NEW YORK -- Congress is once again debating whether to raise thedebt ceiling
a legal limitation on how much the government can borrow to pay debts
to which it has already committed.
But what is the debt ceiling, anyway?
And do we really need it? Here are some surprising things you might not
know about the debt ceiling:
1. Congress invented it less than 100 years ago.
For more than a third of the county’s history, there was no debt
limit. Congress simply decided how to spend money, and authorized the
government to borrow what it needed to pay for it.
NEW YORK -- Is it time for a renewed poor people’s campaign?
Somewhere along the way, the
land of milk and honey became the land of diminished expectations.
United States government’s numbers would have you believe that less than
a quarter of Americans live in poverty, but the real number is actually
much higher than that.
To put it in perspective,
consider that in 1984, the wealth gap separating blacks from whites was
less than $100,000. That number has since tripled. Also, asAlternet
reports, most people have no wealth.
Washington, D.C.-- While the nation awaits the
imminent release of the latest numbers on poverty from the U.S. Census
Bureau, broadcaster Tavis Smiley and Princeton University Professor
Emeritus Cornel West, hosts of the nationally syndicated public radio
program Smiley & West from Public Radio International (PRI), are
once again bringing national attention to economic injustice by
announcing "The Poverty Tour 2.0."
"The Poverty Tour 2.0" will be on the road September 12-15, 2012,
visiting four battleground states: Ohio, Virginia, Pennsylvania, and
Florida, continuing the moral crusade to make the eradication of poverty
a top priority in America - a clarion call to President Obama and
Governor Romney as the race for the White House heats up.
Corvallis, OR-- Blacks represent 13.6% of the
U.S. population with a purchasing power of nearly 1 trillion, according
to the recent State of the African-American Consumer Report gathered by
information and analytics company Nielsen.
However, less than three
cents of every dollar return to Black-owned businesses. And at 16%, the
national unemployment rate among African Americans is disproportionately
"A majority of our resources are spent outside of our own community,
while the goods and services we offer are rarely extended to the
Hats off to Matt Taibbi for staying on the Wall Street crime beat, asking in his most recent report inRolling Stone
: "Why Isn't Wall Street in Jail?"
"Financial crooks," he argues, "brought down the world's economy -- but the feds are doing more to protect them than to prosecute them."
True enough, but that’s only part of the story. The Daily Kos called
his investigation a "depressing read" perhaps because it suggests that
the Obama Administration is not doing what it should to reign in
NEW YORK (TheStreet
) -- The unemployment rate might be making headlines, but some economists say investors may be better advised looking at a different metric: the employment-to-population ratio.
The employment-to-population ratio, or EPR, measures the number of working-age people who have jobs as a percentage of total number of people aged 16 years and above.
"The employment-to-population ratio is like capacity utilization ratio," said Patrick O'Keefe, of J.H. Cohn and former deputy assistant secretary at the Department of Labor.