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One in six Americans in poverty: study
A revised analysis of 2008 US census data shows that 47.4 million Americans, 15.8 percent of the population, lived below the official poverty line. The figure is markedly higher than the official government tally, which recorded 39.8 million people in poverty, or 13.2 percent of the population. The Census Bureau released the data on Tuesday,
Interior Dept. to investigate Bush administration’s oil shale deals
Published on 3 Nov, 2009 at 18:37 in Business, Money, Politics | Viewed 104 views times | No Comments
The Interior Department announced Tuesday it will investigate whether the previous administration “set favorable conditions” to encourage oil-shale development in the Midwest. The forthcoming review arrives to the satisfaction of local watchdogs and environmental groups, who have long questioned why President George W. Bush just five days before exiting office added a number of acres
Big Pharma targets Capitol Hill with 2.3 lobbyists for every lawmaker: report
Published on 3 Nov, 2009 at 18:14 in Business, Health, Money, Politics | Viewed 100 views times | No Comments
By Jeff Knebel A new investigative report has revealed the vast lobbying efforts of the pharmaceutical industry to influence health care reform. Investigations uncovered that, in just the first half of 2009, the pharmaceutical industry spent more than $110 million on its booming lobbying efforts, which includes 2.3 drug lobbyists hovering around Capitol Hill for
Obama administration slashes executive salaries
Published on 3 Nov, 2009 at 18:10 in Business, Money, Politics | Viewed 431 views times | No Comments
The Obama administration, in the wake of public contention at swelled Wall Street bonuses, took the initiative Thursday to cut salaries for executives at firms rescued by taxpayer bailouts, slashing cash payments by 90 percent. In a dramatic government swipe at big business, as unemployment nears 10 percent and the economic crisis reaps a painful
Stocks slide as railroads, oil lose ground
Published on 3 Nov, 2009 at 18:06 in Money | Viewed 78 views times | No Comments
Stocks retreated Friday after cautious forecasts from railroads stirred unease about the economy and a slide in oil hit energy stocks. The Dow Jones industrial average fell 120 points after the comments from railroad CEOs raised worries over how long it would take for a recovery to take hold. Union Pacific’s CEO Jim Young said
Recession-hit factory towns slow to see stimulus
Published on 3 Nov, 2009 at 17:57 in Business, Money, Politics | Viewed 119 views times | No Comments
Many of the communities hit hardest by job losses are those near dying factories and mills; these areas are also some of the slowest to get relief from President Barack Obama’s stimulus plan, underscoring how hard it is for Washington policymakers to create lasting work in areas that need it most. The manufacturing industry has
‘This Is It’ tops charts with $101M worldwide
“Michael Jackson’s This Is It” pulled in $101 million worldwide in its first five days, and distributor Sony is extending the farewell performance film beyond its planned two-week run. The film was the No. 1 Halloween thriller domestically with a $21.3 million opening weekend, according to studio estimates Sunday. The previous weekend’s No. 1 movie,
Big bank executives to meet with Fed
Executives of the nation’s 28 largest banks will meet with Federal Reserve supervisors on Monday to discuss the Fed’s plan to police banks’ pay policies, officials said Friday. Under a plan recently put forward by the Fed, the central bank would review — and could veto — pay policies that could cause too much risk-taking
Pay, benefits rise at slowest pace since 1982
Wages and benefits rose by the smallest amount on record in the 12 months ending in September, as high unemployment limits the income growth of workers still receiving paychecks. With employers cutting costs to maintain profits, they are sharply reducing the rate of growth in total compensation, economists said. The average cost of wages, health
Recession drives up US university enrollment: report
Students are flocking to US universities at record levels, as the recession fuels an enrollment explosion at less expensive two-year colleges, a report said Friday. Just under 11.5 million students, or nearly 40 percent of all young adults ages 18 to 24, were enrolled in either a two- or four-year college as of October 2008,
