The Washington Post published an interesting article Monday that showed one in four Americans with 401(k) and other retirement savings accounts are using them to pay for their current expenses. For millions of Americans, they’re using a quarter of the annual $293 billion deposited for retirement for the now. According to the study by financial […]
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Will Fitch Ratings downgrade the U.S. credit rating over debt limit?
Fitch Ratings warned Tuesday that the United States could lost its top credit rating if there is a delay in raising the nation’s debt limit. America’s credit rating was lowered in 2011 when the Republicans and Democrats fought over a debt ceiling deal. The U.S. has to raise its debt ceiling by Mar. 1 or […]
U.S. Treasury will not mint $1 trillion platinum coin to deal with debt
Anthony Coley, a spokesperson for the United States Treasury Department, issued a statement to the Washington Post on Friday that confirmed that the Treasury will not be minting a $1 trillion platinum coin to evade the debt ceiling. Even if the Treasury Secretary ordered the department to do it then the Federal Reserve would not […]
Peter Schiff: The CPI is a total fraud, numbers are wrong
Peter Schiff, president of Euro Pacific Capital and former Republican Senate candidate, appeared on CNBC this week to discuss gold and inflation. It was another lively interview because the host and the guests concurred that there was no inflation (the government’s reported numbers were 1.8 percent), but Schiff took down the idea. In the interview, […]
Chart: Unemployment rate by education in 1992 vs. 2012
Common Sense Capitalism published a short video last week that compared the unemployment levels by the category of education between 1992 and 2012. Right now, the official unemployment rate is at 7.8 percent, but as ECN has reported in the past that the number is at least in the low-20s. Here are the figures from […]