Where is the Money Going?
Rich Americans Ready to Spend Big Again
America’s wealthy plan to increase their spending on luxury goods this year, forking out $26.6 billion more than in 2010, according to an American Express Publishing and Harrison Group survey of 1,458 families with more than $100,000 that can be... read more
The Real Savings of the $38 Billion Budget Cuts for This Year…$352 Million
The great budget reduction negotiated by Republican leaders and President Barack Obama may not be so large after all. In fact, it might just be pretty darn small.
An analysis by the Congressional Budget Office has concluded the real savings ... read more
Airlines and Airport Security Agree to Pay $1.2 Billion for 9/11 Property Damages
American Airlines and United Airlines along with two airport security firms will have to pay a $1.2 billion settlement for damage caused to property during the September 11, 2001, attacks on the World Trade Center.
Approved by the Second Cir... read more
“Spillionaires” Profit from BP Oil Spill
There certainly was a lot of cleaning up after the BP oil spill in the Gulf region, and not all of it had to do with petroleum.
While the worst oil spill in U.S. history was economically damaging for many in Louisiana, others made out like b... read more
Budget Cuts Attack…Transparency
House Republicans and President Barack Obama have demonstrated how much they value the importance of government transparency. As part of their budget compromise averting a federal shutdown, the two sides agreed to slash funding for government in... read more
So-Called Budget Cuts include Non-Existent “Czars” and an Unused Reserve Fund
The $38 billion budget compromise that averted a government shutdown contained numerous political victories for Republicans, as well as some chicanery to help inflate the GOP achievement.
For instance, lawmakers can claim they cut $5 billion f... read more
Bill Would Force Congress to Wait to Social Security Age before Gaining Pensions
Instead of collecting their federal pensions in their forties or fifties, congressional lawmakers would have to wait until they reach the Social Security retirement age, under legislation introduced in the Senate.
“It’s time for members of C... read more
The Economy is Booming again…for CEOs
Life is very, very good for executives atop America’s leading corporations.
An examination by The New York Times of CEO salaries at 200 major companies revealed the median compensation in 2010 was $9.6 million. This amount was 12% higher tha... read more
Evangelical Liberty Univ. Receives More Federal Aid than NPR
National Public Radio (NPR), accused of having a liberal bias and threatened with losing its federal funding, has received less money from Washington than Liberty University, the evangelical school founded by the late Reverend Jerry Falwell.
... read more
Entire Cost of U.S. Military Action in Libya = 4 Days of Afghanistan War
Critics of President Barack Obama’s decision to intervene militarily in Libya have complained about the financial cost, citing the figure of $1 billion.
Yes, a billion dollars is a considerable sum of money. However, compared to the Iraq and... read more
Starbucks Baristas Win Class Action Suit over Tips that Went to Supervisor
Thousands of employees have won their lawsuit against Starbucks for allowing supervisors to take tips meant for non-management. A federal judge in Boston awarded a summary judgment to 2,500 baristas who claimed Starbucks’ policy violated the Mas... read more
Marketing Company Follows 3 of 4 U.S. Households as They Shop
In less than three years, Pointer Media Network has become a behemoth in the world of consumer tracking. The company claims to monitor 76% of American households to learn what people buy, so it can sell this information to retailers hawking thei... read more
Small Business Administration Rewrites Rules to Allow Contracts for Not-So-Small Businesses
For the first time in more than a quarter century, the Small Business Administration (SBA) plans to change the definitions of small businesses with respect to government contracting. The new rules could result in 9,450 additional companies, most... read more
23 Members of Congress Receive Farm Subsidies
Whether it’s $30 billion, $60 billion or $100 billion, slashing the federal budget means cutting back on a lot of programs. But farm subsidies are not facing the axe, and having nearly two dozen lawmakers receiving such financial support may hav... read more
Obama Aid for Homeowners Faced with Foreclosure…Never Mind
House Republicans have passed legislation four times this year killing the Obama administration’s home-loan modification program, with the latest attempt coming just this week. But the bills have had no chance of becoming law, due to opposition ... read more
Banks Still Earning Interest on $1 Trillion Reserves Thanks to Federal Reserve
The nation’s largest financial institutions continue to sit on more than $1 trillion in excess reserves, a fact that has stymied economic growth during the recovery and that now poses a serious dilemma for the Federal Reserve. These are reserves... read more