recession

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Even a Short Plunge Off Fiscal Cliff Will Hurt
Even a Short Plunge Off Fiscal Cliff Will Hurt
OPINION
Nov 13, 2012 1:06 PM CST

Even a Short Plunge Off Fiscal Cliff Will Hurt

It's foolish to shrug off the dangers: Neil Irwin

(Newser) - It's widely accepted at this point that a protracted fall over the fiscal cliff will send the country plunging back into recession . But what if, as is far more likely, lawmakers blow the deadline by just a few weeks? Conventional wisdom suggests it wouldn't be so bad, that...

CBO: Fiscal Cliff Will Bring 9.1% Unemployment

We need less cliff, more 'gradual slope,' suggests forecast

(Newser) - It's not so much a surprising conclusion as a reminder of what's at stake: The Congressional Budget Office warned today that a failure to head off the fiscal cliff at year's end will probably lead to a new recession next year along with a jump in the...

Recession Quadrupled Suicide Rate
 Recession 
 Quadrupled 
 Suicide Rate 
study says
Nov 5, 2012 6:43 AM CST

Recession Quadrupled Suicide Rate

Study finds additional 1.5K deaths per year

(Newser) - The suicide rate rose four times more quickly between 2008 and 2010 than it did in the preceding eight years, a study finds, a jump of an extra 1,500 deaths per year. Between 1999 and 2007, the rate annually climbed by about 0.12 deaths per 100,000 people;...

US Poverty Rate Still at Record Highs

But figures still better than analysts' predictions

(Newser) - The Census Bureau says the number of Americans in poverty stood at 15% in 2011 as the number of poor remained at record highs. About 46.2 million people, or nearly 1 in 6, were in poverty. The figures were better than the expectations of analysts who had predicted an...

Obama: I Get an 'Incomplete' on the Economy

And the GOP is not happy with that grade

(Newser) - President Obama gave himself a grade on fixing the economy—"incomplete"—and Republicans are pouncing on it. Obama offered the grade in an interview with KKTV yesterday, quickly adding that "the steps that we have taken in saving the auto industry, in making sure that college is...

Age 55 to 64? Past 3 Years Haven't Been Kind

Median income has plunged 9.7% since 2009 for those in age group

(Newser) - The recovery from the economic crisis officially began in 2009, but many Americans ages 55 to 64 may have a tough time using the word "recovered." That age group has been hit hardest of all, with the median household income dropping 9.7% over the past three years...

Cisco Slashing 1.3K Jobs

 Cisco Slashing 1.3K Jobs 
Jul 24, 2012 2:40 AM CDT

Cisco Slashing 1.3K Jobs

Tech company shares down 11% this year

(Newser) - As Cisco Systems continues to struggle, the computer-networking equipment maker plans to cut 2% of its workforce—around 1,300 jobs. Profits are down and shares fell 11% this year thanks in part to Europe's financial crisis and slower spending by corporate customers, Bloomberg notes. And an analyst says...

US Poverty Rate to Hit Highest Since 1960s

Economists think it'll hit 15.7% this year

(Newser) - The ranks of America's poor are on track to climb to levels unseen in nearly half a century, erasing gains from the war on poverty in the 1960s amid a weak economy and fraying government safety net. The AP surveyed more than a dozen economists, think tanks, and academics,...

Meet &#39;Generation Screwed&#39;
 Meet 'Generation Screwed' 
OPINION
Jul 16, 2012 1:56 PM CDT

Meet 'Generation Screwed'

Past generations have made things hard for millennials: Joel Kotkin

(Newser) - Today's youth is known as the Millennial Generation, but they may as well be called Generation Screwed. In the Daily Beast , Joel Kotkin runs down depressing statistic after depressing statistic showing that "their parents' fiscal profligacy and economic mismanagement" has doomed young people:
  • The median net worth of
...

Neiman Marcus Joins Forces With ... Target

Rodarte, Derek Lam among designers participating

(Newser) - Move over Oscar and Felix: There's a new odd couple in town. Neiman Marcus and Target yesterday announced that they're teaming up this holiday season, with plans to offer 50-plus limited-edition items from big name designers like Diane von Furstenberg and Marc Jacobs, reports the Wall Street Journal ...

Fake Budgets Drive San Bernardino Bankrupt

It's the latest in a string of three California cities to go under

(Newser) - California's cities are dropping like flies : San Bernardino's city council voted to enter Chapter 9 bankruptcy last night, making it the third California city to do so in as many weeks, the AP reports. With a population of about 210,000, it'll be the second-largest US city...

Weak Jobs Report Puts Pressure on Bernanke

Fed now more likely to take action

(Newser) - Yesterday's tepid jobs report firms up evidence that the recovery is backsliding and increases the odds that the Federal Reserve will try to give it a jolt, reports the Wall Street Journal . The most likely move by Ben Bernanke would be to buy bonds—or quantitative easing, in econo-speak—...

Fed Economic Report: Middle Class Getting Hosed

American families lose two decades of accumulated wealth

(Newser) - The Fed released its much-anticipated report on the economy today, and the news is not pretty. In short, the median American family's wealth has fallen to early-1990s levels, eliminating two decades of prosperity, while savings are down and debt hovers like a vulture over most Americans, the New York ...

Obama Clarifies: Economy 'Not Doing Fine'

Romney: First statement is a historic gaffe

(Newser) - President Obama sought to limit the political damage from his statement this morning that the "private sector is doing fine." At a subsequent event, he declared, "It is absolutely clear that the economy is not doing fine," reports MSNBC . One Republican after another had beaten up...

Let&#39;s Spend Like Reagan

 Let's Spend 
 Like Reagan 
Paul Krugman
Jun 8, 2012 1:15 PM CDT

Let's Spend Like Reagan

Krugman: He was a bigger spender than Obama in first years

(Newser) - At this point in his presidency, Ronald Reagan was presiding over a strong recovery, and President Obama clearly is not. The biggest difference? Government spending, writes Paul Krugman in the New York Times . Real per-capita government spending is up 6.4% under Obama, but under Reagan it soared 14.4%....

Britain Slides Back Into Recession

Figures reveal first 'double-dip' recession since '70s

(Newser) - More bad news for Britain's beleaguered government: The country slid back into recession in the first quarter of this year, according to figures released today. The economy shrank for the second straight quarter, marking the first "double-dip" recession, in which GDP falls before output lost in the previous...

Recession Was Great— for Big Business

Firms come out streamlined; still slow to hire

(Newser) - For some of America's biggest companies, the recession amounted to growing pains: They're now "leaner, meaner, and hungrier," says one economist. Indeed, sales, profits, and employment among S&P 500 companies last year beat figures from 2007—before the crisis began, the Wall Street Journal notes...

Cash-Strapped Americans' No. 1 Priority: Car Payment

Yep, ahead of paying off credit card bills and the mortgage

(Newser) - Americans really don't want to lose their rides. A study finds that the cash-strapped among us are paying off their car loans before they pay credit card bills and make mortgage payments. It used to be that Americans would pay their home loans first, then their credit card and...

3 out of 10 Young Adults Moving Home

'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"...

Next Debt Bomb: Student Loans?

'Nonsense,' say others, as student debt is fraction size of housing

(Newser) - With student loan debts soaring to $867 billion last year, student debt is a "bomb" waiting to explode, bankruptcy lawyers tell the Washington Post. The figure is bigger than the $704 billion owed by all Americans on their credit cards , and of the 37 million borrowers, 14.4% have...

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