The U.S. Department of Labor just proposed raising the overtime threshold – what you can be paid and still qualify to be paid “time-and-a-half” beyond 40 hours per week – from $23,600 a year to $50,400.
This is a big deal. Some 5 million workers will get a raise (see video).
Business lobbies are … More >
With the release of the (mostly) triennial Survey of Consumer Finances (SCF) from the Federal Reserve, it is once again time to look at trends in wealth. The SCF is one of the best sources for data on net worth (assets minus liabilities) in the U.S.
In … More >
More Americans than ever believe the economy is rigged in favor of Wall Street and big business and their enablers in Washington. We’re five years into a so-called recovery that’s been a bonanza for the rich but a bust for the middle class. “The game is rigged and the American … More >
Economic cheerleaders on Wall Street and in the White House are taking heart. The U.S. has had three straight months of faster job growth. The number of Americans each week filing new claims for unemployment benefits is down by more than 50,000 since early January. Corporate profits are healthy. The … More >
The President’s speech today in Osawatomie, Kansas — where Teddy Roosevelt gave his “New Nationalism” speech in 1910 — is the most important economic speech of his presidency in terms of connecting the dots, laying out the reasons behind our economic and political crises, and asserting a willingness to take on … More >
In the 20th century a common stereotype of Americans was that they were a cheerful lot – perhaps too booming cheerful for Europeans who had to endure “have-a-nice-day!” tourists. An interesting article by a scholar of Bulgarian origin identifies a particular period in American history when … More >
The Reverend Al Sharpton and various labor unions have announced a March for Jobs. But I’m afraid we’ll need more than marches to get jobs back.
Since the start of the Great Recession at the end of 2007, America’s potential labor force – that is, working-age people who want jobs … More >
Warren Buffett is a tough negotiator, which is one reason why he’s the second-wealthiest person in America.
So when the President refers to his new initiative to raise taxes on millionaires as the “Buffett rule” we might expect he’d start the bargaining from a tough position.
But this is Barack Obama, … More >