Although the nation’s unemployment rate has been around a seven-year low of about 5.4 percent, job growth among the states has been uneven, with several showing only meager gains more than five years removed from the depths of the Great Recession.
Americans may have voted for a Republican majority, but the likelihood of them actually working to grow the middle class? Not so much.
By Janet Kidd Stewart, Chicago Tribune Bohnne Jones didn’t count on having to fire her husband, Larry. And David Whiting works six days a week at his smoothie franchise, knowing he would have made substantially more had he left his retirement money in the stock market. Despite the challenges, these baby boomers, and others, are […]
Washington (AFP) – The U.S. economy shrank much more than previously estimated in the first quarter, in the sharpest contraction in five years, the Commerce Department said Wednesday. Gross domestic product fell at a 2.9 percent annual pace in the first three months of the year, much worse than the previous estimate of 1.0 percent. […]
By Melissa Healy, Los Angeles Times In the recession from which the United States is recovering, unemployment among blacks and Latinos has been deeper and more entrenched, incomes in black and Latino communities have fallen more sharply and recovery has been slower and far less complete. Labor economists cite a host of structural and institutional […]
By Jim Puzzanghera, Los Angeles Times WASHINGTON — The economy added 217,000 net new jobs in May and the unemployment rate held steady at a more than five-year low of 6.3 percent, the Labor Department said Friday. With May’s job growth, the economy reached a milestone — it has now recovered all the jobs lost during […]
Watching a graduation awards program at a parochial high school last week, I smiled with the soon-to-be grads, most of whom seemed giddy with anticipation at the next phase of their lives. It’s the season for those rituals — the ceremonies, the parties, the congratulatory toasts. The program that I attended involved sons and daughters […]
By Alana Semuels, Los Angeles Times KANSAS CITY, Kan. — At Noble Prentis Elementary School, a classroom is crammed with 31 students and all their backpacks and books. Last year, the fifth-grade class had just 17 students, but a teaching position was cut when the school ran short of money. The school nurse, who comes […]
As the recession has deepened, many newly unemployed Americans have found that it is almost impossible to get a job, especially if they have been out of work for more than a year. This is because employers discriminate against the unemployed, often viewing them as rejects and poor workers that their previous employers got rid […]
Despite the predictions of investors and traders, Chairman Ben Bernanke announced in a speech Friday that he would not be proposing new steps by the Federal Reserve to help the economy. The reasons behind his inaction might be more political than monetary. Many people worry that the United States is on the brink of another […]
New revelations about the extent of the Federal Reserve’s bailout of Wall Street have caused many to question the role of government lending programs as many fear another recession. The Fed’s $1.2 trillion loans of public money to Wall Street and foreign banks dwarf the Treasury Department’s heavily criticized $700 billion Troubled Asset Relief Program, […]
The gains of the 1990s — where Bill Clinton’s economic policies led to large reductions in poverty — have apparently been erased by the recession, and Hispanics are taking the biggest hit; if only the Republicans weren’t so anathema to Latinos, they might have made big gains this year in the face of economic turmoil […]
WASHINGTON (AP) — The wealth gaps between whites and minorities have grown to their widest levels in a quarter-century. The recession and uneven recovery have erased decades of minority gains, leaving whites on average with 20 times the net worth of blacks and 18 times that of Hispanics, according to an analysis of new Census […]
Despite the economy seeming more and more like an albatross hanging around Barack Obama’s neck, a new Quinnipiac poll shows that Americans still blame George W. Bush far more than the president: American voters disapprove 56 – 38 percent of the way President Barack Obama is handling the economy, but by 45 – 38 percent […]
The federal government partners with the states in providing unemployment benefits, a system that has been strained since the recession began in 2007, especially since it was not adequately buttressed by the heady days of the 1990s or the mid 2000s. These benefits are highly stimulative, in that they tend to be spent immediately, injecting […]