Friday, November 04, 2011
By Solomon Kleinsmith : IAFC Blogger
Lets hope Greece doesn't implode and test the strength of this slow, but steady, recovery, and that people are slowly beginning to see past the hyperbolic headlines that suggest the likelihood for a double dip recession is far higher than economists think it is.
Thursday, October 27, 2011
A new report from the Congressional Budget Office says that the country's wealth gap continues to grow, with the richest 1 percent's income larger than ever. The richest of the rich have seen their income nearly triple since 1980. But Americans appear to be getting fed up. After growing up in a society that took steady but stable income growth as a given, a New York Times/CBS News poll shows that two-thirds of Americans feel wealth should be more evenly distributed and that millionaires should be taxed more.
Wednesday, October 26, 2011
Michael Grynbaum, New York Times Metrodesk transportation reporter, talks about bankers and traders who have turned to taxi driving after they’ve lost their jobs on Wall Street. He’s joined by Scott Curtis, who spent 25 years as a trader on Wall Street and now drives a cab, which lets him to meet potential employers. Grynbaum’s article “Eyes Once on the Ticker Are Now on the Meter,” appeared in the Times on October 14.
Monday, October 24, 2011
New Yorker staff writer John Cassidy talks about the economic philosophy of John Maynard Keynes and whether it can work to pull us out of the economic recession. Today, many regard Keynes as the economist whose sweeping theory remains the best solution to our current woes, but conservative economists insist that Keynes’s ideas have failed to work. Cassidy’s article “The Demand Doctor” appeared in the October 10, 2011, issue of The New Yorker.
Friday, October 07, 2011
Economist Jeffrey Sachs has a new book, "The Price of Civilization: Reawakening American Virtue and Prosperity," and the heart of it is a single argument: all of the nation’s current economic, political and productive woes share a similar root cause: that America’s financial and political leaders are failing to take the moral steps necessary to restrain a society of markets, and policies run amok, and that we need to become a "mindful society."
Friday, October 07, 2011
On Thursday, President Obama spoke at a press conference from the White House on his jobs proposal, calling it "an insurance policy against a possible double-dip recession." Obama hopes to fund the plan via a plan pitched by Senate Democrats this week, to tax Americans with incomes above one million dollars per year. Senate Leader Harry Reid plans to bring the jobs bill to the Senate floor next week.
Wednesday, October 05, 2011
In testimony before a Congressional committee on Tuesday, Federal Reserve Chairman Ben Bernanke warned lawmakers that the economic recovery U.S. "is close to faltering." Bernanke said the central bank was prepared to do more to bolster the economy, but that Congress needed to do more to encourage growth. In June, Bernanke had said, "growth seems likely to pick up in the second half of the year." Bernanke's grim assessment comes after the economy barely grew in the first half of the year, and there were no new jobs in August. Consumer confidence fell this summer to the lowest point since the recession.
Thursday, September 22, 2011
European and Asian markets are being hammered this morning as markets react to the Federal Reserve's warning about the weak state of the U.S. economy, and fears of another recession in the euro zone. On Wednesday, the Fed predicted the U.S. economy was still years away from a full recovery, and announced it would buy long-term Treasury bonds and sell short-term bonds to stimulate lending. Andrew Walker, economics correspondent for the BBC, has the latest.
Friday, September 16, 2011
As we've watched the economic crisis unfold in Greece this year, and Greek citizens taking to the streets to protest the financial situation there, we've wondered why the same thing hasn't happened in America. Why haven’t we heard more outrage from the increasingly squeezed American people?
Thursday, September 08, 2011
Most Americans are aware that the U.S. economy is in trouble and job numbers are stagnant, but could things be even worse than they seem? Some key economists are now saying the chances the economy will slip into a double dip recession are as high as 50 percent. Are Wall Street and the White House facing facts?
