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NEWS ABOUT: recession

We Might Be Doomed, Debt Deal or Not

Paul Krugman: Focus on 'deficit panic' could be disastrous

(Newser) - So Greece has a bailout deal , and the US is maybe closing in on its own agreement to avoid a default. Cause for celebration? More like depression, writes Paul Krugman. Or, as he puts it in the New York Times , a "Lesser Depression." Policy-makers might "manage to... More »

It's the Busted Consumer Bubble, Stupid

With no consumer spending, economy keeps dragging

(Newser) - There are plenty of theories and explanations for the economic crisis that has afflicted the United States for years now, but they all miss the element of the continuing malaise—it's really about the bursting of the decades-long consumer spending bubble, writes David Leonhardt in the New York Times... More »

For $10K, You Can Hunt This Unemployed Man

Mork Encino resorts to strange publicity stunt

(Newser) - Could the recession turn The Most Dangerous Game into reality? Mork Encino hopes so. The 28-year-old unemployed Utah man is offering “hearty gentlemen who fancy themselves sportsmen” the chance to hunt him down and even kill him for $10,000. “I am a new breed of prey with... More »

Bernanke: We're Prepared to Dole Out More Stimulus

Says he expects more job creation once 'temporary shocks' pass

(Newser) - The Federal Reserve is ready and willing to pour more money into the economy if it has to, Ben Bernanke told Congress today. “The possibility remains that the recent economic weakness may prove more persistent than expected … implying a need for additional policy support,” Bernanke said. “... More »

Feds Have Given Up on Economy

'Short term is when government can be most effective': Paul Krugman

(Newser) - Not only has the US economy been "stuck in a rut," but now a "destructive passivity has overtaken our discourse," writes Paul Krugman in the New York Times . The common wisdom today is that there is nothing the government can do in the short run to... More »

40K Protest Economy in Madrid

Demonstrators from all over Spain to begin march to capital today

(Newser) - Rocked by 20%-plus unemployment and drastic cuts to social services, some 40,000 protesters took to the streets yesterday. The protests, in Madrid and around Spain, are leaderless, growing out of Facebook and other social networking sites, and riven by frustration with a deep recession and Eurozone demands for austerity.... More »

Elite 'Pain Caucus' Is Killing America

Rich creditors dictate policy, leave jobless in the lurch: Paul Krugman

(Newser) - Ordinary Americans are reeling under the high unemployment rate, and the economy is teetering as well. So why do politicians in both parties refuse to spend money to create jobs? Blame the "Pain Caucus," writes Paul Krugman in the New York Times . This caucus consists of "rentiers,... More »

US Keeps Repeating Same Mistake on Economy

Paul Krugman: We have to worry about jobs, not the deficit

(Newser) - The US made a terrible mistake last year by not spending enough money on the economic recovery, and it's on track to repeat the error on a larger scale this year, writes Paul Krugman in the New York Times . Deficit hawks were allowed to overrule those concerned about job... More »

Only McDonald's Saved Us From Losing Jobs

Depressing: That one-day hiring binge kept us in the black

(Newser) - Just how lousy were today's unemployment numbers ? Employers created a meager 54,000 jobs, way under expectations. Alex Goldmark at Good points out that if not for McDonald's one-day hiring binge of 62,000 jobs, the nation would have had a net loss. "That's what... More »

Unemployment Rate Rises to 9.1%

And fewer new jobs than expected were created

(AP) - Employers hired only 54,000 new workers in May, the fewest in eight months, and the unemployment rate rose to 9.1%. The Labor Department report offers startling evidence that the US economy is slowing, hampered by high gas prices and natural disasters in Japan that have hurt US manufacturers.... More »

Housing Prices Hit New Recession Low

And there's no bottom in sight

(Newser) - The housing industry keeps finding new lows: Today's Case-Shiller price index shows that prices fell in the first quarter to the lowest levels since the crash began, reports the Wall Street Journal . The drop of 4.2%, on top of last quarter's 3.6% drop, is evidence of... More »

Quake Sent Japan Back Into Recession

Exports, domestic spending hit hard by disasters

(Newser) - More misery for Japan: The triple disasters that struck the country in March sent the country's economy sliding into its second recession in three years, according to the latest government figures. The earthquake, tsunami, and nuclear crisis disrupted production and caused a collapse in consumer spending, reports the BBC... More »

Feds Hit Debt Limit Today

President warns default 'could unravel entire financial system'

(Newser) - The federal government is slated to hit the $14.3 trillion debt ceiling today, boosting pressure on the White House to reach a deal with House Republicans to raise that limit. Hitting that ceiling won't immediately affect government finances, notes the AFP , because an unanticipated boost in last month'... More »

Blame Elite, Not Voters, for Deficit Mess

Those 'lecturing' on deficit helped get us here in the first place: Paul Krugman

(Newser) - More and more people have been telling Paul Krugman that the budget deficit is the people’s fault: “Weak-minded politicians catered to the electorate’s foolishness.” But that viewpoint is not only “self-serving, it’s dead wrong,” writes Krugman in the New York Times . Instead, we... More »

Washington Has Abandoned the Unemployed

Krugman: Why are we obsessed with the deficit when millions need jobs?

(Newser) - One-sixth of American workers can’t find full-time jobs, and things aren’t getting any better for them: There are nearly five times more jobless people than there are job openings, and the "average unemployed worker has been jobless for 37 weeks." Yet all we hear about from... More »

1 in 4 US Counties 'Dying'

More deaths than births recorded in rising number of areas: census

(Newser) - Almost a quarter of America's 3,142 counties are slowly dying, according to the US Census Bureau. Some 760 counties are now recording more deaths than births, census figures show, and what demographers call "natural decrease" is accelerating as the downturn pushes birth rates down and forces young people... More »

Only 12% Chance We'll Return to Recession

Forecast fastest expansion in years on consumer spending

(Newser) - Economists are growing more optimistic about this year’s climate, predicting it will expand at its fastest pace since 2003, the Wall Street Journal reports. The paper polled 51 economists. Among the highlights:
  • Economists see only a 12% risk of returning to recession, compared to 22% in September.
  • In the
... More »

Did Bankers Go to Jail for Causing Great Depression?

No, although a couple were charged and some were embarrassed

(Newser) - The government could soon prosecute a few Wall Streeters who allegedly played a role in the financial crisis, and the commission that uncovered those at fault was modeled on a similar probe after the Great Depression. So did anyone who precipitated that collapse ever go to jail? Nope, writes Brian... More »

Feds Ready to Prosecute in Financial Meltdown

Inquiry panel will name names on Thursday

(Newser) - It might finally be time to pay for a handful of Wall Streeters, as the Financial Crisis Inquiry Commission prepares to name names for possible prosecution, insiders tell the Huffington Post . The panel, which will release three separate reports on Thursday, is turning several cases over to state and federal... More »

Recession Over for US Firms, Not Workers

US jobless rate higher than competitors despite soaring profits

(Newser) - The US recession is over—at least, for businesses. US workers are still mired in it. Unlike its economic competitors, America's profits have bounced back to above 2007 levels, but the unemployment rate is higher than in Britain or Russia and much higher than in Germany, Japan, or China, notes... More »

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