U.S. household wealth rose by $1.2 trillion in the third quarter and household debt contracted at a slower rate than previously, according to Federal Reserve data on Thursday that showed slow repair to household finances in a weak recovery. Get the full story »
Inside these posts: Personal incomes
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U. of C. law professor stops blogging after outcry
Todd Henderson. (University of Chicago photo)
A law professor at the University of Chicago, where President Barack Obama once taught, is sorry he ever complained about the president’s tax policies.
Todd Henderson last week wrote on a blog about the effect the expiring Bush tax cuts would have on his family. He said his family, whose household income is north of $250,000, could not afford higher taxes. His wife is a doctor at the University of Chicago Hospitals.
“A quick look at our family budget, which I will happily share with the White House, will show him that like many Americans, we are just getting by despite seeming to be rich. We aren’t,” Henderson wrote on the blog “Truth on the Market.” Get the full story »
Americans’ wealth drops for 1st time since early ‘09
Americans’ wealth shrank in the spring for the first time since early 2009 as financial turmoil eroded stock portfolios.
The Federal Reserve says household net worth fell 2.7 percent — or $1.5 trillion — in the April-to-June quarter. The decline left Americans’ net worth at $53.5 trillion. Get the full story »
1.6M personal bankruptcies predicted for 2010
Consumer bankruptcies at the highest level since Congress changed the bankruptcy law in 2005 and made it tougher for people to file for relief from their debts, according to American Bankruptcy Institute Executive Director Samuel J. Gerdano. And he has estimated that by the end of this year, personal bankruptcies for 2010 will have totaled 1.6 million.
Researchers: Pay raises coming … next year
From CNN | The weak economy will continue to keep a lid on salary increases this year, but the outlook for next year is slightly better, according to a survey released Tuesday.
The Conference Board, a New York-based business research group, said the median budget for salary increases — meaning the percentage of payroll that companies set aside for raises — stands at 2.5 percent for the second straight year in 2010. Get the full story »
