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Shortly after President Barack Obama signed the debt plan into law in August, helping the nation avoid default, a so-called congressional “super committee” was formed with the sole purpose of finding ways to make at least $1.2 trillion in deficit reductions by November 23. With the deadline only days away, the committee has yet to come to an agreement, causing anxiety among lawmakers about the repercussions of failing to do so.
Debt Committee to Make Long-Term Deficit Reductions 
A new poll shows the growing anxiety baby boomers are feeling about retirement. The Associated Press-LifeGoesStrong.com poll released this week found the majority of baby boomers say the financial hits they’ve taken over the past three years have been so substantial, that they now doubt they will be financially prepared to retire.
In honor of Veterans Day 2011, a number of large retailers are providing veterans and active military members with freebies. Whether offering free eats or amusement park entries, many businesses like Applebee’s, 7-Eleven and various parks are taking time to show their patriotism this holiday.
Veterans Day 2011 Freebies
Thousands of homes in foreclosure have been waiting to be processed by mortgage lenders are finally beginning to make their way through the pipeline, says a new report by RealtyTrac, an online marketplace for foreclosed properties. As a result, the number of filings climbed by 7 percent in October.
Delayed Foreclosure Paperwork Finally Being Processed
Two recent reports have highlighted the unwanted yet very real link between foreclosure and homes with an underwater mortgage. One report found the foreclosure process is moving so slowly throughout half of the country, it could take decades to clear millions of delinquent and foreclosed homes. In the second separate report, the delayed foreclosure process was blamed for a sharp increase homeowners saddled with negative equity.
Backlogged Foreclosure Could Take Decades to Clear
On Monday, the Census Bureau released a report that revealed the 2010 U.S. poverty rate would have been nearly one percentage point higher than originally reported in September had Americans not received government aid. Utilizing statistics not normally considered when calculating the official poverty rate, the bureau determined that government aid is critical in keeping more families above the poverty line.
Poverty Rate in Alternate Report Jumps to 16 Percent
The 2011 holiday season brings a bit of good news for those faced with unemployment, as retailers plan to hire a sizable number of workers this year. According to a National Retail Federation forecast, retailers will likely add about 490,000 mostly part-time jobs this year to accommodate for an anticipated increase in sales.
Hiring Could Perk Up Unemployment
At an industry conference on Thursday, bank executives explained that their decision to pull back on debit card fees doesn’t mean they still won’t suffer losses. Banks say they will still attempt to recover $8 billion, after a cap placed on interchange fees was implemented– and without debit card fees to bring in income, bank representatives look to revenue-generating alternatives to recover their money.
Banks to Consider Charging for Prepaid and Credit Cards
The Labor Department brings good economic news this Friday with reports that the unemployment rate has finally dropped a bit to 9 percent. However, its monthly report shares disappointing news that the American employment sector only added 80,000 jobs in October.
Lacking Jobs Present Continued Unemployment
While increasing job opportunity in any month is better than losing them, word that a mere 80,000 new positions were added in October was somewhat dismal news for struggling Americans. In addition to the lower number of job developed compared to September’s 158,000 jobs count, experts say it takes at least 150,000 jobs added each month just to keep up with population growth.
A new report has revealed that college grads from the class of 2010 received more than their diplomas– they also faced a record average of $25,250 in student loan debt. This student loan average was about 5 percent more than the debt accumulated by the class of 2009, and is said to be the result of increased college tuition and a weak economy.