recession

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Perry Owes Texas' Jobs Boom to ... the Feds

Rick Perry boasts of limited gov't, but numbers tell different story

(Newser) - Rick Perry likes to boast that Texas' leading jobs creation rate comes from limiting taxes and government interference, but in fact many of those jobs are thanks to Washington. And thanks in particular to the military and surging federal spending—along with $25-billion in federal stimulus —government jobs in...

Obama to GOP: 'Stop Drawing Lines in the Sand'

President winds up bus tour, says Republicans blocking economic growth

(Newser) - President Obama accused Republicans of keeping a politically motivated stranglehold on the US economy as his three-day bus tour of the Midwest wrapped up today, the Los Angeles Times reports. "I need you to send a message to folks in Washington," he told voters at a seed-production facility...

Dow Bounces Back, Soars 430

Nasdaq, S&P also post huge gains

(Newser) - Another crazy day for the markets, but this time they ended way up in positive territory. The Dow rose 430 points to close at 11,239, up nearly 4%. The Nasdaq rose 125 to 2,483 (5.29%) and the S&P 500 jumped 53 to 1,173 (4.74%)....

Second Phase of Double-Dip Recession Could Be Even Worse
Brace Yourself for Even
Worse 2nd Recession
analysis
Aug 8, 2011 8:33 AM CDT

Brace Yourself for Even Worse 2nd Recession

Could devastate a still-ailing economy, writes Catherine Rampell

(Newser) - Economists say we could be headed for a second recession—and if they’re right, it’s poised to be even more devastating than the first, writes Catherine Rampell in the New York Times . That’s because the starting point for the second dip would be our current weak economy,...

S&P: Oh, We Might Downgrade US Again

Worried partisanship will block meaningful debt reform

(Newser) - Standard & Poor's yesterday not only defended its decision to downgrade America's once-vaunted AAA credit rating for the first time, it warned that a second downgrade could be on the way if the US doesn't get its act together. “Compared to some other highly rated governments,...

Sinking Confidence Behind Market Collapse

Investors starting to panic that nobody has answers

(Newser) - What's behind the market meltdown? Some on-the-fly observations:
  • Ezra Klein, Washington Post : The market is "diving because of forces Washington can’t control, and in many cases, doesn’t understand very well. How many members of Congress do you think could give a coherent account of what has
...

Recession Worse Than Thought; GDP Growth Weak

Economy grew just 1.3% over past three months

(Newser) - We already knew the Great Recession was the worst in decades, but in fact we were even worse off than we thought, new figures show. The economy shrank 5.1% over the course of the recession, from 2007 to 2009—1 percentage point worse than the earlier estimate of 4....

Recession Turns Tooth Fairy Cheap

Kids are getting 40 cents less than they were last year

(Newser) - The Tooth Fairy has been hit by the recession. Kids are getting an average of 40 cents less under their pillows this year compared to last year, according to a recent survey by Visa. The new going rate: $2.60, though the amount varies according to region. Children in the...

Wealth Gap Between Whites, Minorities Widest in 25 Years

Census data show ratio is 20 to 1 between whites, blacks

(Newser) - Thanks to the recession, the wealth gap between whites and minorities is at its widest level in 25 years. Census data show that the median wealth of white US households was $113,149 in 2009: That's 20 times that of black households ($5,677) and 18 times that of...

59% Pessimistic About US Economy
 59% Pessimistic 
 About US Economy 
survey says
Jul 25, 2011 3:27 PM CDT

59% Pessimistic About US Economy

That's the highest level in nearly 15 years

(Newser) - With unemployment levels high and the US on the brink of default , is it any surprise that American pessimism has reached a 15-year high? A new CNN poll cited by Politico finds that 59% expect the economy to be in bad shape a year from now, the highest percentage since...

We Might Be Doomed, Debt Deal or Not
We Might Be Doomed,
Debt Deal or Not
paul krugman
Jul 22, 2011 12:45 PM CDT

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...

It&#39;s the Busted Consumer Bubble, Stupid
 It's the Busted 
 Consumer Bubble, Stupid 
DAVID LEONHARDT
Jul 17, 2011 8:56 AM CDT

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...

For $10K, You Can Hunt This Unemployed Man
For $10K, You Can Hunt
This Unemployed Man
IN CASE YOU MISSED IT
Jul 16, 2011 12:43 PM CDT

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...

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. “...

Feds Have Given Up on Economy
 Feds Have 
 Given Up 
 on Economy 
Paul Krugman
Jul 11, 2011 4:10 AM CDT

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...

40K Protest Economy in Madrid
 40K Protest Economy in Madrid 
Jun 20, 2011 4:17 AM CDT

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....

Elite &#39;Pain Caucus&#39; Is Killing America
 Elite 'Pain Caucus' 
 Is Killing America 
paul krugman
Jun 10, 2011 1:35 PM CDT

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,...

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...

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...

Unemployment Rate Rises to 9.1%

And fewer new jobs than expected were created

(Newser) - 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....

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