailers fell in February for the third month in a row, as most stores fared poorly with the notable exception of gasoline stations. Retail sales, which account for about one-third of consumer spending, fell 0.6% last month, following even larger declines in January and December, the government reported Thursday. Economists polled by MarketWatch had expected a 0.3% gain. Poor weather was almost certainly a factor. A series of snow storms wracked the eastern half of the country in February, making it harder for Americans to move around. Sales even sank 0.6% at restaurants and bars, marking the...
  • Biden: Running away from Obama in 2016 would be ‘mistake’ for Dems

    02/12/2015 9:52:51 PM PST · by PROCON · 40 replies
    washingtontimes ^ | Feb. 12, 2015 | Dave Boyer
    Vice President Joseph R. Biden said Democratic presidential candidates in 2016 should embrace President Obama’s economic policies and “run on what we have done” instead of running away from the administration. “In my view, those seeking to lead the nation should protect and defend and run, yes run, on what we’ve done and own what we have done,” Mr. Biden said in a speech in Des Moines, Iowa. “Stand for what we have done. Acknowledge what we have done. And be judged on what we have done, if we have any chance for continued resurgence in 2016.” He added, “Some...
  • After 2 historic months of jobs growth, Illinois still lagging

    02/05/2015 8:17:17 PM PST · by george76 · 8 replies
    Illinois Policy ^ | February 3 2015 | Michael Lucci
    Illinois still lays claim to the worst recession recovery in the nation. According to the BLS household survey, there are still 216,000 fewer Illinoisans working than when the Great Recession began, the worst of any state and one of only 22 states that still have fewer people working than when the recession started. .... The business-establishment survey for the 2008-2014 period shows 114,000 fewer payroll jobs in Illinois than when the recession began, the second-worst record of any state, and one of only 15 states yet to break even on the recession. Only New Jersey is down more payroll jobs....
  • 257,000 jobs added in Jan.; unemployment rate ticks up to 5.7%

    02/06/2015 5:45:22 AM PST · by SoFloFreeper · 26 replies
    Boston Globe ^ | 2/6/15 | Christopher S. Rugaber
    .....The unemployment rate rose to 5.7 percent from 5.6 percent. But that’s not necessarily a bad thing. More Americans began looking for jobs, though not all found work. Their job hunting suggests they are more confident about their prospects.
  • Obama’s record budget: Tax the rich, help middle class

    02/02/2015 2:22:38 PM PST · by Olog-hai · 16 replies
    Associated Press ^ | Feb 2, 2015 4:24 PM EST | Andrew Taylor
    Promising to help America’s middle class, President Barack Obama on Monday sent Congress a record $4 trillion budget that would hammer corporate profits overseas and raise taxes on the wealthy while boosting tax credits for families and the working poor. Obama’s budget also would steer hundreds of billions of dollars to the nation’s crumbling infrastructure of roads and bridges, help provide two years of free community college and reverse the across-the-board, automatic budget cuts that have slammed the Pentagon and nearly every government department. In the face of certain opposition from Republicans, an optimistic Obama hailed a “breakthrough year for...
  • Dow hit by Microsoft, Caterpillar; data disappoint

    01/27/2015 11:20:09 AM PST · by Mad Dawgg · 23 replies
    CNBC.com ^ | 1/27/2015 | Kate Gibson
    U.S. stocks dropped sharply on Tuesday, with the Dow positioned for its worst hit since October, as corporations reported earnings that disappointed and orders for U.S. business equipment unexpectedly declined in December. "If you live in the northeast, and you work from home, you're trying to figure out why the market is down 400 points," Art Hogan, market strategist at Wunderlich Securities, referring to the snowstorm that halted transit in and around New York City overnight before ending earlier Tuesday. It's a combination of an increase in volatility when you have a decrease in volume, and a transition period between...
  • Fannie, Freddie 3%-down mortgages can be safe, FHFA director says

    01/27/2015 10:15:40 AM PST · by Oldeconomybuyer · 15 replies
    Market Watch ^ | January 27, 2015 | By Steve Goldstein
    WASHINGTON — Mortgages with low down payments can be just as safe if other underwriting conditions are met, a federal housing regulator said Tuesday. Mel Watt, the director of the Federal Housing Finance Agency, was testifying in front of the House Financial Services Committee, after Fannie Mae FNMA, +0.47% and Freddie Mac FMCC, +0.47% both started making mortgages available to those who make down payments of just 3%. That has raised the ire of Republicans, who say the move risks a repeat of the housing bubble. “All things being equal, is a 3% down loan riskier to the taxpayer than...
  • U.S. durable-goods orders plunge 3.4% in December

    01/27/2015 5:44:57 AM PST · by Oldeconomybuyer · 20 replies
    Market Watch ^ | January 27, 2015 | By Greg Robb
    Orders for durable U.S. goods plunged 3.4% in December, the fourth decline in the past five months, the Commerce Department said Tuesday. The decline was well below expectations. Economists surveyed by MarketWatch had expected durable-goods orders to rise 0.1%. Adding to the sense of weakness, durable-goods orders for November were revised up to show a 2.1% decline instead of a drop of 0.9%.
  • ‘Poor people don’t plan long-term. We’ll just get our hearts broken’

    01/26/2015 12:46:36 AM PST · by CorporateStepsister · 45 replies
    The Guardian ^ | Sunday 21 September 2014 | Linda Tirado
    In the autumn of 2013 I was in my first term of school in a decade. I had two jobs; my husband, Tom, was working full-time; and we were raising our two small girls. It was the first time in years that we felt like maybe things were looking like they’d be OK for a while. After a gruelling shift at work, I was unwinding online when I saw a question from someone on a forum I frequented: Why do poor people do things that seem so self-destructive? I thought I could at least explain what I’d seen and how...
  • More homeless camps are appearing beyond downtown L.A.´s skid row

    01/25/2015 4:26:48 PM PST · by Nachum · 25 replies
    L.A.Times ^ | 1/25/15 | Gale Holland
    Evicted four months ago from their Highland Park apartment, Louis Morales and his 18-year-old stepson, Arthur Valenzuela, live half-hidden by brush along the nearby Arroyo Seco riverbed. Morales, 49, keeps a framed bible verse and a stuffed monkey in his tent. Water hauled by bike from a park heats up on the camp stove. Next door, their friend Johnny Salazar fixes bikes and shattered computer screens on the cheap for people who live in the neighborhood. A brother and sister Morales has known for years live up the river, and three couples stay down by the bridge. "Everybody here is...
  • US Steel to lay off more than 350 at Indiana tin mill

    01/22/2015 1:46:47 PM PST · by Olog-hai · 43 replies
    Associated Press ^ | Jan 22, 2015 2:02 PM EST
    U.S. Steel says it will lay off more than 350 workers in East Chicago, Indiana, as it plans to temporarily close its tin mill. Company spokeswoman Sarah Cassella tells The Times in Munster that layoffs will begin in mid-March. She declined to comment on how long the plant will be closed for. Cassella says low-priced tin product imports have hurt domestic business. …