recession

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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...

10 US Cities Bursting With Jobs

Columbus, Indiana, and Casper, Wyoming top employment list

(Newser) - Recession—that's a big-city thing, right? Several mid-size cities around the US are making an argument for their economic superiority, boasting job growth higher than the 1.5% national average in 2011. You may not know these cities well, but the Christian Science Monitor recommends them:
  1. Columbus, Indiana: No,
...

Young Adults Put Life on Hold Over Economy

But most remain upbeat about their future: Pew survey

(Newser) - The economy is doing a number on those aged 18 to 34, according to a new survey from the Pew Research Center :
  • Half say they have taken a job they didn't want.
  • More than a third have gone back to school because of the job market.
  • Nearly a quarter
...

If Payroll Tax Cuts Expire, Here's What Happens...

...according to economists, who share their forecasts with WaPo

(Newser) - We know the "what": The payroll tax cut is set to expire within days, meaning changes to jobless benefits and doctors who treat Medicare patients will kick in, and the average American will miss out on $40 a paycheck . The Washington Post explores the "what does it mean"...

For Sale in Pontiac, Mich: Pretty Much Everything

Reeling city puts almost all public assets up for sale

(Newser) - Pontiac, Michigan, is having a fire sale to raise desperately needed money. Up for sale is city hall, the police station, the library, cemeteries, golf courses, and on and on—just about every public asset, reports the Detroit Free Press . Pontiac has slashed its budget from $58 million to $38...

For Laid Off, Few Signs of Recovery

Construction, manufacturing particularly hit hard

(Newser) - Only 7% of people who lost their jobs since the financial crisis of 2008 have returned to jobs as good as or better than the ones they used to have, reports the New York Times . Most people who have found new work say it is less lucrative, and 15% say...

Pricey Gratitude: Thanksgiving Costs Soar

Gas, airfare up 20% from a year ago

(Newser) - Tens of millions of Americans are now on the move for Thanksgiving, but the soaring cost of travel is keeping many others at home. Some 42.5 million Americans are expected to drive, fly, or ride trains over the holiday, and gas prices are up almost 20% from last year,...

Foreclosed Vegas Homes Turning Into Pot Farms

Empty homes are easy target for marijuana growers

(Newser) - With Nevada and Las Vegas among the hardest-hit housing markets in the nation, weed dealers are increasingly turning to the region's empty houses to set up marijuana farms, reports the New York Daily News . Cops have busted 130 indoor pot farms so far this year, up by nearly two...

Downturn Slams Gen-Xers; Boomers, Not So Much

Housing prices are the real culprit

(Newser) - The recession is hurting most of us, but Gen X has taken the brunt of it—thanks to housing prices that fell off a cliff 5 years ago and are still tumbling. Consider the 30-year-old Gen-Xer who bought a house in 2006 for $250,000. That value has now dropped...

Economic Ewe-Turn: Recession Spurs Agro-Revival

More people turn to the homestead to make a buck or just save money

(Newser) - Sick of the noise and hassles caused by lawn mowers? Instead, in Oberlin, Ohio, you can rent sheep for just $1 each per day to nibble your grass short. As the United States' economic malaise continues, young people around the country are increasingly turning to small, agriculture-related ventures like that...

Bloomberg Has 'Marie Antoinette Moment' on OWS

Mayor reveals 'arrogant aristocrat' nature with comments: Matt Taibbi

(Newser) - Mayor Michael Bloomberg's rant against Occupy Wall Street protesters was his "Marie Antoinette moment"—like the famous "let them eat cake," it is the kind of comment that "allows us to see under his would-be hip centrist Halloween mask and look closely at the...

Fed Sees High Unemployment All Next Year

Forecast sees it at 8.6% at end of 2012

(Newser) - If President Obama were hoping for a quick election-year turnaround in the jobless rate, the Federal Reserve burst his bubble today. The Fed projected unemployment will be at 8.6% at the end of 2012, not much better than the 9.1% registered in September of this year, reports the...

Dear Financial &#39;Experts,&#39; Check Out Iceland
Dear Financial 'Experts,' Check Out Iceland
paul krugman
Oct 28, 2011 12:16 PM CDT

Dear Financial 'Experts,' Check Out Iceland

It avoided harsh austerity measures and is doing better: Paul Krugman

(Newser) - Markets are thrilled that Europe finally cut a deal, "however vague the details and however inadequate it may prove," writes Paul Krugman in the New York Times . The deal is better than nothing, he writes, but it once again highlights the misguided doctrine he says is doing great...

Recession Sex Studies: Why They're All Bunk

'Are people getting it on more or less frequently?'

(Newser) - The recession makes men cheat. And boosts the sales of sex toys . And inspires couples to reconnect in bed. And lowers men's libidos ... and women's. Wait, is anyone following this? In Salon , Tracy Clark-Flory traces the eye-rolling flow of studies and "expert insights" into how the recession...

Paycheck Data Dismal in 2010
 Paycheck Data Dismal in 2010 
OPINION
Oct 20, 2011 2:26 PM CDT

Paycheck Data Dismal in 2010

...Unless you were a millionaire

(Newser) - The Social Security Administration quietly released payroll data for 2010 yesterday, and they were “in a word, awful,” writes David Cay Johnston at Reuters —assuming you’re not a millionaire, that is. The number of people making at least $1 million rose by 20%, jumping from 78,...

Got a $15K Car in Michigan? No Food Stamps for You

State's decision to check assets bucks national trend

(Newser) - If you’re not making much money but are driving a nice car, don’t expect any help buying groceries in Michigan. The state this month began checking the assets of would-be food stamp recipients, USA Today reports; anyone with more than $5,000 in liquid assets or a car...

DC Overtakes Silicon Valley in Household Income

Typical home pulls in about $84,000

(Newser) - Our nation's capital city boasts the highest average income in the country, reports Bloomberg . New census statistics show that a household in the DC metro area typically earns $84,523, compared to the national median of $50,045. The booming salaries are explained by a dense concentration of lobbyists,...

US Incomes Fell More After Recession Than During It

Median household income down 6.7% between June 2009, June 2011

(Newser) - US incomes continued to fall after the 2007 recession was declared over—at an even steeper rate than during the recession, according to a recent analysis. Inflation-adjusted median household income fell 6.7% between June 2009 and June 2011. During the two-year recession, incomes fell 3.2%. The full four-year...

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