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Detroit's debts are a fraction of the $18bn lawyers pushing for bankruptcy say they are, and their costs are "irrelevant, misleading and inflated," according to a report released Wednesday.

A former Wall Street investment banker is taking Detroit Emergency Manager Kevyn Orr to task for blaming the city’s financial collapse, in part, on escalating pension and retiree health insurance costs.

Declining revenue, a drop in employment and large, risky Wall Street deals are the real causes of Detroit’s bankruptcy, according to a report by Demos, a liberal public policy organization. Pension debt gets a bad rap in Detroit, but it isn’t the true cause of Detroit’s financial problems, said

(NEW YORK) – Today, the Senate voted to put an end to one aspect of Washington’s gridlock by changing the rules governing the use of the filibuster for executive-branch appointees and most judicial nominations. Senate Republicans most recently filibustered three qualified judicial nominations to the

The official story about Detroit goes something like this: Decades of mismanagement and out-of-control spending have left the city with a crushing $18 billion in debt.

Pension fund liabilities are not to blame for Detroit's descent into Chapter 9 bankruptcy protection, according to a report released Wednesday by Demos, a public policy advocacy group. Detroit's bankruptcy was caused by a decrease in tax revenue due to a population decline and long-term unemployment

So it turns out that Walmart could afford to give its workers a nice raise without jacking prices if it simply redirected profits now used to buy back its own stock to better reward its huge labor force -- the people, by the way, who make the profits possible. This is the finding of a Demos report

A New York-based think tank released a report today questioning Detroit Emergency Manager Kevyn Orr’s assertion that the city’s long-term debt is responsible for its fiscal problems, or that pension contributions are at major hurdle for the city’s finances. Instead, the report by Wallace Turbeville

The 2007 economic crisis and the lingering stagnation it wrought has led economists, philosophers and policymakers to a profound rethinking of how we measure economic performance and social progress. As Joseph E. Stiglitz, Amartya Sen and Jean-Paul Fitoussi write in the forward to their book

This is supposed to be a cheery season for retailers. Not at Wal-Mart (WMT), though, where it’s been a really bad week—and this is only Wednesday. On Monday, the Cleveland Plain Dealer broke the news of a holiday food drive at an Ohio Walmart store—for its own employees. The newspaper story