| About:Carlo Gabriel Simbajon- Website
- Profile
- Carlo is Assistant Editor and business writer. He is a former senior government economist and was a senior editor for a Bloomberg publication.
About:Carlo Gabriel Simbajon- Website
- Profile
- Carlo is Assistant Editor and business writer. He is a former senior government economist and was a senior editor for a Bloomberg publication.
March 3rd, 2011, Carlo Gabriel Simbajon  The number of planned job cuts for the month of February was 50,702 according to a report by executive outplacement firm Challenger, Gray & Christmas, Inc. The figure is the highest since March of last year and represents a 32 percent increase over January’s total of 38,519. February’s layoffs number is also a 20 percent increase over the same month last year, the Job Cuts Report said. The government/non-profit sector accounted for the largest number of announced layoffs for the month with 16,380. This represents a 154 percent increase from January and a 196 percent increase from the same month last year. As state and local governments look to address budget deficits and excessive spending, more and more state employees face the prospect of losing their jobs. → Read More March 2nd, 2011, Carlo Gabriel Simbajon  Tens of billions of dollars are being wasted on federal programs that overlap with other programs, are duplicates of similar programs or are programs with fragmented objectives, a report by a government watchdog agency said on Tuesday. The Government Accountability Office’s first annual report to Congress detailed 34 areas in which government agencies, offices or programs have the same, overlapping or fragmented objectives and are serving the same target population. → Read More March 1st, 2011, Carlo Gabriel Simbajon  The planned cuts on this year’s federal budget by Republicans would kill 700,000 jobs through 2012, a report by the chief economist of Moody’s Analytics said. The report by Mark Zandi said budget cuts being pushed by GOP members would also pull down economic growth by 0.5 percentage points this year and 0.2 percentage points next year, the Washington Post said. Republicans are seeking a $61 billion cut in federal spending in the remaining 7 months of the fiscal year by cutting funding to dozens of programs. Last week, investment firm Goldman Sachs made a similar assessment saying the GOP cuts would cause greater harm to the U.S. economy by slowing growth in the second and third quarters by up to 2 percentage points. → Read More February 28th, 2011, Carlo Gabriel Simbajon  The U.S. economy’s gravest threat does not come from high unemployment nor inflation. According to a poll, economists think it is the country’s growing budget deficit. The poll conducted among members of the National Association for Business Economics showed that the 47-man panel singled out the massive budget deficit as posing the most serious threat to the economy. The NABE survey results showed that panelists continue to see “excessive federal indebtedness” as the “single greatest concern,” a report from Reuters said. The panel survey also revealed that the economists foresee the federal budget deficit to to be at around $1.4 trillion this year up from $1.1 trillion estimate the group made in a previous survey conducted in November. → Read More February 25th, 2011, Carlo Gabriel Simbajon  The new Council on Jobs and Competitiveness had its maiden session on Thursday with no less than President Barack Obama presiding over the meeting. The Council was created by the President “…to provide non-partisan advice to the President on continuing to strengthen the Nation’s economy and ensure the competitiveness of the United States and on ways to create jobs, opportunity, and prosperity for the American people.” → Read More February 24th, 2011, Carlo Gabriel Simbajon  The administration of President Barack Obama is seeking a settlement with America’s largest banks over breakdowns in mortgage servicing. If it pushes through, the deal could cost the banks billions of dollars in reductions to loan balances of troubled borrowers. The Wall Street Journal reported that the government wants to push the deal with as many as 14 mortgage servicers including Bank of America Corp. (NYSE: BAC), JPMorgan Chase & Co. (NYSE: JPM) and Wells Fargo & Co. (NYSE: WFC). Terms of the proposed settlement include a commitment from the banks to reduce loan balances of borrowers whose loans were worth more than value of their homes. → Read More February 23rd, 2011, Carlo Gabriel Simbajon  A report recently released by Human Rights Watch indicated that millions of American workers are placed in health and financial risks because of “weak or nonexistent laws on paid leave, breastfeeding accommodation, and discrimination against workers with family responsibilities.” According to the report, workers who have scarce or no paid leave experienced delays in immunization of their babies, postpartum depression, health-related problems and caused mothers to stop breastfeeding their babies early. Many workers who took unpaid leave were forced went into debt and seek public assistance. Some women workers complained their careers were derailed by employers who were biased against working mothers. → Read More February 21st, 2011, Carlo Gabriel Simbajon  U.S. banking regulators, state attorneys general and the Department of Justice found “critical deficiencies and shortcomings” in their probe of foreclosure procedures involving several mortgage servicers, a report by Bloomberg said. These deficiencies “resulted in violations of state and local foreclosure laws, regulations, or rules and have had an adverse effect on the functioning of the mortgage markets and the U.S. economy as a whole,” according to John Walsh, Acting Comptroller of the Currency. → Read More | Listen to Mike Colliss Interviews |
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