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US Poverty Hits Record High: 1 in 6 Americans Living Below Poverty Line

46 million Americans (15.1 percent of the population) are living below the federal poverty line – the highest in percentage since 1993 and the most in absolute numbers since 1959 – according to a report by the US Census Bureau on Tuesday.

In 2010, 2.6 million Americans joined the ranks of individuals living below the poverty line – set at US$22,113 for a family of four and US$11,139 for an individual – raising the percentage of poor Americans from 14.3 to 15.1 percent.

The Inflation Solution – More Harm Than Good? : Raghuram Rajan

14 September 2011.

The obvious solutions to economic stagnation have been tried and have failed. Clearly, more innovative ideas are needed to reinvigorate the economy. The latest proposed solution making its round have been to use a sharp, contained bout of inflation as a way to reduce debt. While it may seem like an attractive solution at first glance, there is cause for concern.

Infographic: China vs. America in Education

The Chinese and American education systems have notable differences in terms of style, syllabus, structure, and emphasis. Although American schools have long had a history of producing highly capable graduates, Chinese schools have also been adapting its style to make it more “american-ised”.

Japan Contemplates Extra Budget of ¥1-2 Trillion to Boost Economy

The Japanese government is considering adding a fourth extra budget of ¥1-2 trillion (US$13-26 billion) for the current fiscal year as a means to fund additional economic steps without issuing new bonds, said the Yomiuri newspaper, as cited by Reuters, on Wednesday.

According to Yomiuri, the Japanese government will commence work on the budget in November, with the budget expected to last till the end of the fiscal year in March 2012.

Italy Seeks Chinese Cash to Buy Bonds

The Italian Finance Ministry has held talks with Chinese officials in an attempt to persuade Beijing to buy “significant” amounts of Italian bonds and invest in strategic companies.

The G-20 Must Get Its Act Together: Gordon Brown

The G-20 lost it way after 2009 when its member states abandoned efforts to coordinate global economic policies for national solutions. Going alone though has reached its limits. The way forward to sustained growth and employment is not through a flurry of one-off national initiatives, but rather through global policy coordination.

Germany Moves Fast in Nominating New Official at ECB

Germany has nominated its deputy finance minister, Jörg Asmussen, to succeed its former top official at the European Central Bank (ECB) Jürgen Stark, following Mr. Stark’s shock resignation last Friday.

Stark was said to have officially resigned for “personal reasons,” though many experts have cited his staunch opposition to the ECB’s accelerated bond-purchase program as the primary reason for his departure.

Greece Unveils More Budget Cuts and New Property Tax

Amidst heavy protest from its citizens over months of austerity measures, the Greek government has once again announced new budget cuts – including cutting the salaries for all elected politicians – and a one-time property tax in an attempt to raise 2 billion euros by the end of the year.

A Decade of Hurt – The Economic Legacy of 9/11: Joseph Stiglitz

The events of September 11 2001 forever altered the course of human history. Till today, Americans continue to bear the bulk of the cost for the tragedy – both economically and socially. However in the aftermath of 9/11, it has been disheartening to note that a large portion of the cost could have been avoided.

Obama Urges Congress to Pass US$447 Billion American Jobs Act

US President Barack Obama called on Congress to pass a US$447 billion “American Jobs Act” that would see tax cuts for workers and businesses, subsidies for state and local governments, and investments into infrastructural projects.

[quote]”I am sending this Congress a plan that you should pass right away. It’s called the American Jobs Act,” said Obama in his speech late Thursday evening.