September 19, 2013 |
New census data released Thursday painted a grim picture of the economic recovery in the United States. Still there were bright spots in California. Poverty levels and household incomes for 2012 remained below 2007 levels in many parts of the country and haven't changed much from the year before. The number of Americans living in poverty -- a record 46.5 million -- remained largely unchanged in 2012. And the data show that the share of households with incomes below $24,999 stands at 24.4%.
September 19, 2013 |
Former Labor Secretary Robert B. Reich, who served in the Clinton administration, warned during an interview of the perils of widening income inequality in the United States, excessive executive compensation and the future of labor. Reich is promoting his new documentary, "Inequality for All," which looks at the income gap and possible solutions. The film premiered at the Sundance Film Festival in January and won a special jury prize in the documentary competition for director Jacob Kornbluth.
September 17, 2013 |
WASHINGTON -- Reflecting the sluggish economic recovery, the nation's poverty rate remained stuck at a near generation-high of 15% last year, while the average income of American households continued to stagnate, the Census Bureau reported Tuesday. The number of people living in poverty stood at 46.5 million in 2012, representing 15% of the country's population for the second year in a row. In 2010, the poverty rate reached 15.1%, the peak of the recent business cycle. The poverty figure was 12.5% in 2007, the year before the Great Recession.
September 13, 2013 |
Dear Liz: I'm 64 and lost my last full-time job a year ago. I have since exhausted my unemployment benefits and been on and off food stamps. (I'm waiting to get back on them right now because my temporary-to-permanent job didn't become permanent after all.) Fortunately I almost never need to go to a doctor, or if I do, I don't know that I do and can't afford to find out. I have about $3,000 in emergency savings, and my IRA is about $15,000. I was fortunate enough to sell a home in Hawaii 20 years ago, but I managed to run through all the money.
September 11, 2013 |
If you feel you're falling behind in the income race, it's not just your imagination. The wealth gap between the top 1% and the bottom 99% in the U.S. is as wide as it's been in nearly 100 years, a new study finds. For starters, between 1993 and 2012, the real incomes of the 1% grew 86.1%, while those of the 99% grew 6.6%, according to the study , based on Internal Revenue Service statistics examined by economists at UC Berkeley, the Paris School of Economics and Oxford University.
CALIFORNIA | LOCAL
September 7, 2013 |
Soon after she settled into her new dorm room at Cal State Northridge, Brittany Brockman figured she should give her new roommate fair warning: She's a bit of a neat freak. Her roommate, Leslie Rosales, 18, didn't make much of the admission. But she didn't know yet just how serious Brockman was. Brockman, 18, folds all of her clothes impeccably and organizes them by color. She doesn't like a dirty shower. And when the trash needs to be taken out, it needs to be taken out now . Inside a freshly decorated (mostly pink)
September 5, 2013 |
Well, that's one way to get into an Ivy League school. According to an email survey of more than 1,300 incoming Harvard students, the Harvard Crimson reports , 10% of the campus' new freshman class have cheated on tests and 42% have cheated on homework. That's probably going to be unwelcome news for the 377-year-old university, which is still recovering from a 2012 scandal in which more than 100 students were accused of cheating on a take-home exam for an introductory-level class on Congress.
August 30, 2013 |
WASHINGTON -- Consumers opened their wallets less last month as their income growth slowed, the government said Friday, raising doubts about a significant pickup in the economic recovery in the second half of the year. Consumer spending rose 0.1% in July after a upwardly revised 0.6% increase the previous month, the Commerce Department said. Personal income was up 0.1% as well, compared with a 0.3% rise in June. Analysts had expected consumer spending to increase by 0.3% in July.
August 29, 2013 |
Tribune Co., the parent of the Los Angeles Times, reported that earnings tumbled in the second quarter as revenue dropped sharply in its broadcast division and advertising continued to decline at its newspapers. The media giant reported net income of $66.3 million in the three months that ended June 30, a 61.2% plunge from $170.8 million in the year-earlier period. Revenue slid 10.5% to $730.2 million, while pretax income skidded 39.7% to $110.4 million. Tribune continued to reduce costs, with operating expenses dropping $50 million to $640.6 million.
CALIFORNIA | LOCAL
August 25, 2013 |
UC San Diego and UC Riverside are first and second in the annual "socially conscious" ranking of national universities being released Monday by Washington Monthly magazine. For the fourth year in a row, the San Diego campus topped the Washington Monthly list , which emphasizes such factors as enrolling and graduating low-income students, supporting research and encouraging students' public service. The 10-campus UC system once again did very well - with four campuses in the top 10 and six in the top 25. UC Riverside moved up to second nationally from ninth last year.