Personal Finance

Which is the more important statistic: A 36 percent decline in U.S. median household net worth since 2003, or a 43 percent decline in that same statistic since 2007? The average person would certainly be more concerned about the latter, which represents an annual drop of about 7 percent compared to the less than 4 percent per year seen in the past decade. But apparently if you're a reporter…

There were two pieces of significant economy-related news today. The first was that the Conference Board's index of leading economic indicators increased for the fifth straight month, this time by 0.3 percent, while May's increase was revised up to 0.7 percent. The second was that the University of Michigan's preliminary June reading on consumer confidence came in at 81.3, a decline from May.…

In an extended screed against the horrors of income inequality, HBO’s John Oliver ripped into his adopted home country for its inaction on this supposedly devastating issue. The British-born Last Week Tonight host showed clip after clip dedicated to furthering his point, stating with sarcasm that the “roaring 20s were famously the party that never ended,” in reference to the looming depression…

At the top of the 9 a.m. ET hour on Wednesday's NBC Today, weatherman Al Roker suggested in jest that his colleague David Gregory deserved to be punched in the face by former President Bill Clinton after the Meet the Press moderator asked Clinton in a recent interview about wife Hillary being "out of touch." Roker joked: "You know, I'd give anything if after David finished the question, Bill…

MSNBC has been covering President Obama’s White House Summit on Working Families intently thus far today, and the trend continued on the June 23 edition of Andrea Mitchell Reports. Guest host Peter Alexander brought on Charmaine Givens-Thomas to discuss her efforts in petitioning President Obama to set up a meeting with Wal-Mart workers to highlight low wages, inequality, and the lack of…

Former U.S. Labor Secretary Robert Reich made a very curious statement on Monday’s Morning Joe. During a roundtable discussion on income inequality, former congressman Harold Ford Jr. (D-Tenn.) asked Reich what policies, besides raising the minimum wage, the government should employ in order to improve economic mobility and increase middle class purchasing power. [Video below. MP3 audio here…

Associated Press stories today on the quarterly earnings releases of Wells Fargo (unbylined) and JPMorgan Chase (by Steve Rothwell) essentially mocked the nearly continuous monthly stream of reports the wire service's economics writers, particularly Martin Crutsinger and Chris Rugaber, have generated about the "housing recovery" during at least the past year. The Wells Fargo story disclosed…

On CNN’s State of the Union Sunday, host Candy Crowley asked a question of Gov. Scott Walker (R-Wisc.) that should offend people on both sides of the aisle. “If I am an unemployed American…or if I am a minimum wage worker…why would I become a Republican?” (video follows with transcript and commentary):

In an earlier post today (at NewsBusters; at BizzyBlog), I noted that reporters at Politico and CNNMoney.com seemed mystified at a CNN/Opinion Research Corporation poll showing that 68 percent of Americans believe the economy is in poor shape, and that over half believe it will still be that way a year from now. One reason for their incredulity is that, perhaps deliberately, they haven't been…

ABC This Week viewers were treated to a classic conservative versus liberal debate Sunday. When former Clinton labor secretary Robert Reich tried to blame the increase in poverty in the past five years on Republicans, former Speaker of the House and current CNN host Newt Gingrich called it "baloney" firing back, "Every major city which is a center of poverty is run by Democrats" (video…

Former Federal Reserve Chairman Alan Greenspan made some rather ominous economic observations Sunday. Appearing on CNN’s Fareed Zakaria GPS, Greenspan said, “[T]he level of uncertainty about the very long-term future is far greater than at any time I particularly remember.” He blamed it on “government intervention [that] has been so horrendous that businesses cannot basically decide what to…

On October 3, the National Retail Federation projected that "sales in the months of November and December" will "marginally increase 3.9 percent to $602.1 billion, over 2012’s actual 3.5 percent holiday season sales growth." But on October 16, it warned that "the average holiday shopper will spend $737.95 on gifts, décor, greeting cards and more, two percent less than the $752.24 they actually…

You would think that economic forecasters, who have been obsessing over the impact on economic growth of October's 17 percent partial government shutdown might have noticed that a lot of people have all of a sudden learned that they're about to experience a major cut in their take-home pay. You would be wrong. Hundreds of thousands of Americans had received health insurance cancellation…

Kathleen Pender at the San Francisco Chronicle (HT Zombie at PJ Media) had some Obamacare-related financial advice for her readers on Saturday: "Consider reducing your 2014 income by working just a bit less," because doing so could get you a "huge health care subsidy." This is not news to anyone who has studied Obamacare in detail, and shouldn't be a revelation to anyone in the business press…