April 15, 2013 |
Gold prices plunged to a two-year low as investors fled from precious metals. It was the second day of decline for gold as the economy improves and fears of inflation in the U.S. ease. Gold is often purchased as a hedge against inflation. The price of an ounce of gold was down 7% to as low as $1,398 an ounce Monday, after falling 5% on Friday. The recent all-time high was $1,924 an ounce. Silver and copper prices also dipped. Concerns that China's formidable economic expansion is slowing sent jitters through the market.
April 14, 2013 |
Venezuela's interim president, Nicolas Maduro, squares off Sunday with Miranda state Gov. Henrique Capriles in an election that will decide who will complete the term of Hugo Chavez, who died March 5 after designating Maduro as his political heir. Voters will be influenced by how they fared under Chavez's Bolivarian Revolution, which reduced poverty but also brought rampant inflation, soaring crime and food shortages. Here is a snapshot of Venezuala after 14 years of Chavismo. Economy: Pressing issues include a 20% inflation rate, a ballooning government deficit and a dearth of investment.
April 6, 2013 |
WASHINGTON - A few hours before midnight during a marathon budget session, Sen. Bernie Sanders of Vermont, the only member of Congress elected as a socialist, called for a vote on his proposal to oppose any cut in cost-of-living adjustments for veterans benefits. With no opposition from senators on the floor, Sanders watched as his measure was unanimously adopted. In this first salvo ahead of the next round of budget battles with the White House, score one for the real-life socialist; zero for the president who is often derided as one. President Obama, however, was not dissuaded.
April 2, 2013 |
In his March 22 blog post criticizing proposals to switch from the consumer price index to "chained CPI" to determine cost-of-living adjustments for Social Security beneficiaries and other items in the federal budget, Michael Hiltzik claimed that there were "no grounds" for the statement made in a recent paper from the Moment of Truth Project (" Measuring Up, The Case for Chained CPI" ) that the chained CPI provides a more accurate measure of inflation than the measure currently used. In fact, experts across the ideological spectrum agree that the chained CPI is indeed more accurate.
March 14, 2013 |
NEW YORK -- As the stock market continues to trend relentlessly upward, calls to raise wages for those at the bottom of the pay scale are becoming louder. After months of protests and marches, Iowa's Sen. Tom Harkin and California Rep. George Miller introduced a bill to tie the minimum wage to inflation, and various groups have responded in support and protest of the bill. But as a Senate Committee held a hearing Thursday on the Fair Minimum Wage Act of 2013, it became evident that what you think about the proposal might be related to what you think about the state of Oregon.
February 27, 2013 |
Hyundai Motor America is inching closer to a settlement of claims it inflated the fuel economy ratings of its vehicles. Details of the deal are still to be worked out, but the automaker is expected to reach a settlement in 38 lawsuits on the fuel economy mislabeling, which have been combined and are being heard in U.S. District Court in Los Angeles. Its corporate sister, Kia Motors America, is expected to also settle the litigation. Photos: Vehicles with overstated fuel economy claims In November, the South Korean automakers said they overstated the fuel economy on nearly 1 million late-model vehicles after the discrepancy was discovered by the U.S. Environmental Protection Agency, which monitors the fuel economy tests by automakers.