Mary Barra, CEO of General Motors, was called before Senate and House Committees last week to explain why a faulty ignition switch, responsible for at least 13 crash deaths, was not recalled for several years in vehicles manufactured by GM.
The economy created 192,000 jobs in March, down from 197,000 in February, and still well below the pace needed to lower underemployment to respectable levels. Those mediocre results are consistent with a broadly underperforming economy.
Twenty million Americans over 25 are working part-time. ObamaCare and the Earned Income Tax Credit (EITC) encourage low wage employees to work part-time to avoid losing benefits, and employers are limiting workers to less than 30 hours per week to avoid health insurance mandates.
The solution may be to permit universities to form football and basketball teams “affiliated” but legally separate from their institutions. Those private corporations could partner with a major pro franchise, be financed by game day revenues, TV rights and contributions from their pro team, and pay universities rent and royalties.
Throughout 2013, higher taxes on all income classes—President Obama’s levies on the wealthy, higher local taxes on the middle class, and reinstatement of social security taxes on lower income workers—depressed consumer spending.
Last week, Janet Yellen sent stocks diving by saying the Federal Reserve could begin raising interest rates as early as next spring—most traders and forecasters have predicted a later date.
What the president and the unions fail to mention is that businesses can’t print money to cover higher wages. They must charge higher prices, slash profit margins and reduce dividend payments to stockholders.
To avoid an eventual choice between feeding Russia’s appetite for lost empire and a hot war, European and U.S. leaders must embrace expensive and politically tough economic and defense choices.
The latest polls indicate a weak economy continues to drag down President Obama’s job approval rating, but those hardly guarantee any big changes in Washington. Americans may want more jobs and better wages but they also support many of the president’s specific policies.
The bull market just marked its fifth anniversary—middle-aged by historical standards but not dead yet. Money managers have valid concerns, but those should be measured against changes in the national and global economies.
The crisis in the Ukraine will likely end with Russia permanently controlling the Crimea, with the remainder of the country more tightly in its orbit than anticipated a few weeks ago.
Friday, the Labor Department is expected to report the economy added 150,000 jobs in February. This is less than half the pace needed to lower unemployment to an acceptable level, and President Obama’s budget promises little relief.
Bitcoin believers were shaken to their digital souls when Mt. Gox, the world’s largest exchange, defaulted on $470 million worth of deposits and closed.
President Obama and many of the nation’s top economists entered 2014 predicting a breakout year for the economic recovery. However, troubles in the housing sector indicate more difficulties and several more years of mediocre growth lie ahead.
President Obama is putting the finishing touches on his budget message to Congress. According to press reports, it would be criminal if it wasn’t so comical! The president will drop from previous proposals any effort to curb the rapidly escalating problems with social security. Instead, he will propose higher taxes on the wealthy
President Obama is dividing America into two nations—one rich, the other increasingly poor with both more likely to elect Democrats.
The economy needs to add about 360,000 jobs each month to push unemployment down to about 6 percent and provide employment for those frustrated adults. That would require GDP growth in the range of 4 to 5 percent.
In a new report, the Congressional Budget Office once again low-balls the impact of the Affordable Care Act on labor force participation and the economy. GDP, growth and employment for most workers will be harmed.
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