Perry energy jobs may take years to create

"I believe one of the quickest ways to create jobs and restore investor confidence in America is to expand energy production in America," the Republican presidential contender, who plans to roll out other parts of his economic plan in coming days, said in his proposal.But there's at least one big problem with Perry's plan ... it could take years...

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Breast cancer entrepreneurs

Patricia Brett lost three aunts to breast cancer; her two younger sisters were diagnosed with it; and six first cousins all have the disease. In 2002, Brett, an architect by training, was diagnosed with the BRCA1 gene, meaning there was an 85% chance that she would get breast cancer in her lifetime.A year later, Brett underwent a preventive...

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7 hot startup incubators

A lack of high paid jobs has created a wellspring of entrepreneurs in New Mexico. "Entrepreneurship for a long time has been key to this area," said Agnes Noonan, president of WESST, a statewide small business development and training organization.Consequently, New Mexico has become a rich financial ecosystem that offers startups access to private...

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Buffett Rule could hit 25% of the very rich

The Buffett Rule is a guiding principle for tax reform to ensure that millionaires pay a higher percentage of their income in federal taxes than those who make less.The CRS found that 94,500 millionaires pay an effective federal tax rate that is less than that paid by 10.4 million moderate-income taxpayers.That is, 25% of those with adjusted...

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House Democrats call for bank fee probe

Rep. Peter Welch of Vermont, the Democratic Chief Deputy Whip in the House of Representatives, told reporters Thursday he has sent a letter to Attorney General Eric Holder urging him to explore whether banks have engaged in what's called "price signaling," a tacit agreement not to compete on matters such as the strategy and implementation of...

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Bring profits home and create jobs? Maybe not

Proponents from the left and right say it could create jobs and boost revenue. Critics -- also from the left and right -- say it would do just the opposite, costing the economy jobs and the government revenue.Just this week, a group of fiscally conservative House Democrats sent a letter to the congressional debt committee endorsing the idea,...

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China-U.S. trade wars: What's at stake

The U.S. Senate, in a rare show of bipartisan agreement, passed a bill Tuesday that would slap steep taxes known as tariffs on imports from nations with undervalued currencies. It is a provision aimed squarely at China's yuan, and it prompted harsh attacks from Chinese officials."Should the proposed legislation be made into law, the result would...

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Oil speculation seen adding $600 to your gas bill

Consumer spending is the main driver of the U.S. economy, and gasoline spending is responsible for less than half of all U.S. oil product consumption, CFA said. In the current weak economic environment, the consequences of rising oil prices are very serious."When speculators, oil companies and OPEC rob consumers of that much spending power, the...

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First-time jobless filings remain above 400,000

There were 404,000 initial unemployment claims filed in the week ended Oct. 8, the Labor Department said Thursday, down 1,000 from the prior week's revised 405,000. Economists had forecast initial claims to rise to 406,000, according to a consensus estimate compiled by Briefing.com. "The pace of layoffs has nudged up a bit, but we are not...

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Fed leaves door open on QE3

But the minutes released Wednesday showed that the possibility of a third round of asset purchases, known as quantitative easing or QE3, is still very much alive."A number of participants saw large-scale asset purchases as potentially a more potent tool that should be retained as an option in the event that further policy action to support ...

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Debt committee could raise risk of U.S. downgrade

"The public is watching very closely to see if we can show this country that this democracy can work. I carry that weight on my shoulders as does every member of this committee," Sen. Patty Murray, the bipartisan committee's Democratic co-chair, told CNN last week.That's a lot of pressure for the 12 lawmakers who have until Nov. 23 to demonstrate...

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Senate rejects Obama's jobs bill

This dismissal, while not altogether unexpected, still comes as a grave disappointment to the millions of unemployed Americans who have been waiting for Congress to do something other than trade barbs over their job creation plans. Now, the jobless are expecting to see their unemployment checks start to disappear come January. More than 6 million...

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Volcker Rule gets FDIC approval

WASHINGTON (CNNMoney) -- The board of the Federal Deposit Insurance Corp. on Tuesday approved a draft version of a rule aimed at cracking down on big banks that make risky bets with their own money or own hedge funds.The FDIC board unanimously passed the draft rule, agreeing it should be published so regulators can collect public comment. At the...

