Streams

Financial 411: Gender Disparities in the Economic Recovery

Wednesday, April 06, 2011

Budget Battle Continues on Capitol Hill

President Barack Obama said the economic recovery could be undermined if a budget deal is not reached by the Friday, and the government is forced into a partial shutdown.

"I do not want to see Washington politics stand in the way of America's progress," he said. "At a time when you're struggling to pay your bills and meet your responsibilities, the least we can do is meet our responsibilities to produce a budget."

Republican House Speaker John Boehner is blaming the president for not providing leadership.

Here in New York City, the Bloomberg Administration is reviewing what happened during the last federal government shutdown in 1995, to see how the city was affected and to make contingency plans.  

Federal Parks would be hit, with the Statue of Liberty, Grant's Tomb, Fire Island National Park and Ellis Island shuttered. The mayor's office said it would be a big blow to the city's tourism industry.

New Yorkers seeking to travel abroad would also likely find their plans upended.  In 1995, 200,000 passport applications were put on hold nationwide.  Another 30,000 applications by foreign visitors for visas went unprocessed each day.

City officials said services that protect life or property, such as law enforcement and homeland security, would not be affected.  

As for the federal courts, the Southern District of New York said operations would continue uninterrupted while federal prosecutors in Brooklyn said they will take their directives from the Department of Justice in Washington.

New York City is home to more than 51,000 federal employees.

Men, Women, and Economic Recovery

Since the recession ended in the summer of 2009, the private sector has been slowly adding jobs. Companies hired more than 230,000 people last month.  

But government employees are not sharing in the recovery. As states and cities try to bridge big budget gaps, they're laying off teachers, social service workers, and home health care aides.  

Most of those jobs are filled by women. Bloomberg BusinessWeek reporter Esme DePrez co-reported a story that found that while men lost more jobs during the recession, women are losing more jobs now that the recession is over. She joins us to explain why.

Markets

The Dow rose 33 points, to 12,427
The Nasdaq gained nine points, ending the day at 2,800.
The S&P 500 added three points, closing at 1,336.

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