The Congressional Budget Office (CBO) forecasts the U.S. budget deficit will hit $1.3 trillion this year. An astronomical figure, to be sure, but that’s lower than was projected in March. It’s also less than last year’s record $1.41 trillion deficit, which was close to 10% of GDP. And, that’s the good news. As the deficit grows so does the national debt,... 

Global youth unemployment has hit a record high following the financial crisis and is likely to get worse later this year, the International Labor Organization (ILO) said Thursday. The report from the ILO says 81 million out of 630 million 15-24 year olds where unemployed at the end of 2009, some 7.8 million more than at the end of 2007. Thursday marks the first... 

Normally when I cover subjects in the economy, I try to take a “macro” approach, giving an overall view of various financial elements around the world and how they are clearly connected to one another in a greater synchronous social force. That is to say, in Chinese domestic consumption, or European debt obligations, or Russian gold reserves, and in many other... 

Union members hold up "I want to work" placards as they join a protest of several thousand people demanding jobs outside City Hall in Los Angeles on August 13, 2010. Even the criminals have fallen on hard times in America’s poorest city as the long-term unemployed struggle to keep a grasp on normality. Richard Gaines is one of the best-known faces on Camden’s... 

Depending on which path the economy takes – the high growth of the mid-1990s, moderate growth or little growth – joblessness could stay high for up to 11 years, a new study for the Center for Economic Policy and Research says. The study’s results prompted Sen. Al Franken and Rep. Keith Ellison, both D-Minn., to demand again that Congress pass legislation... 

Luc Everaert The International Monetary Fund this morning released its latest review of the eurozone economy, a collection of 16 countries that, judging from the report’s conclusions, are becoming the continent’s new Brothers Grimm. Growth is slow — and at risk of getting slower because bank credit has dried up. The banks themselves are undercapitalized... 

What are 308,367,109 Americans supposed to do? First of all, despite clamping down on immigration, our population grew by 2.6M people last year.  Unfortunately, not only did we not create jobs for those 2.6M new people but we lost about 4M jobs so what are these new people going to do? Not only that, but nobody is talking about the another major job issue.  People... 

The EU banking system is in big trouble. Many of the Union’s largest banks are sitting on hundreds of billions of dodgy sovereign bonds and non performing real estate loans. But writing down their losses will deplete their capital and force them to restructure their debt. So the banks are concealing their losses through accounting sleight-of-hand and by borrowing... 

Grim economic warnings are being sounded from the United States today after one of their top market forecasters and social theorists named Robert Prechter advised everyone to abandon the stock markets over what he says will be one of the largest financial crashes (of “staggering proportions”) to occur in over 300 years rivaling the Great Depression, the Panic... 

Eurozone’s unemployment figure continues to linger as around 16 million Euro currency users are still out of work, official data shows. Unemployment across the 16 countries which share the Euro stuck at a record 10 percent in May for the third month running, European Union data showed on Friday. The area’s unemployment rate has remained at its highest... 

Greece is raising cash by selling off an area of state-owned land on Mykonos for luxury tourism. Desperate attempt to repay debts also driven by inability to find funds to develop infrastructure on islands. There’s little that shouts “seriously rich” as much as a little island in the sun to call your own. For Sir Richard Branson it is Neckar in the Caribbean,... 

Britain's Prime Minister David Cameron speaks at the Open University in Milton Keynes, England Monday, June, 7, 2010. Cameron said the pain of cutting Britain's national deficit will be worse than previously feared and will affect everyone in the country. Laying out the reasons for squeezing spending, Cameron said the nation cannot avoid cutting a deficit which... 

The survey's findings underline suspicions that the new Chancellor, George Osborne, will have to firefight a full-blown crisis in Britain's biggest trading partner in his first years in office The single currency is in its death throes and may not survive in its current membership for a week, let alone the next five years, according to a selection of responses... 

Greek Riots of 2010 Europe is likely to see intermittent protests over the summer against painful economic measures, impacting markets but much tamer than the violent unrest in Greece that sent jitters through southern Europe. Long regarded as the most prone to street violence in western Europe — as well as the most financially troubled — Greece has seen several... 

Markets are in turmoil as there are fears of a major downward spiral for euro. Amid a festering financial crisis in Europe, the unemployment rate across countries using the euro currency has jumped to a historic %10.1 in April. According to statistics released by the European Union, almost 16 million people living in the Eurozone countries are currently out of jobs. The...