Social Security In The Red This Year
Social Security will pay out more this year than it gets in payroll taxes, marking the first time since the program will be in the red since it was overhauled in 1983, according to the annual authoritative report released Thursday by the program's actuary.
Food Stamp Use Hit Record 40.8m
The number of Americans who are receiving food stamps rose to a record 40.8 million in May as the jobless rate hovered near a 27-year high, the government reported yesterday.
China's Economy Passes Japan
China is set to overtake Japan as the world's second-largest economy in a resurgence that is changing everything from the global balance of military and financial power to how cars are designed.By some measures it has already moved to second place after the U.S. in total economic output — a milestone that would underline a pre-eminence not seen since the 18th century, when the Middle Kingdom last served as Asia's military, technological and cultural power.China is already the biggest exporter, auto buyer and steel producer, and its worldwide influence is growing. The fortunes of companies from Detroit automakers to Brazilian iron miners depend on spending by China's consumers and corporations. And rising wealth brings political presence: Chinese pressure helped to win developing countries a bigger voice in the World Bank and International Monetary Fund.
China Surpasses US as World's Top Energy Consumer
China is now king of the world in energy consumption, surpassing the U.S. years ahead of forecasts in a milestone that left the Asian giant immediately rejecting its new crown. Sensitive to its status as the world's biggest polluter, China has long pointed fingers at developed nations in climate change talks and resists any label that could increase international pressure for it to take a larger role in curbing greenhouse gas emissions. When the Paris-based International Energy Agency released its data on Tuesday, China branded it "unreliable." The United States still consumes more energy and oil per capita than China. But China's faster-than-expected shift has global consequences for markets and the environment, reflecting its transformation from a nation of subsistence farmers to one of workers increasingly trading their popular bicycles for cars and buying air conditioners and other energy-hungry home electronics.
Toyota Concedes 2 Flaws Caused Loss of Control
Toyota said Wednesday that its investigation of about 2,000 vehicles reported to experience sudden acceleration found evidence that sticking accelerator pedals and interference by floor mats — the subjects of two big recalls — did indeed cause some of the incidents.
Deposits Worth Up To $3 Trillion
Initial discoveries of untapped mineral deposits in poverty-stricken Afghanistan are "worth up to three trillion dollars", the country's mines minister said Thursday. The government tally came three days after US officials put their estimate of the value of the country's reserves of iron, copper, cobalt and gold at at least one trillion dollars.
