A plan for $78 billion in budget cuts and downsizing of Army and Marine Corps troops was announced by U.S. Defense Secretary Robert Gates on Thursday. Gates also said that the Navy, Army and the Air Force had a combined $100 billion in savings which the department will use to modernize U.S. forces through 2015 […]
The number of Americans who went bankrupt last year reached 1.53 million, up 9 percent from 2009, the American Bankruptcy Institute and the National Bankruptcy Research Center said in a report today. In 2009, there were 1,407,788 filings. The upward trend in personal bankruptcy filings started in 2005 when a major revision of bankruptcy law […]
U.S. President Barack Obama reaffirmed his commitment to lift the economy further this year and lessen the ranks of unemployed Americans. In his weekly address over the radio and the Internet, Obama said that he will work closely with Republicans to address economic issues this year. “In a few days, a new Congress will form […]
In what is a positive sign for the economic rebound ahead of the new year, the number of unemployment benefit claims fell to its lowest mark in more than two years according to a Labor Department report. A total of 388,000 claims were logged this week, about 34,000 less than last week. Jobless claims are […]
A new government report released on Wednesday said that U.S. foreclosures increased in the third quarter as fewer Americans were given financial aid with their mortgage fees. The Office of the Comptroller of the Currency and Office of Thrift Supervision said that approximately 470,000 homeowners received help from government offices and banks, a 17 percent […]
Baby boomers, those who were born in the post-World War II era, face an uncertain retirement brought about by poor personal savings and shoddy financial planning, analysts say. An estimated 10,000 baby boomers will turn 65 each day beginning next month and the trend will continue for the next two decades. “The situation is extremely […]
In a sign that the weak housing market will drag down the economic recovery, analysts expect that soon-to-be-released official reports will show that home prices dipped in October. A Bloomberg survey of 14 economists revealed that property values in 20 U.S. cities dwindled 0.2 percent from October of last year, the first decrease year-on-year since […]
Social security checks will no longer be issued by the government and American retirees should no longer expect them in the mail soon. The Social Security Administration is phasing out paper checks in accordance with a directive from the Treasury Department in a cost-cutting move. The said move would free up some $120 million in […]
The Cuban economy is set to undergo sweeping changes next year but not towards a capitalist system. Cuban President Raul Castro spoke before the country’s lawmakers on Saturday about the main reason behind the impending economic reform. He said it was meant to solidify the socialist state and make the system “irreversible.” The Cuban economy […]
U.S. mortgage firms wants the mortgage loan modification options of American homeowners restricted. Among these are the owners exercising their right to invalidate home loans on the basis of faulty documents. Consumer advocates say that right must be retained because it aims to protect against unfair lending practices by some firms. The so-called right of […]
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