economy

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Obama Promises Action On Economy

...But warns that there's 'no quick fix'

(Newser) - There is “no quick fix” for the economy, Barack Obama said today in a speech at the White House, but his team is working on a new series of proposals to boost growth and hiring. Obama spoke following the Labor Department’s latest employment report, which showed that private...

Two Very Different Outlooks on Our Economy
Two Very Different Outlooks
on Our Economy
opinion
Aug 25, 2010 1:32 PM CDT

Two Very Different Outlooks on Our Economy

One expert says be confident, another calls it a depression

(Newser) - How goes the economic recovery? Depends on what you read. These two views could hardly be further apart:
  • Cheer up! Enough with the "gloom and doom," writes Ross Devol of the Milken Institute. The economy is stronger than is widely acknowledged and can regain its past "dynamism"
...

Bernanke: Unemployment Will Be High for Years

Financial picture is 'unusually uncertain'

(Newser) - Ben Bernanke isn't exactly spreading good tidings in his semiannual report to Congress. Two of the lowlights, from the New York Times :
  • Unemployment: Expect it to remain high, as in well above 7%, through the end of President Obama's first term. Bernanke said it will take "a significant amount
...

Where Obama Went Wrong With 'Pundit Delusion'

Hint: It's not because he's too liberal

(Newser) - Pundits may argue that Barack Obama is too liberal, but they’re wrong, writes EJ Dionne of the Washington Post . The truth is that Obama is a center-left progressive, but because today’s politics are defined by the passionate political fringes, he’s not perceived that way. And that’s...

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...

US Sheds Jobs for First Time This Year
 US Sheds Jobs for 
 First Time This Year 
rate is 9.5%
Jul 2, 2010 7:55 AM CDT

US Sheds Jobs for First Time This Year

It's the first monthly decline in 2010

(Newser) - Today's unemployment numbers from June delivered generally bleak news and suggest that the economic recovery is slowing, reports the Wall Street Journal . The unemployment rate actually dipped from 9.7% to 9.5%, but the US economy lost jobs (125,000, mostly because census workers' temporary positions were cut) for...

Jobless Masses a Boon for Employers
Jobless Masses a Boon
for Employers
Jun 28, 2010 3:00 PM CDT

Jobless Masses a Boon for Employers

Companies can hire better workers, pay less

(Newser) - High unemployment isn’t bad for everyone. Many companies are taking advantage of the jobless masses, hiring extremely motivated workers at discount rates, Bloomberg reports. “Companies are getting higher-productivity employees for the same or lower wage rate they were paying a marginal employee,” explains one investment strategist. “...

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...

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...

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
...

US Economy Needs Less Caution, More Spending
US Economy Needs Less Caution, More Spending
Paul Krugman
May 21, 2010 11:34 AM CDT

US Economy Needs Less Caution, More Spending

Forget deficit; fret over threat of 'lost decade'

(Newser) - No matter what you've heard panicked commentators say, the US is not the next Greece, and the government is not trying to do or spend too much in the face of the slumping economy. In reality, Washington isn't doing or spending enough, and as a result, the US could be...

America's 40% Overpriced
 America's 40% Overpriced 
OPINION
May 12, 2010 1:56 PM CDT

America's 40% Overpriced

Take in some discount movies, you'll understand

(Newser) - Joe Queenan has figured out the real problem with the US economy: It's overpriced. Queenan came to this revelation after he and his buddies made a habit of going to see movies on Tuesday nights, when they only cost $6 instead of $10.25. At that price, even bombs like...

Job Creation Up, but So Is Jobless Rate

Unemployment at 9.9% as job seekers re-enter market

(Newser) - Employers stepped up job creation in April, expanding payrolls by 290,000, the most in four years, the AP reports. The jobless rate also rose, to 9.9%, as people resumed their searches for work. The hiring of 66,000 temporary government workers to conduct the census helped overall payroll...

Once Again, We're Spending More, Saving Less

Spending rose twice as much as income in March

(Newser) - Well, that didn’t take long: Americans are back to spending more and saving less. While personal income rose 0.3% in March, spending rose at twice that rate, Business Insider reports. Personal savings, on the other hand, slipped that same 0.3% from 3% of income in February to...

Economy Expands at 3.2% Clip as Spending Rebounds

Consumer spending drives growth for third straight month

(Newser) - The economy grew at a solid 3.2% pace during the first quarter of this year as consumers boosted their spending by the most in three years. It marked the third straight quarterly gain, providing more hope that a recovery is in progress. Still, growth came in a tad shy...

Spendthrift Generation Y: Screwed and Oblivious
Spendthrift Generation Y:
Screwed and Oblivious
What economy?
Apr 23, 2010 1:50 PM CDT

Spendthrift Generation Y: Screwed and Oblivious

Lost generation doesn't realize it's a loser

(Newser) - Economically, things are very, very bad for Generation Y, but the hipster cohort doesn't seem to have noticed. A whopping 37% of 18-to-29-year-olds are underemployed, the worst figure any age group has seen in over 30 years. Nearly 70% aren't building up a cash cushion, and they're drowning in credit...

Texas Thrives, Thanks to Regulation and ... Windmills?

An unexpected tale of economic success

(Newser) - Don't look now, but Texas's economy is in pretty great shape, and it's all thanks to alternative energy and regulation. Strange but true. Daniel Gross of Slate breaks down the reasons things are bigger in Texas:
  • The housing market hasn't utterly imploded like the rest of the nation's—prices are
...

Motto for Our Era: Don't Blame Me
Motto for Our Era:
Don't Blame Me
Frank Rich
Apr 11, 2010 11:32 AM CDT

Motto for Our Era: Don't Blame Me

Responsibility is a 'forgotten value,' says Frank Rich

(Newser) - Watching Alan Greenspan's don't-blame-me testimony on Capitol Hill leads Frank Rich to pronounce that "we live in a culture where accountability and responsibility are forgotten values." It's always somebody else's fault. This goes beyond the financial sector, with hollow apologies and obfuscations cropping up everywhere from the Vatican...

Greenspan: We Did 'the Best We Could'

Former Fed chief takes heat on Capitol Hill

(Newser) - Alan Greenspan is taking more heat on Capitol Hill today as a three-day series of hearings begins on the economic meltdown. “What we tried to do was the best we could with the data that we had,” the former Fed chief told the Financial Crisis Inquiry Commission. “...

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