![WATCH: $1.2 Trillion In Budget Cuts As A Hollywood Disaster Movie [Brodner Cartoon]](http://rolandmartinreports.com/wp-content/themes/magnet/scripts/timthumb.php?src=http://rolandmartinreports.com/wp-content/uploads/2012/06/washingtondisastermovie.jpg&w=240&h=135&zc=1)
Source: Steve Brodner /Mother Jones Grover Norquist beats Republicans in line with a club while Democrats look on as helpless sheep trying to stave off a $1.2 trillion budget cut. Just another day in Congress? At theWashington Spectator, animator Steve Brodner reimagines the upcoming budget cut as an asteroid and our congressmen as the hapless astronauts tasked with stopping it. [...]
Source: Michael McAuliff / The Huffington Post WASHINGTON — The Senate overwhelmingly rejected a bid to preserve some $4.5 billion in food stamps funding, as part of the massive farm bill, on Tuesday. The amendment to keep that spending in the Supplemental Nutrition Assistance Program, offered by Sen. Kirsten Gillibrand (D-N.Y.), failed 33 to 66. Sixty [...]
According to a new survey from the Federal Reserve, the average American family’s net worth dropped by nearly 40 percent between 2007 and 2010, wiping out 18 years’ worth of accumulated wealth. The middle class was hit the hardest. High-income Americans had more cushion, and those with low incomes were protected somewhat by the safety [...]
Source: Charles Riley / CNN Money NEW YORK – The average American family’s net worth dropped almost 40% between 2007 and 2010, according to a triennial study released Monday by the Federal Reserve. The stunning drop in median net worth — from $126,400 in 2007 to $77,300 in 2010 — indicates that the recession wiped [...]
Source: AP / CBS News SACRAMENTO, Calif. – California Gov. Jerry Brown on Monday proposed more than $8 billion in cuts to close a widening California budget deficit but also said public schools will receive more money if voters approve his tax-hike initiative in November. The governor wants public employees to take a 5 percent [...]
Source: Susanna Kim / ABC News The life of an academic who pays hundreds of thousands of dollars in tuition and lives off stipends and scholarhips is becoming more financially treacherous. A skyrocketing number of Americans with Ph.D.s say they are facing a reality in which they are turning to food stamps to survive. One in [...]
Source: Michael A. Fletcher / The Washington Post States are caught in a fiscal vise as weak economic growth, dwindling federal help and increasing appeals from hard-pressed local governments squeeze their budgets. Things have improved since the worst of the recession, but states still face a dire fiscal situation, according to a report to be released [...]
Source: Jeff Karoub / Associate Press DETROIT — Detroit plans to cut 1,000 jobs by early next year to help deal with the city’s budget crisis and avoid the possibility of a state-appointed emergency financial manager, Mayor Dave Bing announced Friday. The mayor’s office said in a statement that layoff notices will be delivered the [...]
Source: Bill Proctor / WXYZ.com DETROIT - The City of Detroit is standing at the edge of a financial cliff. It’s running out of cash and soon won’t make payroll — that’s what a secret report says. It’s 22 pages of terror, said one former elected official who has deep knowledge of Detroit’s finances. The problem is [...]
Alabama’s most populous county filed what became the largest municipal bankruptcy in U.S. history in an effort to retake control of its beleaguered sewer system and wipe away as much of its whopping $4.15 billion in debt as possible. (Nov. 10) (The Associated Press)
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