Economy

23 June 2008 -- Top officials of the U.S. central bank are expected to hold interest rates steady when they gather at a key policymaking meeting Tuesday and Wednesday in Washington.

The U.S. Federal Reserve has cut interest rates several times recently to bolster economic growth that has been hurt by the faltering housing market, tight credit, and other problems.

But economists say cutting rates too low can spark inflation, which is a growing threat as oil prices soar to ever higher record levels.

Experts interviewed by news organizations, like Bloomberg and Reuters, say the Fed will probably keep interest rates unchanged for a while, but raise them later this year.

Source: VOA News

June 17, 2008 -- With more than a million people filling for bankruptcy in 2007, a new study by Elizabeth Warren, a Leo Gottlieb Professor of Law at the Harvard Law School who compiled the study for AARP’s Public Policy Institute (PPI) shows that the rate of bankruptcy filings among those 65 and older has more than doubled since 1991.    » read more »

June 16, 2008 -- Washington, D.C.—With the official first day of summer around the corner, U.S. households are already feeling the strain of early summer heat waves and cooling costs, high gas prices, and consumer price increases due to inflation. This summer, households are expected to pay about 30% more for gasoline, 20–40% more for food staples like milk and eggs, and 5% more for electricity relative to last year. According to the American Council for an Energy-Efficient Economy (ACEEE), low-cost efficiency investments can help defray these costs for U.S. households.    » read more »

Sends Letter to FTC Chairman about potential price gouging

June 17, 2008 -- WASHINGTON, DC - At a time when Pennsylvanians are faced with skyrocketing gas prices, U.S. Senator Bob Casey (D-PA) today sent a letter to William Kovacic, Chairman of the Federal Trade Commission (FTC) regarding the potential of price gouging and price manipulation.

“I hope that you and I can work together to give the FTC the tools it needs to investigate and help prosecute companies that are adopting questionable business strategies,” Senator Casey wrote. “The Unites States Congress and the FTC have an obligation to provide consumers with the assurance that whatever price they are paying at the pump, they can be certain they aren't being taken for a ride.”    » read more »

Washington -- 17 June 2008 -- The nation's chief economist says the cost of health care will claim an increasingly larger share of consumer and government spending, unless something is done to curb it. Speaking at a Health Reform Summit in Washington on Monday, Federal Reserve Chairman Ben Bernanke said improving the nation's health care system is one of the biggest economic challenges facing the United States.

New medical technologies and treatments are allowing Americans to live healthier and more productive lives. But improving quality of life is becoming more expensive. Federal Reserve Chief Ben Bernanke told a meeting of health and government officials that without reforms, the cost of health care could spiral out of control.    » read more »

June 17, 2008 -- Connecticut Governor M. Jodi Rell today signed into law a bill that rolls back a planned increase in the state gas tax and opens the door to more gasoline stations offering customers a discount for making purchases with cash.

Senate Bill 1000, An Act Concerning Adjustments to Certain Petroleum Products Taxes, Petroleum Franchise Agreements, Gasoline Discounts for Consumers, Home Heating Oil and Propane Gas Contract Deposits and the Fuel Conservation Account, was passed during the special session last week.    » read more »

06/17/2008 -- California Governor Arnold Schwarzenegger, Oregon Governor Theodore Kulongoski and Washington Governor Christine Gregoire sent a joint letter to President George Bush today expressing strong opposition to the Administration's proposal to remove $70 million in emergency disaster assistance for fishing families, communities and businesses impacted by the closure of the salmon season, and they urged President Bush to reconsider his opposition to helping these families in need.    » read more »

June 16, 2008 -- John McCain claims that a part of his economic plan for America is "bolstering job security," but his record tells a different story. When Senator McCain has had the chance, instead of fighting to keep America's jobs here at home he helped steer a tanker contract to a European company for which his campaign advisors then lobbied, shipping tens of thousands of American jobs overseas. This follows McCain's pattern of mocking and subverting "Buy America" rules in the Senate. [johnmccain.com, accessed 6/15/08]    » read more »

Obama will present his plans to turn the page so that America can compete in the global economy

Chicago, IL - On Monday, June 16, 2008, United States Senator Barack Obama will kick off the second week of his "Change that Works for You" tour by presenting his comprehensive national competitiveness strategy that will turn the page on the failed policies of the past so that America can create millions of new jobs and succeed in the 21st century's global economy.    » read more »

6/16/2008 - WASHINGTON (AFPN) -- Many home owners have found it difficult recently to pay their mortgages, but quick intervention by loan counselors at the Department of Veterans Affairs has actually reduced the number of veterans defaulting on their home loans.

"VA is reaching out to veterans, both those who use our home-loan guaranty program and those who don't take advantage of our guaranties, to keep people in their homes," said Secretary of Veterans Affairs Dr. James B. Peake. "I'm proud of our solid record of success in helping veterans and active-duty personnel deal with financial crises."    » read more »

Oil is fueling an economic resurgence in Kansas

16 June 2008 -- The world's largest oil exporter, Saudi Arabia, plans to increase its oil production by 200,000 barrels a day, to a total of 9.7 million barrels a day, in an effort to ease soaring world oil prices.

Oil-consuming nations have been pressing the Saudis to pump more oil for some time, but members of the Organization of Petroleum Exporting Countries say a shortage of crude oil is not the problem. OPEC says high prices are caused by the weak dollar, speculators and international political tensions.    » read more »

Economy heightens need to monitor mental health

June, 2008 -- ROCHESTER, Minn. — Mayo Clinic research suggests unmarried women living in rural areas have lower self-rated health status than their married counterparts. This lower health status often includes greater instances of self-assessed feelings of depression. The results of the study were recently published in the Journal of Evaluation in Clinical Practice. They suggest that primary care physicians should take a proactive role in addressing health concerns of single women.    » read more »

June 13, 2008 -- WASHINGTON, D.C. – The Air Line Pilots Association, Int’l (ALPA) urged Congress this week to act to stabilize energy markets and end the rampant speculation that has led to the recent jumps in oil prices and put an economic stranglehold on the U.S. airline industry. ALPA, together with other unions, organizations, and corporations, called for swift action in a joint transportation industry coalition letter sent to Congressional leaders.    » read more »

Threat of protectionism is on the rise and will hurt Asia and rest of the world

Kuala Lumpur, Malaysia 15 June 2008 – The prevailing global economic slowdown is fuelling the rise of protectionism in Western economies, noted Lord Levene, Chairman, Lloyd’s, United Kingdom. In a plenary discussion on global risks at the World Economic Forum on East Asia, he observed that there are worrying signs that politicians in Europe and US are prepared to put in place policies to shield their domestic industries.    » read more »

Government actions behind two-thirds of food price increase

Kuala Lumpur, Malaysia 16 June 2008 – Business leaders at the World Economic Forum on East Asia highlighted the role of government in food price increases, warning of mounting unrest and protectionism if urgent actions are not taken.    » read more »