ECONOMY

Economy

Despite Flaws, Harvard Economists Stand By Research

12:22pm April 18, 2013

by Jim Zarroli

At what point does debt start to drag down an economy? Harvard economists Carmen Reinhart and Ken Rogoff have argued that a debt to GDP ratio of 90 percent is a red line of sorts. That idea is under attack with economists from the University of Massachusetts charging that Rogoff and Reinhart used selective data to make their case.

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Economy

Taxes Without Returns: Pipe Dream Or Possibility?

3:34pm April 15, 2013

A system known as "return-free filing" would allow filers to receive a pre-filled tax return prepared by the government and make any necessary tweaks. According to a ProPublica-NPR report, this approach, which exists in some countries, has taxpayer advocates at odds with tax preparation companies.

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Robert Oliver, 27, dances on the corner of 28th and Crenshaw in west Los Angeles, dressed in a Statue of Liberty costume outside the offices of Liberty Income Tax.

Tax Day Is This Statue Of Liberty's Last Day Of Work

1:28pm April 15, 2013

by Nina Gregory

At the corner of Crenshaw Boulevard and 28th Street in Los Angeles, you'll find Robert Oliver wearing a Statue of Liberty costume and dancing to promote Liberty Tax Service. "I'm never embarrassed to be out here," he says. "I'm proud of what I do."

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What Obama's Tax Proposal Could Cost Him, And Us

12:50pm April 13, 2013

by Scott Horsley

Both President Obama and Republican lawmakers say they're willing to close loopholes in the individual tax code. The argument is over what should be done with the money after that.

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Texas Contractors Say Playing By The Rules Doesn't Pay

8:35pm April 11, 2013

by Wade Goodwyn

With a large labor force willing to work for low wages, construction may appear to be a lucrative field for contractors in Texas. But prices have been driven so low that many say they can't compete if they play by the rules. Instead, some misclassify their workers or turn a blind eye to undocumented laborers.

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Passersby watch share prices spike in Tokyo on April 4, the day Japan's central bank announced a massive purchase of government bonds. The bank hopes the scale of the effort will boost Japan's slow-moving economy.

Japan's Big Stimulus Move Shocks Globe's Market Watchers

5:49pm April 11, 2013

by John Ydstie

Few expected the Bank of Japan's program to buy up government bonds to dwarf the Federal Reserve's similar effort in the U.S. Japan's stock market has soared and the yen's value tumbled. Thus far, the move is boosting exports, but is also making Asian competitors nervous.

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How The Latest Budget Could Affect You

2:51pm April 10, 2013

President Obama unveiled his fifth annual budget proposal to Congress Wednesday, offering a mix of tax increases and spending cuts. The newest changes include cuts to Medicare and Social Security benefits. Across the country, some are only beginning to feel the affects of sequestration.

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Some Public Defenders Warn: 'We Have Nothing Left To Cut'

7:20am April 10, 2013

by Carrie Johnson

Around the country, budget cuts are bringing some federal public defenders to the breaking point. "We can't not pay the rent, and ... everything else is personnel. We can't send a computer to court," says Washington, D.C., public defender A.J. Kramer.

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Administration Urges Europeans To Ease Austerity Measures

9:14am April 09, 2013

Treasury Secretary Jack Lew is on his first trip to Europe, pushing for leaders to let up on strict steps that were enacted during the financial crisis. His trip comes as President Obama prepares to send his budget plan to Congress. It's said to include cuts to Social Security and Medicare. David Greene talks to Lew, who's in Berlin to meet with Germany's finance minister.

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Electrolux's new plant in Memphis, Tenn., is the Swedish appliance company's most modern and high-tech facility. The factory will open this summer while an Electrolux plant in Quebec, Canada, is being shuttered.

One Manufacturing Giant Creates Winners And Losers

9:59pm April 08, 2013

by Andrea Hsu

Residents in Memphis, Tenn., are thrilled that Swedish appliance giant Electrolux is opening a new factory there this year. The company plans to employ 1,200 people at the new, high-tech facility. But in Webster, Iowa, an Electrolux plant closure in 2011 has left the local economy reeling.

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