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Jobs report: Good news for Obama? Not exactly

Here's the problem: 103,000 new jobs a month is still about 50,000 jobs off the pace economists say is needed just to keep pace with population growth.The unemployment rate stands at 9.1%. It's been half a year since the economy added more than 150,000 jobs in any one month.And the problems driving unemployment -- slow growth and a crippled housing...

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Herman Cain's 9-9-9 tax plan: Break for the rich?

ain, who's recently moved up in the polls to become one of the leading Republican presidential candidates, is basing much of his campaign on what he calls the 9-9-9 plan, which would get rid of almost all current taxes and replace them with a 9% flat tax on income, a 9% flat corporate tax and a 9% national sales tax.Cain claims his system would...

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Not a recession. But who cares?

Yes, the good news from Friday's jobs report is that more jobs were added than expected in September. In addition, jobs growth figures for July and August were revised higher. Some feared that there could be a loss of jobs after the government originally reported that no jobs were added in August."Hopeful means not horrible," said Bill Seyfried,...

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$1.3 trillion deficit for 2011, CBO says

The deficit is the annual gap between what the government spends and what it takes in. Accumulated deficits make up the national debt, which is currently $14.8 trillion. The fiscal 2011 deficit accounted for 8.6% of the size of the overall economy -- down slightly from 2010, when the deficit was about 9% of GDP. One reason for the slight improvement:...

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Millionaire tax would cover cost of Obama jobs bill

 CBO to debt committee: Cutting now could hurtThe single largest measure in the package -- reducing revenues by $265 billion -- is an extended and expanded payroll tax cut.Employees normally pay 6.2% on their first $106,800 of wages into Social Security, but they are now paying only 4.2%. That break is set to expire at the end of December,...

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Local government jobs evaporate

State and local governments shed 90,000 jobs in the most recent quarter, the third largest loss on record. The sector has downsized for 27 of the past 33 months, according to IHS Global Insight. However, it had been looking even more bleak, but Friday's report showed that July and and August weren't as dire as originally thought. The sector...

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OECD indicators paint dark picture of global economy

The outlook for the world's major economies is continuing to darken according to the latest data from the OECD published on Monday, which showed sharp falls in leading indicators for all countries except Japan. The Paris-based Organization for Economic Cooperation and Development said its composite leading indicator (CLI) for its 33 member countries dropped for a fifth straight month in August, hitting 100.8 after 101.4 in July and signaling a slowdown in economic activity. Individual country readings fell across the board, including for...

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Insight: New bankruptcy ripples may emerge

span class="articleLocation">Three years after the collapse of Lehman Brothers touched off a tidal wave of bankruptcy filings, corporate failures may be about to pick up again, with some big-name companies among those struggling for survival. Companies in a range of businesses, including hair salons, restaurants, renewable energy, and the paper...

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For Americans, recovery feels like recession: study

No wonder many Americans feel as if the economy never recovered at all. The incomes of U.S. workers, adjusted for inflation, fell even more rapidly since the rebound began in the summer of 2009 than during the recession itself, according to a new study. The findings from research conducted by two former Census Bureau economists offer insight...

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Sept small business confidence improves: NFIB

  Small businesses in the United States grew more confident in the economy's future for the first time in seven months during September as their outlook for sales improved, according to survey released on Tuesday. The National Federation of Independent Business said its Small Business Optimism Index rose 0.8 point to 88.9. The increase...

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Credit terms for dealers little changed in summer: Fed

Big firms that finance securities and derivatives dealers grew more wary about terms they were offering over the summer after easing terms for a lengthy period, a Federal Reserve study on Tuesday showed. "Responses to the September survey pointed to small changes in credit terms across major classes of counterparties with no clear overall bias toward either easing or tightening over the past three months, in contrast with the broad-based easing that had been since...June 2010," the Fed survey said. The so-called Senior Credit Officer...

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Wall St jobs, bonus outlook dims for 2011

span class="articleLocation">  span class="articleLocation">Wall Street cash bonuses are likely to drop for the second year in a row, the New York State Comptroller said on Tuesday. The securities industry, one of the biggest employers in New York State, could also lose another 10,000 jobs by the end of 2012, according to the report. The ...

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Executives tell Obama how to create jobs

  President Barack Obama could create millions of jobs by attracting more foreign capital to the United States, helping entrepreneurs and being more aggressive in energy, business leaders said on Monday. In a new report, the chief executives of GE, Intel, Boeing and other companies also backed White House proposals to fix infrastructure...

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