Dr. Doom Still Gloomy on Economy

And America might 'run into the wall'

(NEWSER) - Dr. Doom isn't happy with what he sees happening in Europe, which the NYU economist (real name Nouriel Roubini) says is on the path to recession or something very much like it. Some interview highlights, as reported by Reuters and Bloomberg :

• In the euro zone, "growth will fall toward zero. Even if that is perhaps not a real recession, it will feel like one. Greece was just the tip of the iceberg."

Economy far worse off than statistics indicate

(NEWSER) - Don’t believe the rosy official statistics; for most Americans, the economy is in incredibly bad shape, according to the economist some call “Dr. Doom.” We’re looking at a tale of two economies, Nouriel Roubini writes in the Globe and Mail . For top businesses, it’s recovering slowly—hence the 3.5% growth in official GDP. But everyone else is struggling mightily. Factor in falling small business output, and Roubini thinks third-quarter GDP growth would stand around 2%. More»

People in their prime working years aren't finding jobs

(NEWSER) - The unemployment rate may be improving, but that doesn't mean the job market is, and there's one group in particular that's having an alarmingly hard time finding work: People in their prime working years. Only 75.7% of people aged 25 to 54 have jobs, the Washington Post reports, a portion smaller than any seen in the 23 years before the recession. Men have been hit especially hard; their percentage hasn't been this low since 1948. More»

It might just fuel the 'next boom': Daniel Gross

(NEWSER) - Homeownership is down and renting is up, and that surely means bad news for the economy and people's finances, right? Wrong, argues Daniel Gross in the Wall Street Journal . In fact, it's a beautiful thing. "The new realities of our increasingly mobile economy make it more likely that this transition from an Ownership Society to what might be called a Rentership Society, far from being a drag, will unleash a wave of economic efficiency that could fuel the next boom." More»

'Boomerang kids' have trouble finding well-paying work

(NEWSER) - As many as three out of 10 young adults are moving back in with their parents—resulting in the highest share of 18- to 34-year-olds living with multiple generations since the 1950s—after finding themselves unable to find lucrative employment in this dismal economy. They're dubbed "boomerang kids" because they depart for school or work only to return to the nest, but surprisingly, reports the Christian Science Monitor , 78% say they're happy living at home and 24% say it's positive for their relationship with their parents. More»