Federal Reserve: rising inequality jeopardizes economic recovery
A top ranking member of the United States Federal Reserve cautioned economists this week that growing inequality within the US was worsening the odds of a quick return to the conditions of the pre-recession days. Fed Board of Governors member Sarah Bloom Raskin was in Washington, DC on Thursday, and during an address before the [...]
Eurozone unemployment hits highest level since records began: 19,071 million out of work
Eurozone unemployment levels have hit 12 percent – the highest in the history of eurozone record-keeping, since the currency was launched in 1999. The average unemployment rate across the eurozone’s 17 constituent European Union countries rose from January’s 11.9 percent high to 12 per cent in February, meaning a further net 33,000 people were left [...]
Shocker: Eighty percent of NYC graduates unable to read
New York City’s literacy rates are on the decline: nearly 80 percent of high school graduates lack basic skills like reading, writing and math and are required to relearn them before qualifying for community college. During his most recent State of the City address, New York City Mayor Michael Bloomberg hyped about the large investment [...]
US programmer outsourced own job to China, spent workdays on Reddit and Facebook
A programmer at a US company outsourced his job to a Chinese contractor for a fraction of his six-figure salary. After handing over his login information, he spent his days on Facebook and perused cat videos while the Chinese firm worked in his name. ‘Bob,’ as he has been dubbed in the media, had his [...]
Florida city passes ban on hiring smokers
In an attempt to save money on insurance, a city in South Florida has banned hiring employees who smoke or use tobacco products, causing some Americans to complain that the government is controlling too much of their personal life. Delray Beach City Commissioners on Tuesday announced a policy that would help the financially struggling city [...]
Gourd Artists Sought for Yucca Valley Gourd Art Festival
The Yucca Valley Chamber of Commerce is seeking gourd artist vendors for the November 3 & 4, 2012Yucca Valley Gourd Art Festival. The Festival will be held at the Yucca Valley Community Center located at 57090 29 Palms Hwy, in Yucca Valley. To download an application go to www.yuccavalley.org and follow the Gourd Festival link [...]
Diplomat’s family enslaved houseworker
After a Yemeni woman was enslaved and raped for three months by a US diplomat’s husband, a Virginia federal judge awarded the victim $3.3 million for the abuse that she suffered. A State Department employee lured the Yemeni woman to move to Japan with her and her husband. After being promised $200 per month for [...]
After disastrous US job report, QE3 expected next week
The percentage of able-bodied Americans searching for jobs has hit a 30-year-low, and Wall Street now expects the US Federal Reserve to announce a new round of quantitative easing as early as next week. The US Labor Department released their workforce statistics for August 2012 on Friday, and the figures are far from what economists [...]
Bernanke fears of high unemployment for years to come
During the Fed’s annual address from Jackson Hole, Wyoming, US Federal Reserve Chairman Ben Bernanke said current economic conditions are setting America up for “daunting” challenges and continued grim employment numbers. Friday morning, the overseer of America’s central bank said during the Fed’s annual symposium that “we must not lose sight of the daunting economic challenges [...]
Real US unemployment: More than 15%
While the official US unemployment rate lies just above 8 percent, real jobless rates are almost three times that high in some states, with the national “real” unemployment rate lying at 15 percent in July. The US government’s official unemployment rate, now at 8.3 percent, only takes into consideration those who have no job and [...]