Text A+A-

Tuesday, July 29th, 2014

General Motors (GM) will give compensation to t...

Anisha_-_gm_article
General Motors (GM) announced in late June 2014 that all people who have been killed or seriously injured in accidents due to product recalls will be given monetary compensation. The plan consists of a generous fund that will give compensation to any family affected, even if their case has already been settled, and covers people who have been hurt in a crash in any way, whether they were a driver, passenger, or pedestrian. The safety issues in GM vehicles that are causing the company to recall have resulted in thirteen deaths and many injuries. Kenneth Feinberg, an attorney who specializes in compensation following disasters, made the detailed plan public on June 30th. Feinberg, not GM, will…
Read more...

Student debt reaches alarming levels in the U.S.

Warren
The United States Senate blocked Democrat Elizabeth Warren’s proposal last month to allow public and private student loan borrowers to refinance their loans at 2013-14 interest rates. Many Republicans saw the bill as a shady form of politics. “Senate Democrats don’t want a solution for their students, Senator Mitch McConnell told reporters prior to the vote. “They want an issue to campaign on.” U.S. President Barack Obama issued an executive order on June 9 that will cap student loan payments at 10 percent of their annual income. “Everything I do is aimed toward reversing those trends that put a greater burden on the middle class,” the U.S. President announced in the subsequent news conferen…
Read more...

Canada’s middle class richer than U.S. middle c...

Money5
In late April 2014, Canada replaced the United States as the nation with the wealthiest middle class in the world, according to data from the Luxembourg Income Study Database (LIS). Although the last U.S. recession ended in 2009, and the economy has grown since, the wealth of the middle class, the majority in the U.S., has been falling. Households that fall in the lower socioeconomic tier are also hurting. According to the LIS, families in the lowest one-fifth, or 20th percentile, of the population in Canada, Sweden, Norway, Finland, and the Netherlands now make more money than similar families in the U.S, a statistic that has flipped over the past 35 years. Many factors have led to the rise…
Read more...

New data predicts China to replace U.S. as worl...

Economy
The International Comparison Program (ICP), a subsidiary of the World Bank, released a report on April 30 which predicts that China will replace the United States as the world’s largest economy as early as 2015.   The report uses economic surveys, which are conducted on 150 countries every three to five years. The findings are then categorized and turned into comparable data based on Purchasing Power Parities (PPPs). PPPs are forms of exchange rates that take into account the cost and affordability among common items in different countries, usually expressed in terms of U.S. dollars.   The development of PPPs attempts to compare standards of living across an array of countries worldwide. Ra…
Read more...

Canada Post price hikes prove detrimental to sm...

Image_1_
April 1 marked the first day on which postage prices in Canada rose by 35 percent. The increase is part of Canada Post’s 5-Point Action plan to bolster stagnant numbers against a decline in use of their service. While the new price change (an increase from $0.63 to $0.85 CAD) applies to buying stamps in bulk, it will now cost Canadians $1 to buy a single first-class stamp, a startling 59 percent increase in price.   The changes come at a time when Canada Post’s revenue appears to be dwindling. In 2013, approximately 1.2 billion fewer pieces of mail were delivered than in 2006. A report issued by the Conference Board of Canada, a non-profit research organization, warned that the crown corpo…
Read more...

GM’s recall list grows as 13 deaths are linked ...

Senator
Mary Barra, the CEO of General Motors (GM), came under fire as she appeared before Congress on April 1, to answer for the corporation’s prolonged failure to fix an ignition switch defect, recently linked to 13 deaths. GM led global vehicle sales for 77 consecutive years from 1931 to 2007. Yet, following the 2008 economic recession, the Detroit-based corporate giant declared Chapter 11 bankruptcy in 2009, which led to a $49.5 billion bailout by the U.S. government a year later. In mid-February, GM announced a string of recalls predominantly concerned with an ignition switch problem. The faulty part caused 13 deaths since 2005 and more than 2.6 million cars have been deemed unsafe to drive. T…
Read more...