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What the ‘Fiscal Cliff’ Means for Typical Pocketbooks

What the ‘Fiscal Cliff’ Means for Typical Pocketbooks

Brand X Pictures/Thinkstock(NEW YORK) — The “fiscal cliff” is near, but what does it all mean for your pocketbook?In short, before the end of the year, Congress has to determine whether and how it will extend the tax cuts that most Americans have enjo…

Congressional Budget Office Describes Consequences of ‘Fiscal Cliff’

Congressional Budget Office Describes Consequences of ‘Fiscal Cliff’

Comstock Images/Thinkstock(WASHINGTON) — Now that all the confetti has been cleaned up, the harsh reality of dealing with the so-called “fiscal cliff” looms for President Obama and Congress over the next seven weeks.Expiring tax cuts, deep automatic s…

Consumers Spending Less with Credit Cards, Says Fed

Consumers Spending Less with Credit Cards, Says Fed

George Doyle/Thinkstock(WASHINGTON) — More families may be putting their financial houses in order. The government reports that credit card spending is down, despite an increase in available consumer credit.     The Federal Reserve…

How Did the US Economy Look on Election Day 2008?

How Did the US Economy Look on Election Day 2008?

Comstock Images/Thinkstock(NEW YORK) — The last presidential election may seem as if it was just yesterday to many Americans, but it is a world away economically from the 2012 presidential election.In 2008, the economy was in a tailspin.  Today, …

US Economy Added 171,000 Jobs in October

US Economy Added 171,000 Jobs in October

Tim Boyle/Getty Images(WASHINGTON) — In the final monthly jobs report before Election Day, the government on Friday said the U.S. unemployment rate for October ticked up to 7.9 percent.The Labor Department’s Bureau of Labor Statistics (BLS) reported t…

Economic Losses from Sandy Could Reach $50 Billion

Economic Losses from Sandy Could Reach $50 Billion

Mark Wilson/Getty Images(NEW YORK) — A catastrophe modeling company says that Hurricane Sandy could result in economic losses reaching $50 billion.It’s quite a different and more distressing figure than what Eqecat Inc. came up with earlier in the wee…

Third Quarter GDP Rises 2 Percent

Third Quarter GDP Rises 2 Percent

Comstock Images/Thinkstock(WASHINGTON) — The nation’s economy continued to expand in the third quarter, rising at an annualized rate of 2 percent, the Commerce Department said Friday morning.The Gross Domestic Product numbers are preliminary and…

Romney Takes Lead on Economy; White Men Are the Movers

Romney Takes Lead on Economy; White Men Are the Movers

DON EMMERT/AFP/Getty Images(NEW YORK) — Mitt Romney has advanced to a slight lead over Barack Obama in trust to handle the economy, and Obama has slipped beneath a clear majority in who better understands the public’s economic problems – t…

Romney Takes Lead on Economy; White Men Are the Movers

Romney Takes Lead on Economy; White Men Are the Movers

DON EMMERT/AFP/Getty Images(NEW YORK) — Mitt Romney has advanced to a slight lead over Barack Obama in trust to handle the economy, and Obama has slipped beneath a clear majority in who better understands the public’s economic problems – t…

Debate Ahead, Romney Gains on Int’l Affairs, Continues to Lag on Economic Priorities

Debate Ahead, Romney Gains on Int’l Affairs, Continues to Lag on Economic Priorities

NICHOLAS KAMM/AFP/GettyImages(NEW YORK) — Mitt Romney carries newfound competitiveness in trust to handle international issues into the final presidential debate, combined with his highest personal popularity of the 2012 campaign. But continued weakne…

California Foreclosures at Lowest Level Since 2007

California Foreclosures at Lowest Level Since 2007

Hemera/Thinkstock(LOS ANGELES) — The foreclosure rate in one of the hardest-hit states is at a new low, a real estate data firm says.Foreclosure activity in California hasn’t been this low since the start of the recession in the beginning of 2007. The…

New York City Tops "Forbes” 5 Most Expensive US Zip Codes

New York City Tops "Forbes” 5 Most Expensive US Zip Codes

iStockphoto/Thinkstock(NEW YORK) — A lack of inventory is driving real estate prices higher, especially in the most expensive zip codes in the country.Forbes on Tuesday released its annual list of the zip codes with the priciest housing. While the usu…

Bernanke Defends Fed’s Stimulus Measures

Bernanke Defends Fed’s Stimulus Measures

Mark Wilson/Getty Images(NEW YORK) — Federal Reserve chairman Ben Bernanke says the bank’s stimulus measures have helped the global economy, in spite of criticism from abroad, the BBC reports. Brazil has criticized the United States for keeping intere…

Standard & Poor’s Downgrades Spain’s Sovereign Credit

Standard & Poor’s Downgrades Spain’s Sovereign Credit

Scott Eells/Bloomberg via Getty Images(NEW YORK) – Standard and Poor’s downgraded its rating on Spain’s debt Wednesday. In a statement, S&P cited rising unemployment, spending constraints, social discontent among regional and nati…

New Jersey No Longer Worst for Businesses

New Jersey No Longer Worst for Businesses

iStockphoto/Thinkstock(NEW YORK) — The Tax Foundation, a non-profit conservative-leaning tax research group, is out Tuesday with its ranking of states most and least friendly to business. Gov. Chris Christie will be pleased to learn that New Jersey is…

New Jersey No Longer Worst for Businesses

New Jersey No Longer Worst for Businesses

iStockphoto/Thinkstock(NEW YORK) — The Tax Foundation, a non-profit conservative-leaning tax research group, is out Tuesday with its ranking of states most and least friendly to business. Gov. Chris Christie will be pleased to learn that New Jersey is…

International Monetary Fund Lowers Global Growth Forecast for 2012

International Monetary Fund Lowers Global Growth Forecast for 2012

Comstock Images/Thinkstock(NEW YORK) — More than ever the U.S. is part of the global economy, with millions of American workers depending on jobs linked to imports and exports.  But a new warning that the world’s economy has weakened further coul…

Markets Slip Despite Lower Unemployment

Markets Slip Despite Lower Unemployment

Hemera/Thinkstock(NEW YORK) — Stocks seemed to retreat Friday despite a jobs report showing the unemployment rate has dropped to 7.8 percent.The Dow added just three points in afternoon trading Friday, closing at 13,578. The blue chips had posted adva…

Thousands of Millionaires Collect Unemployment

Thousands of Millionaires Collect Unemployment

Brand X Pictures/Thinkstock(WASHINGTON) — A new report shows that some 2,400 millionaires received unemployment insurance benefits during the economic downturn, a number that has caught the attention of politicians who funded extensions of benefits fo…

Report: Senators Devising Plan to Avoid ‘Fiscal Cliff’

Report: Senators Devising Plan to Avoid ‘Fiscal Cliff’

Hemera/Thinkstock(NEW YORK) — Plans are underway in the U.S. Senate to deal with the political hot potato known as the “fiscal cliff,” a confluence of tax hikes, deep spending cuts and a growing federal deficit that could send the economy …

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