Unemployment numbers ticked upward during July at a much slower pace than past months, leading many establishment forecasters to conclude that an economic recovery had already begun. The official unemployment rate actually shrunk from 9.5 percent to 9.4 percent, even though the U.S. economy lost an additional 247,000 jobs in July.
First-time unemployment claims continue to increase at a faster pace than expected. “The Labor Department said the number of claims in the week ending July 25 rose by 25,000 from an upwardly revised figure the previous week,” the Agence France Press reported July 30.
In another example of turning lemonade into lemons in economically troubled times, the federal minimum wage increased yesterday from $6.55 an hour to $7.25 an hour. It's certainly a fashionable measure, but will it actually improve the lot of low-income workers?
Even the mass media is starting to take notice of the longtime cozy relationship that both the U.S. Treasury Department and the Federal Reserve Bank have with Goldman Sachs, a major Wall Street bank holding company and Democratic Party donor.
If you understand the relative superiority of the free market, none of our government's recent business bailouts will find favor with you. Yet, while Uncle Sam's involvement in the auto and banking sectors is bad enough, nothing is more bone-chilling than proposals to bail out media.
With plunging advertising revenue across the industry, McGraw-Hill is reportedly putting BusinessWeek up for sale. The company said only that it is exploring “strategic options” for the magazine so far, but according to sources cited in Bloomberg, The New York Times and The Wall Street Journal, investment bank Evercore Partners Inc., has been hired to facilitate the sale.
Weeks before it was supposed to happen, a bankruptcy judge has approved the restructuring of large portions of once-mighty GM and the liquidation of the automaker’s remaining assets. Under the plan, announced last Sunday, the “new GM” being created will be under 60-percent control by the federal government.
As the Internal Revenue Service continues its hunt for tax dodgers, Swiss banks are refusing to open accounts for Americans and closing the ones that already exist. The tax collectors aim to recover an estimated $50 billion in unpaid taxes by pressuring Americans to voluntarily declare offshore accounts by September 23 — or face possible criminal prosecution and fines.