December 18, 2015
IF YOU EXAMINE the statistical performance of the American economy at the end of 2015, all looks well. The U.S. is generating solid growth, producing jobs and creating plenty of wealth. But there's more than one way to judge American prosperity, and here's where things get rougher: Assess the public's mindset and you'll find the American psyche still reeling from the Great Recession. We're far too pessimistic. This week should have marked the capstone to recovery from the financial crisis of 2008-09, but it's going to fall short because of how people feel.
August 14, 2015 |
I GOT THE reaction I expected from my daughter when I suggested that for graduate school, to save money, she live at home. She shuddered. I understand her reservation. But for her greater good, my recommendation makes more financial sense. My husband and I have enough saved to pay for her undergraduate studies at the University of Maryland, including room and board. And because we saved, we were OK with her living on campus even though we live only about a half-hour away.
September 2, 2014 |
When the phone call came, Anthony Reynolds, a big man with a ready laugh, cried like a baby. His ex-wife, living in Texas, had taken their son, 7, to a hospital for an important but minor procedure, and the hospital had turned them away. No insurance. She called. He cried. "When I lost my job, I didn't have the heart to tell her that my benefits had been cut," he said. "I was so ashamed," he said. "I'm 1,800 miles from my kids, and I can't do anything for them. " By the statistics economists gather, the recession officially ended five years ago, in June 2009.
June 9, 2014 |
Friday's jobless figure - 6.3 percent - for May (same as April) means the economy is improving, but slowly, the experts say. Is this what an economic recovery is supposed to feel like? This month marks five years since the end of the Great Recession. Starting with a chart about the job numbers, CNN Money presents 17 visuals to illustrate the recovery. Unemployment has fallen from 10 percent in late 2009, gross domestic product has wobbled, stocks have soared, mortgage foreclosures have plummeted.
February 5, 2014
I HAVE no special love for the Clintons, but Christine Flowers' and others' obsessive sexual curiosity of Republicans for Bill's public exploitation of those who worked for him seems remarkably unself-conscious and unself-aware. You are surely aware, Ms. Flowers, of the many Republican bathroom and bedroom proclivities, some with congressional employees. Recent Republican White House occupants would count themselves lucky, in their advanced age, to be capable of such escapades. One particular occupant might have had trouble due to prior bouts of alcohol and drug use. Hillary Clinton should not be tarred with the moral deficiencies of her husband any more than Geraldine Ferraro's diet should be judged by the contents of her husband's refrigerator.
April 21, 2013
How the 99% Live in the Great Recession By Barbara Garson Doubleday. 288 pp. $26.95 Reviewed by Hector Tobar In the official estimation of government economists, the Great Recession ended in 2009. But in Barbara Garson's new book, it lives on. And for the people whose stories she tells, the Great Recession may never die. "They didn't retire, and they didn't find jobs," Garson writes, describing the four New York professionals whose stories open Down the Up Escalator: How the 99% Live in the Great Recession . They call themselves "The Pink Slip Club.
January 28, 2013
Where will the jobs come from? For most of us, this is the bottom-line question for any discussion of the U.S. economy. It's especially so for the nearly 30 million U.S. workers who are unemployed, underemployed, or so discouraged they aren't even looking for work. It is also a pressing worry for millions of twentysomethings who dutifully earned college degrees but still can't find jobs. And it is for countless others toiling at work they don't like, but afraid to leave to look for something more suitable.
November 5, 2012 |
Here was Chas Kaufmann's life before the Great Recession: $28,000 in restaurant tabs in a year, cruises, house parties with fireworks. His Mr. Gutter business was booming in the Poconos. Now: "We mainly shop at Sam's Club and portion out our meals. We spend $4 to $5 a night on eating. " He and his wife use space heaters in their elegant house and leave parts of it cold. The Hummer is gone; he drives a 2005 pickup. Tuesday, Kaufman said, he's voting for Mitt Romney. Lower down the economic ladder, the recession put Simone Ludlow's life in a full circle.
October 30, 2012
By Peter Morici Hurricane Sandy will likely have devastating effects on lives and property. However, gauging its full impact on an economy still struggling to recover from the Great Recession - though with substantial resources to overcome adversity - is far more complex than merely adding up insurance payouts and uninsured losses. Disasters can give an ailing construction sector a boost, while unleashing reinvestment that actually improves stricken areas and the lives of residents.
October 28, 2012
To state the obvious, the economic recovery has been disappointing. The United States is growing and creating jobs, but growth has been slow and joblessness remains painfully high. Given the approaching election, it isn't surprising that each political party blames the other for the economy's problems, but in reality they largely reflect fallout from the Great Recession. The housing crash is most clearly to blame. Housing normally leads the economy out of recession. It is the part of the economy most sensitive to interest rates: Home sales, construction, and prices generally perk up quickly after the Federal Reserve begins to ease monetary policy and mortgage rates fall.