recession

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'Household Misery Index' Hovering Near 30-Year High

Economic fear still rampant, new measure shows

(Newser) - An update of the "Misery Index" from the '70s shows that economic anxiety remains at a high level—just below the all-time high set in December 1982, the Christian Science Monitor reports. Misery, as measured by the blog Paper Economy 's "Household Misery Index," dropped in June...

Jobless Claims Hit 9-Month High

Reach 500K mark as employers again cut back

(Newser) - New applications for unemployment insurance reached the half-million mark last week for the first time since November, a sign that employers are likely cutting jobs again as the economy slows. The Labor Department said today that initial claims for jobless benefits rose by 12,000 last week to 500,000,...

Broke Italian Man Tries to Sell Kidney

Price? $128K or a job

(Newser) - An Italian man hurting for money tried to sell one of his kidneys for either 100,000 euros ($128,000) or a job. The 52-year-old lost his position as an administrative manager a year ago, and his situation grew worse after his wife kicked him out, reports APP.com via...

The South May Fall Again: 22 US Cities That'll Double Dip

(Newser) - It seems that low wages and taxes eventually catch up to you. Moody's has identified 22 cities in the US that are ripe for a double-dip recession. Twelve are in the South, five in the Midwest, and the rest are a smattering of smaller cities in the Northeast and West—...

Bernanke, Please Heed Your Own Advice
Bernanke, Please Heed
Your Own Advice
paul krugman
Aug 13, 2010 1:02 PM CDT

Bernanke, Please Heed Your Own Advice

Your dithering is keeping Americans unemployed

(Newser) - If only Ben Bernanke would listen to himself—or at least the self that blasted Japan's government in the '90s for passively allowing the economy to wither, writes Paul Krugman. Back then, he urged Japan to "abandon its excessive caution" and accused economic officials of using flimsy technical excuses...

Shut Up, Alan Greenspan
 Shut Up, Alan Greenspan 
OPINION
Aug 3, 2010 1:37 PM CDT

Shut Up, Alan Greenspan

Ex-Fed chairman can't get anything right

(Newser) - Former fed chairman Alan Greenspan warned this weekend that the US is headed for a double-dip recession, which might be frightening news, if we didn’t have a conflicting opinion—from former Fed chairman Alan Greenspan! Just 4 months ago, Greenspan said odds of a double-dip recession had fallen drastically....

House Extends Jobless Benefits

Measure now goes to President Obama for his signature

(Newser) - Congress has approved legislation to restore unemployment insurance to people who have been out of work for six months or more, ending a seven-week interruption that caused 2.5 million people to lose benefits averaging about $300 a week. The 272-152 House vote sends the measure to President Obama, who...

City That Fired Everyone Doing Just Fine

Outsourcing works out for Maywood, California

(Newser) - Not having any employees hasn’t been so bad for Maywood, Calif. A budget crisis forced the small city to fire literally everyone in June, and it contracted out various essential services to neighboring cities. But Maywood was so bad at handling those services itself that outsourcing has led to...

Reasons to Bet Against a Double-Dip Recession
Reasons to Bet Against
a Double-Dip Recession
OPINION
Jul 19, 2010 3:34 PM CDT

Reasons to Bet Against a Double-Dip Recession

Data don't support hysterical headlines

(Newser) - Fears of a double-dip recession is running high, but economic data suggest that they are unfounded. Writing in the Wall Street Journal , Milton Ezrati of the money management firm Lord Abbett explains:
  1. The consumer is regaining strength: A 1.4% decline in retail sales for May gave rise to double-dip
...

Hey, Stimulus Backers, Don't Be So Arrogant
 Hey, Stimulus Backers, 
 Don't Be So Arrogant 
david brooks
Jul 6, 2010 12:21 PM CDT

Hey, Stimulus Backers, Don't Be So Arrogant

At least concede the possibility you're wrong

(Newser) - David Brooks sounds a bit fed up with all the economists— Paul Krugman , he's looking at you—loudly demanding another stimulus. Among the shots in today's New York Times column:
  • "The Demand Siders are brilliant, but they write as if changing fiscal policy were as easy as adjusting the
...

