Economy

Profiting from America's Misery

Profiting from America's Misery
The profit motive fogs the thinking of free-market advocates. The Economist gushes, "Take a bow, capitalism...the biggest poverty-reduction measure of all is liberalising markets to let poor people get richer." Forbes proclaims its belief in "the unmatched power of capitalism to improve human life."
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Next Generation Works to Save Family Farms from Corporate Buyouts

Next Generation Works to Save Family Farms from Corporate Buyouts
Carol Ptak and her husband own Blacksmith Ranch, a small grass-fed Highland Cattle operation just outside of Rochester, Wash. The farm sits on more than 100 acres halfway between Seattle and Portland. Besides cattle, Carol and her husband raise quails, chukkaras, and pheasants.
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Defrauded Homeowners, Already Wronged Once, Could Carry Tax Burden BoA Won't Share

Defrauded Homeowners, Already Wronged Once, Could Carry Tax Burden BoA Won't Share
A loophole in the fines Bank of America are forced to pay out could have homeowners hit with a hefty tax burden – all while the bank that defrauded them gets to write off its criminal behavior.
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Federal Approval of Mega-Meat-Merger Harms Consumers

Federal Approval of Mega-Meat-Merger Harms Consumers
On Wednesday, the U.S. Justice Department approved the merger between Tyson Foods and Hillshire Brands, requiring an important divestiture, but nonetheless allowing one of the largest meat processing mergers in years.
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What Life Will Look Like When You Can’t Afford to Retire

What Life Will Look Like When You Can’t Afford to Retire
In a must-read article in the current issue of Harper’s magazine, journalist Jessica Bruder, adjunct professor at Columbia University Graduate School of Journalism, adds a new phrase to America’s vocabulary: “Elderly migrant worker.”
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Do Monarchs Pay Taxes? Burger King's Pursuit of Tim Hortons Seen as Tax Inversion Ploy.

Do Monarchs Pay Taxes? Burger King's Pursuit of Tim Hortons Seen as Tax Inversion Ploy.
Burger King is in talks to buy doughnut chain Tim Hortons and create a new holding company headquartered in Canada, a move that could shave its tax bill. Such an overseas shift, called a tax inversion, has become increasingly popular among U.S. companies and a hot political issue.
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AP
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Justice Hits BoA with Record-Breaking Fine, No Immunity from Criminal Prosecution

Justice Hits BoA with Record-Breaking Fine, No Immunity from Criminal Prosecution
Eric Holder's Justice Department has levied a near $17 billion dollar fine agains Bank of America for its shady dealings leading up to 2008's financial meltdown. At first blush, it looks like the punishment may have actual teeth, as BoA could still be liable for criminal prosecution.
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An Illustrated Guide to the State Budget Tobacco Bond Time Bomb

An Illustrated Guide to the State Budget Tobacco Bond Time Bomb
Billions of dollars were promised to the American people after Big Tobacco's landmark settlement with the states. Government officials said it would be better to get the cash now (and to cover all sorts of budgetary needs), so the money was put into bonds. A bond is like a loan and like a loan, states spent that money. Now what?
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Cezary Podkul and David Sleight
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Our Schools and Health Care Show the Carnage of Capitalism

Our Schools and Health Care Show the Carnage of Capitalism
Capitalism is expanding like a tumor in the body of American society, spreading further into vital areas of human need like health and education.
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Debtors Say the Darndest Things: It'll Cost $245,340 to Raise a Child Born in 2013

Debtors Say the Darndest Things: It'll Cost $245,340 to Raise a Child Born in 2013
A child born in 2013 will cost a middle-income American family an average of $245,340 until he or she becomes an adult, with families living in the Northeast taking on a greater burden, according to a report out Monday. Those costs — food, housing, childcare and education — rose 1.8 percent over the previous year.
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AP
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