America’s shrinking household wealth

The net worth of American families is shrinking. The median net worth of households grew since 1989 till about 2005 when it started to shrink and today it stands lower than 1989. The loss occurred more rapidly than the time it took to build up the household wealth. Except for 75 and older age group, […]

Look who is turning 80?

The Social Security system in the United States will turn 80 on August 14, 2015. Social Security is the sole source of income for one in four recipients. President Franklin D. Roosevelt signed the Social Security Act into law. But more than half of working Americans doubt that it will be there for them when […]

Greek debt saga takes a dramatic turn

New government in Greece came into power vowing to renegotiate Greek debt. Greece owes more than $271 billion mainly to the European Central Bank (ECB) and the International Monetary Fund (IMF). An installment of $1.72 billion is due to the IMF at the end of June 2015 and rumors are floating that Greece may default […]

Will Greece leave the European Union?

Greece and the European Union (EU) are making headlines again these days. The current government in power in Greece wants to renegotiate bailout money they received from international lenders, the Euro Zone and the International Monetary Fund (IMF). Greeks put the new government in power hoping that austerity measures that make their lives more difficult […]

Fraudulent tax filing by hackers

In February, the popular tax filing software, Turbo Tax found increased fraudulent activity in filing state returns and briefly stopped submitting returns. Taxpayers who were affected by the fraudulent activity were unable to file their state tax returns. More than 19 states were affected by the fraudulent tax filing scheme. How could a hacker file […]

Will the Greece exit the European Union?

Many expected Greece to default on its borrowings and even exit the European Union (EU) and the Euro Zone. Much of its bailout money came from the EU and the International Monetary Fund (IMF). Instead, after recent parliamentary election victory by the far-leftist party, Syriza and the new government in Greece is launching a new […]

Falling oil prices

World oil prices are continuing its slide from a record high of over $130 a barrel of Brent crude in 2008 to a $60 a barrel in early December 2014. It was less than $25 a barrel in 1987. Major economies that are feeling the pinch include oil exporting countries such as Russia, Saudi Arabia, […]