Our Economy: Damned If We Do, Damned If We Don't
Our Economy: Damned If We Do, Damned If We Don't
steven pearlstein
Jul 2, 2010 1:58 PM CDT

Our Economy: Damned If We Do, Damned If We Don't

Short-term fixes needed, but they hurt our long-term prospects

(Newser) - Steven Pearlstein surveys the mess of our economy and finds that we're in quite a pickle: "To fix the economy in the long run, we have to weaken it in the short run—yet weakening it in the short run makes it just that much harder to fix it...

World Risks Repeat of '30s Double Dip
 World Risks 
 Repeat of '30s 
 Double Dip 
Analysis
Jun 30, 2010 12:53 PM CDT

World Risks Repeat of '30s Double Dip

Spending cuts could send economy plummeting again

(Newser) - The world's top economies are all talking about tightening their belts, and in so doing risk repeating the mistakes of the 1930s, writes David Leonhardt of the New York Times . When President Roosevelt tried balancing the budget in 1936, it plunged the recovering country back into depression. But austerity enthusiasts...

Let's Face It: It's a Depression
 Let's Face It: It's a Depression 
Paul krugman
Jun 28, 2010 8:21 AM CDT

Let's Face It: It's a Depression

Savage cuts when governments should be spending will prove the fatal blow

(Newser) - Paul Krugman uses the D word today, arguing that we're now in the early stages of a third depression. It may turn out to be more like the Long Depression of the 19th century than the dreaded Great Depression, but that's not going to offer much succor to the legions...

We're Heading for Recession
 We're Heading for Recession 
opinion
Jun 26, 2010 5:09 PM CDT

We're Heading for Recession

Weak growth and tax increases doom us

(Newser) - John Mauldin takes a lengthy look at a slew of economic factors at Business Insider and reaches a somber conclusion: Odds are now better than even that the US will slip into a rare double-dip recession next year. Growth is anemic, with little hope for a turnaround in sight, and...

Rep: Recession Victims Not Minorities, But 'Good Americans'

Dem Kanjorski comments spark uproar

(Newser) - Pennsylvania's Democratic Congressman Paul Kanjorski is under intense fire for remarks contrasting "minorities" and "good American people." People helped by a Pennsylvania foreclosure prevention program "are not minorities, and they're not defective, and they're not all the things you like to insinuate that these programs are...

Tax Credits Gone, New Home Sales Plunge 33%

May numbers are lowest since 1963

(Newser) - Sales of new homes collapsed last month, sinking 33% to the lowest level on record as potential buyers stopped shopping for homes once they could no longer get government incentives. The Commerce Department says new home sales fell in May from a month earlier to a seasonally adjusted annual sales...

It's the Anti-Stimulus We Should Be Worried About

State budget cuts are wiping out the effects of the stimulus

(Newser) - The success of the Obama stimulus in creating jobs has been broadly, and furiously, debated—and will continue to be as the election season nears. But Ezra Klein argues today that in the end it's the "anti-stimulus"—the massive constriction of state budgets—that will decide our economic...

US Volunteers Surge 1.6M in '09

Best numbers since 2005

(Newser) - Amid rough economic times, more Americans volunteered in their communities last year than at any time since 2005, spending almost 100 million more hours helping out last year. "People are turning toward problems, rather than away from them," says the head of the federal Corporation for National and...

BP Boycotts Hurt the Little Guy
 BP Boycotts 
 Hurt the Little Guy 
OPINION
Jun 9, 2010 1:59 PM CDT

BP Boycotts Hurt the Little Guy

Protests primarily affect small business owners

(Newser) - BP could be the most hated company in America right now, and popular anger is taking the form of boycotts against its gas stations all over the country. But BP stations are individually owned, so protests really just hurt the small-business owners who had the bad luck to sign up...

Dr. Doom: Europe on Path to Recession

And America might 'run into the wall'

(Newser) - Dr. Doom isn't happy with what he sees happening in Europe, which the NYU economist (real name Nouriel Roubini) says is on the path to recession or something very much like it. Some interview highlights, as reported by Reuters and Bloomberg :
  • In the euro zone, "growth will fall toward
...

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