As the federal government continues to struggle with its deficit, a new study has found that the top ten US tax deductions, credits and exclusions will allow taxpayers to withhold paying the government $12 trillion over the next ten years. Households in the top 20 percent of US income distribution will receive more than half of the $900 billion in tax break benefits in 2013, while 17 percent of total... 

People waiting in line at a government employment office in Spain. Fresh data reveal the eurozone unemployment rate has hit a record high of 12.2 percent in April, with around 19.2 million receiving government financial assistance as recession continues to take its toll on European economies. The Eurostat data agency said on Friday that a total of 1.6 million people have lost their jobs in the eurozone... 

The discovery of a Monsanto-created, genetically modified strain of wheat in the US that was never approved by the United States Department of Agriculture has imperiled US exports of a staple world food commodity. Japanese authorities have already opted to cancel part of a tender offer to buy US western white wheat and have suspended imports of both that variety and feed wheat, Reuters reported on... 

An office of the French state-run employment agency, Pole Emploi, in the northern Paris suburb of Pantin. The French Labor Ministry says the number of unemployed people reached a record high of 3.26 million in April. The ministry said on Thursday that the number of registered jobseekers in the eurozone’s second-largest economy increased by 39,800 last month, marking the 24th consecutive monthly... 

British military vehicles are parked in a compound in Camp Bastion, Afghanistan. An independent study has found that the UK military’s presence in Afghanistan’s Helmand province, where most British troops are based, has cost the country more than 37 billion pounds so far, local media reported. The author of the damning study entitled “Investment in Blood” said failing, bloody campaign... 

Ever since Barrack Obama took office as the President of the United States (POTUS) governmental spending has been out of control, as the men behind the curtain seek to squeeze every last drop of lifeblood from this once great nation. Although in some peoples minds governmental spending has always been out of control, the Obama Administration takes the cake. It’s a known fact that the federal debt... 

Young Spaniards protesting against the government in Madrid. European leaders have warned that youth unemployment in the European Union (EU) must be tackled urgently, as nearly one in four young people in the bloc is out of work. At a conference in Paris on Tuesday, ministers from France, Italy and Germany said if the issue is not addressed at once, the young people in Europe will lose faith in their... 

Official figures show that the number of Italians who are in a grave economic condition has increased to an alarming point, Press TV reports. Italy’s National Statistics Institute, ISTAT, said in a newly released report that at the end of 2012, around 15 million people were dealing with some form of economic hardship. The report added that over 8.5 million of those people were living in a seriously... 

Governor of Bank of Canada Mark Carney Governor of Bank of Canada has warned Europe that it faces a “decade of stagnation” if it does not apply sustained and significant reforms to put its fiscal house in order. Mark Carney issued the warning on Tuesday while making a speech to the Montreal board of trade. “Europe remains in recession, with economic activity constrained by fiscal austerity,... 

A woman holds her child as she begs outside shops displaying Christmas offers in central Athens. Almost 600,000 children in Greece are living below the poverty line, a UNICEF official says. “The situation is very worrying. The problems of poverty and social exclusion are increasing,” President of UNICEF in Greece, Lambros Kanellopoulos, said on Wednesday. Kanellopoulos added that the situation... 

Millions of Italians cannot afford to heat their homes properly or eat meat as their country is racked by recession and soaring unemployment, an official report has revealed. The report released on Wednesday by Italy’s National Statistics Institute, ISTAT, said the number of people considered seriously deprived has doubled in the past two years. The findings underlined the scale of the challenge... 

Demonstrators marching during a protest against austerity measures in Italy’s capital, Rome. Thousands of Italians have taken to the streets in the capital Rome to protest against tough austerity measures adopted by the government of Prime Minister Mario Monti. Thousands of anti-austerity demonstrators gathered in Rome’s Piazza della Repubblica on Saturday, expressing their anger at the government’s... 

Countries classified today as developing will dominate global savings and investment in less than a generation, according to the World Bank. India and China are forecast to provide 38% of the total investment by 2030. In 17 years time developing countries will provide for more than 50% of the total global stock of capital, up from about 33% they do today, the World Bank said in its Global Development... 

The euro zone economy is declining for six consecutive quarters. Nine of the 17 countries are in recession: Spain, France, Italy, Finland, Netherlands, Portugal, Cyprus, Greece and Slovenia. The austerity policy imposed by the troika and the German government of Angela Merkel is sinking Europe. Eurostat data was released on Wednesday (15th) and are relative to GDP in the euro area in the first quarter... 

Israelis demonstrate against the cost of living in Tel Aviv. Protests have erupted in Israel as Premier Benjamin Netanyahu’s cabinet finalizes an annual budget that includes harsh austerity measures. Crowds of people gathered in a protest outside the weekly cabinet meeting in Jerusalem on Monday, where Netanyahu expressed hope that the disputed budget will be passed. The budget is expected to raise...