Global economic growth is likely to remain modest and highly uneven, and the longer-term prospects are even more sobering, according to the International Monetary Fund.
The percentage of unemployed workers receiving unemployment insurance (UI) has reached its lowest point since 1987, according to the Economic Policy Institute. During the Great Recession, which technically ended in 2009, unemployment spiked. As the EPI reports, “the UI recipiency rate reached about two-thirds of all unemployed workers” during this time. The number of people receiving […]
By Jim Puzzanghera, Los Angeles Times WASHINGTON — Bank of America Corp. has agreed to pay $16.65 billion to end federal and state investigations into the sale of toxic mortgage securities during the subprime housing boom, the largest settlement by a single company in U.S. history, the Justice Department said Thursday. The settlement includes $9.65 […]
By Walter Hamilton, Los Angeles Times Fewer Americans are counting on 401(k) accounts to fund their retirement years, apparently because of disappointment with the stock market after painful losses in the Great Recession, according to a recent study. Only 48 percent of non-retirees expect a 401(k), individual retirement account or similar savings vehicle to be […]
A new report by the National Employment Law Project reveals the slow and ongoing jobs recovery that the private sector has experienced since the 2008 recession, and underscores the notion that an economic recovery has not yet been fully achieved. As the NELP report notes, in the months leading up to the 2008 financial crisis and the […]
But as much as Republicans say they care about the deficit, they are not willing to raise one dime in taxes to make a deal to cut it.
By Jake Grovum, Stateline.org WASHINGTON — Almost 2 million Americans who have been out of work for longer than six months have missed out on extended unemployment benefits since Congress allowed the program to expire in December, according to a new analysis of U.S. Department of Labor data. In seven states, at least 100,000 unemployed workers […]
The party that still thinks the Bush tax cuts (which resulted in the most negligible job creation in decades) and the Iraq War (which resulted in the Iraq War) both worked wants you to believe that the stimulus failed. And they’ve been making that argument since before the American Recovery and Reinvestment Act even had a […]
Mark Z. Barabak, Los Angeles Times SALINAS, Calif. — Tony Salameh and Danielle Clark weathered the Great Recession from two worlds just a few miles apart. Salameh, 62, owns several restaurants in Carmel, the wealthy hamlet perched like a small jewel overlooking the sea. After a significant falloff, business is about where it was five […]
Jared Bernstein–formerly a top economic advisor to Vice President Joe Biden, and a key figure in the Obama Administration’s attempt to get the economy back on track–has published a fascinating response to Ezra Klein’s analysis of the administration’s response to the Great Recession. Bernstein closes with a poignant critique of official Washington’s irrational, and destructive, […]