For doctors who treat the nation's 47 million Medicare patients, the countdown to 2013 brings them ever closer to a staggering 29% pay cut slated for the New Year. Current federal law requires that Medicare reimbursement rates be adjusted annually to keep spending in line with GDP growth. But Medicare spending has typically outpaced economic growth, so the law requires rates to be cut every year to keep Medicare financially sound.
Gasoline prices averaged the highest ever in 2012, despite never topping the single day spikes seen in 2008.
U.S. moviegoers bought a record $10.8 billion in movie tickets this year, with the number of tickets sold rising for the first time in three years.
Stocks rallied Monday, ending a volatile year on a high note, as investors welcomed signs a fiscal cliff deal is taking shape in Washington.
Struggling online game company Zynga shut down two more titles Sunday as part of an ongoing cost-cutting aimed at reversing the company's mounting losses.
Few would have bet on Greece being Europe's best performing stock market in 2012, but it managed to outstrip Germany's DAX, as international support silenced speculation about an imminent exit from the eurozone.
A year after Europe stood on the brink of economic disaster, financial markets are calmer and the chances of the euro disintegrating have diminished. But the region's most powerful political leader warns that the economic environment will be tougher in 2013.
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The Twitterverse exploded early Monday morning after everyone's favorite bad boy rapper Kanye West announced that his girlfriend -- the famous-for-being-famous Kim Kardashian -- was pregnant.
She only just showed off her weight loss and now Jessica Simpson is proudly sharing her weight gain. The singer posted a pic of her growing baby bump on her Twitter account Sunday.
It's a boy! No, seriously, it's really a boy for Matthew McConaughey and his love Camila Alves. Despite earlier reports that the couple had welcomed a baby girl, McConaughey took to his Twitter account to announce that their third child was a son.
In the eyes of the public, the year is ending for Lindsay Lohan in much the same way it began: with an impending court date.
Jack Alvo drives the streets of the New York City six days a week -- the 5 a.m. to 5 p.m. shift. He never imagined he'd be a cabdriver at his age. After all, a decade ago, he was pulling down $250,000 a year on Wall Street. He survived the 9/11 attacks while working in wealth management for Morgan Stanley on the 73rd floor of the World Trade Center's South Tower. He was a lucky man. But Jack lost his last finance job in 2009, not so long after the markets crashed during the Great Recession. He is still in its grasp, trying to raise two kids, his hair now gray, driving a yellow taxi through the steel and concrete caverns of Manhattan.
In 2013, the Republican Party faces a big test. Members begin the new year in disarray, with their public approval ratings plummeting while Democrats still control the White House and Senate. The year is coming to a close with an embarrassing display of legislative ineptitude as House Republicans divided over a solution to the fiscal cliff. Without displaying the capacity for strong leadership, political parties can't succeed.
George H.W. Bush marked his 80th and 85th birthdays with parachute jumps. He said after the second jump: "Just because you're an old guy, you don't have to sit around drooling in the corner. Get out and do something. Get out and enjoy life." Now 88, Bush has been struggling with serious health concerns, including bronchitis. We need him to recover, to set an example for the world of how a man can mark his 90th.