Thursday, September 01, 2011
It doesn't take a scientist to conclude that going through the foreclosure process is stressful. Even the threat of being foreclosed on can make one's blood pressure rise. But science can show the very real effects that these tough economic times are having on America's health. A new study links the rise in foreclosures to more hospital visits related to diabetes and hypertension. More specifically, for every 100 foreclosures there was a 7.2 percent rise in emergency room visits, an 8.1 percent increase in diabetes cases for people aged 20 to 49, and 12 percent more hospital visits related to anxiety in the same age category.
Friday, August 12, 2011
The latest consumer confidence numbers are due out later today and — given the roller coaster week the stock market has endured, and the Congress's recent debt ceiling decision — they aren't expected to be great. In such tumultuous times, it’s difficult for anyone to maintain confidence in the economy. But confidence is just what some experts say is necessary to create jobs and keep the markets stable. So, how do we inspire it?
Wednesday, August 10, 2011
Don Peck examines how the recession has changed the places we live, the work we do, and even who we are. In Pinched: How the Great Recession Has Narrowed Our Future and What We Can Do About It, he looks at how the middle class is shrinking faster, wealth is becoming more concentrated, new college graduates are struggling, and working-class families and communities are under growing pressure.
Don Peck’s article “Can the Middle Class Be Saved” is the cover story in the September issue of The Atlantic magazine.
How has the recession changed your life? Leave a comment below.
Friday, August 05, 2011
The stock market in the United States is expected to have another weak opening this morning, following yesterday's violent sell off on Wall Street and around the globe. Investors pulled their money from stocks and flocked toward Treasury bonds and precious metals like gold, which has risen to $1,669.10 an ounce. The European debt crisis and slow economic growth in the U.S. are leading to fears of a "double-dip" recession. Markets in Japan, Australia, South Korea, and Hong Kong all closed down around 4 percent. A jobs report from the Bureau of Labor and Statistics in Washington is expected to show unemployment continues to hover around 9.2 percent, a figure that has the potential to drive the economy lower.
Friday, August 05, 2011
The stock market opened higher than expected this morning, as markets reacted to the strongest jobs report since April. A report from the Labor Department showing that the economy added 117,000 jobs in July, bringing the unemployment rate down to 9.1 percent is buffering the U.S. stock market so far against the sharp sell offs around the globe yesterday. Yesterday was the worst day on Wall Street in three years.
Thursday, August 04, 2011
Does unemployment affect males and females differently? The economic downturn has been called a "mancession." Are we now in the midst of a "he-covery?" According to the Pew Research Center, men lost more than twice as many jobs than women during the Great Recession, but the recovery has reversed that trend. Between June 2009 and May 2011, men gained jobs while women continued to lose them. What accounts for the unemployment gender gap, and will the trend continue?
Thursday, August 04, 2011
"We do not believe there is a threat there of a double-dip recession. We believe that economy will continue to grow," White House Press Secretary Jay Carney said yesterday. But some economic indicators are painting a different picture. While the private sector added 114,000 jobs in July, layoffs in the U.S. reached a 16-month high. Meanwhile, the Department of Agriculture says the more Americans are receiving food stamps than ever before. The Pew Research Center released a study last month finding that women are having more difficulty than men re-entering the work force. All of this news comes on top of the figures released by the Commerce Department last Friday showing that the economy has only grown by a dismal 1.3 percent.
Friday, July 29, 2011
According to new data from Commerce Department Friday, the U.S. economy grew at a dismal rate of just 1.3 percent, significantly lower than the 1.7 percent that had been expected. The new figures show the weakest period of growth since the recession officially ended. Some economists fear that the debt ceiling debate in Congress will produce cost-cutting measures that will slow the economy further. As the August 2 deadline to raise the debt ceiling approaches, it is unclear whether Congress will be able to pass a plan.
Thursday, June 16, 2011
There are around 70 million people born between 1946 and 1964 — known widely as Baby Boomers. Around 65 million of those people are in the workforce today and of those, 28.7 million are over the age of 55. What if those positions were suddenly freed up? How many jobs would that mean for the nearly 11.5 million people under the age of 55 currently unemployed? What economic benefits are there for companies, who would get cheaper insurance premiums with a younger staff? And what kind of stress would this put on Medicare and Social Security?