The red ink on the U.S. Postal Service’s (USPS) accounting books is flowing more steadily, as the agency reported Thursday a $5.2-billion net loss for the third quarter, boosting its fiscal year-to-date loss to a startling $11.6 billion. After factoring in the 274 days comprising the first three quarters of fiscal 2012, the debt-ridden agency has lost an average of $42,335,766 per day this year.
The latest numbers from China on its gross domestic product, factory output and electricity usage all show a bubble bursting. Kevin Yao, writing from Beijing for Reuters, expressed surprise when the latest numbers about China’s factory output came in at its lowest level in three years: “China’s factory output growth slowed unexpectedly in July…[due to] stiff global headwinds…”
Plans announced by French President Francois Hollande to "tax the rich" are driving wealthy French citizens out of the country. Vincent Grandil, a partner in the Paris law firm Altexis which caters to rich French citizens, is increasingly being asked by his clients if now would be a good time to flee France for countries with lower tax rates.
Republican critics and presumed GOP presidential candidate Mitt Romney are slamming President Obama for reversing a landmark welfare reform law instituted in 1996 under the Clinton administration. The 1996 law enacted a number of reforms, including a time limit on how long families could receive aid, a requirement that recipients must eventually find work, and a provision that replaced a federal entitlement with grants to the states.
As American lawmakers debate reining in, auditing, reforming, or even abolishing the controversial Federal Reserve System following a growing wave of bipartisan outrage over its bailouts and wild currency printing, discredited U.S. central bank boss Ben Bernanke is actually urging Europe to create a centralized fiscal authority to be more like the United States. But the process is actually already well underway.
Supply Side economics school godfather Arthur Laffer penned an op-ed column for the Wall Street Journal August 6 that claims increases in government spending inhibited economic growth during the recession, as indicated by a study showing "increases in government spending from 2007 to 2009 and subsequent changes in GDP growth rates. Of the 34 Organization for Economic Cooperation and Development [OECD] nations, those with the largest spending spurts from 2007 to 2009 saw the least growth in GDP rates before and after the stimulus."
A conservative coalition led by Republican Gov. Sam Brownback routed moderate incumbents in Kansas GOP Senate primary races August 7, giving the Topeka State House a strong rightward tilt in one of the nation’s most solidly Republican states.
After reviewing the weak jobs report from the Bureau of Labor Statistics (BLS) that was released last Friday, the president of the Federal Reserve Bank of Boston, Eric Rosengren, decided it was time to call for more money to be added to the economy.
It has long seemed to me that there is far more rationality in sports, and in commentaries on sports, than there is in politics and in commentaries on politics. What has puzzled me is why this is so, when what happens in politics has far more serious effects on people's lives.