Promise for future broken by bankruptcy: Weak companies, failing industries dump pension debts on U.S. board. Some workers see benefits cut

Article Abstract:

Older workers retirees who have worked hard for their companies for years are concerned about the security of their pensions due to United Airlines' threat to terminate its four employee pension funds while in bankruptcy. Other companies are considering scrapping their own pension funds to help remedy their financial matters as they are closely watching the largest corporate pension default in US history.

Personnel administration, Pension, health, and welfare funds, Pension Funds & Benefit Plans, Pension Funds, Compensation and benefits, Retirees

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Spending up 0.8%; incomes only 0.1%

Article Abstract:

The United States Commerce Department, reported that July 2004 registered a 0.8 percent growth in spending, with purchases of automobiles and other durable goods accounting for much of the increase. However, American incomes increased only 0.1 percent, restrained by drops in government Medicaid payments and farm incomes, a sign that job gains would have to accelerate to sustain spending.

Consumer Expenditures, Private Households, Stationery stores, Consumer Exp-Stationery,Writing Suppl, Consumer Expend-Food & Tobacco, Consumer Expend-Health & Recreation, Consumer Expend-Reading & Recreation, Consumer spending, Personal income

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House passes corporate tax bill

Article Abstract:

The Senate House passed a bill, 251-178, drawing support from 48 Democrats that contained $140 billion in tax cuts and nearly $10 billion buyout of tobacco farmers. This bill would end tax credit the WTO objected to and replace it with $140 billion in various tax reduction and reduce the top corporate tax rate from 35 percent to 32 percent.

New York, Corporate taxes, Bills, Legislative, Legislative bills

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