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Fearful Americans save more as recovery slows

Americans are saving more and spending less, putting a choker on the economic recovery, data showed Tuesday, as the US government warned sky-high unemployment may yet worsen. The mighty American consumer — whose thirst for new products has for decades been a mainstay of the global economy — has trimmed…

Senator introduces legislation to shift tax burden back to billionaires

Independent Sen. Bernie Sanders (I-VT) is sick of the super-rich avoiding estate taxes. On Thursday, he made good on his word: he today introduced legislation to restore the estate tax on the wealthiest Americans, which he says would bring in at least $264 billion in the next ten years to…

Obama advisor: BP has ‘financial interest’ in downplaying spill size

BP official downplays potential leakage from latest plan Scientists have said that up to twenty percent more oil could gush out after underwater robots cut off the the pipe at the top of the blow out preventer but BP’s managing director tried to downplay the potential increase Tuesday. This next…

18 veterans kill themselves every day: report

The suicide rate among war veterans is extraordinary, new data reveals. Thirty try to commit suicide each day, on average, reports the Army Times. Eighteen succeed, roughly five of whom receive medical care from Veterans Affairs, rated one of the best health programs in the country. “Of the more than…

March jobs data shows biggest growth in three years

The recession-racked US economy is “beginning to turn the corner,” President Barack Obama said as data showed 162,000 jobs were created in March, the biggest increase in three years. The US Labor Department said Friday that job creation leaped dramatically in March after years of near-continual losses, although the increase…

Insurers score big win as parliamentarian blocks rate hike watchdog

A Democrat’s proposal to create a government watchdog board which would vet insurance premium hikes is likely off the table after the Senate parliamentarian ruled that the proposal isn’t suitable to be added in reconciliation, the budget measure Democrats are using to move health care reform forward in the Senate.…

Economy grows 5.7%, fastest rate in six years

The U.S. economy grew at a faster-than-expected 5.7 percent pace in the fourth quarter, the quickest pace in more than six years, as businesses reduced inventories less aggressively, the Commerce Department said on Friday. The first estimate put fourth-quarter gross domestic product growth at its fastest pace since the third…

Top Obama aide: Jobless rate may grow in coming months

President Barack Obama’s top economic aide Christina Romer said Sunday the US jobless rate could rise further and that the improving US economy is not yet out of recession. Asked if the 10 percent unemployment rate could go higher, Romer, who heads up the White House Council of Economic Advisers,…

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