A Bright Spot from Federal Budget Cuts: Fewer IRS Audits
Thanks to the government's austerity spending cuts, you have a lower chance of being audited this year. That's good news for you, but bad news for the federal budget.
austerity
What's Really Behind the Stock Market Rally?
So far, the stock market has avoided a spring slump like it experienced during the past three years, and some market watchers credit that to one clever UMass graduate student.
Economists' Excel Error Undermines Influential Paper
Carmen Reinhart and Kenneth Rogoff are economics luminaries, with chairs at Harvard and stints at the IMF. But is their most famous argument the result of an Excel mistake?
Obama Unveils $3.8 Trillion Spending Plan
Obama sends Congress a $3.8 trillion spending blueprint that seeks to tame runaway deficits by raising taxes further on the wealthy and trimming Social Security.
Cyprus Bank-Deposit Tax Sends World Markets Tumbling
Stocks around the world fell sharply Monday as investors gave their initial verdict to a weekend plan to tax depositors in Cypriot banks as part of the island nation's bailout.
U.S. GDP Shrinks for First Time Since End of Great Recession
The U.S. economy shrank from October through December for the first time since the recession ended, hurt by the biggest cut in defense spending in 40 years, fewer exports and sluggish growth in company stockpiles.
Fiscal Cliff Averted: And Here Are the Next 6 Crises to Worry About
The fiscal cliff has been averted -- at least for now. But if we've managed to dodge one devastating, intentionally-created crisis, there are plenty more massive problems on deck. Here's a list of the next six ways Washington could mess things up for tens of millions of Americans.
Thanks a Lot for the Disastrous Economic Legacy, Baby Boomers
Baby boomers were handed the American dream. They enjoyed a jobs boom, falling income tax rates, rising wages and a soaring Dow -- all part of an unprecedented "demographic dividend." And the inheritance they are leaving for the next generations: a giant economic mess.
'Pasty' Tax Battle Burns British Pols -- and Possibly Your 401(k)
Britons recently took to the streets to protest a plan to tax "pasties" -- popular baked goods that resemble Hot Pockets -- and the government couldn't take the heat. Here's why that tax protest victory is likely to leave a bitter taste in U.S. mouths.
U.S. Stock Futures Fall After European Voters Reject Austerity
The roiling political landscape of Europe pushed U.S. stock futures lower Monday as beleaguered voters in Greece and France rejected years of painful budget cuts. The Dow fell 46 points to 12,911. The S&P 500 slipped 5.7 points to 1,356.80. The Nasdaq fell 12 points to 2,613.50.
As Italian Drama Persists, Small Businesses Worry
The Atlantic Ocean is wide, but maybe not wide enough. On Thursday, markets had a mixed reaction to the deepening economic crisis in Europe. Some sources reported that the European Central Bank would step in. But in the U.S., small business owners are growing nervous.
It's Europe's Fault: They're Holding Back the Recovery
Many European nations have deficits that make the U.S. look thrifty, and over a year after their problems came to light, they're still holding the worldwide recovery back. But because they share the euro, normal solutions aren't available, which means the EU must bite the bullet and accept an orderly default, or watch matters spiral downward.
Renting Relics: An Offbeat Fix for Greek Debt Woes
Greece is in debt, in trouble, and its people are rebelling against austerity measures. But it's not without resources: What could the government in Athens get if it leased the Parthenon? Or naming rights to the Acropolis? Sacrilege, perhaps -- but when you really need the money...
The Financial Landscape: Debt Woes, Hedge Fund Regs
Politicians in both Greece and the U.S. are struggling to find the common ground necessary to keep their governments from defaulting on their debts; QE2 hasn't ended yet, and already the Fed is considering QE3; and the SEC finally starts to regulate Wall Street's hedge funds.