economy

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Get Behind President—but Don't Idolize Him: Noonan

Speaking truth to power, not getting tongue-tied, more important now than ever

(Newser) - When Barack Obama spoke of his stimulus plan yesterday, he did it with authenticity and optimism, saying Americans could and would fix this mess. Peggy Noonan agrees. “This is not a nation of 300 million people on a morphine drip,” she writes in the Wall Street Journal. Noonan...

79% Support Obama Stimulus Plan, Poll Says

And public places more confidence in him than in Congress

(Newser) - Most Americans favor Barack Obama's pricey antidotes for the economy, and they like him better than his pals in the legislative branch, Politico reports. A recent poll says 79% back Obama's fiscal plans, which include a $775 billion injection into infrastructure and alternative energy. The president-elect's favorable rating sits high...

Intel Losses Dull Luster of Gadget Show

Revenue slump looms over Consumer Electronic Show

(Newser) - Intel's prediction today of abysmal holiday losses has cast a shadow over the year's flashiest gadget show, which starts tomorrow, writes Brooke Crothers of CNET. Fourth-quarter revenue is expected to be down 23% from 2007 and 20% from the third quarter. Intel is the world's biggest chip maker, and the...

Porn Kings Want Federal Bailout

$5B sought to 'rejuvenate sexual appetite'

(Newser) - Recession depression has hampered America's sex drive, claim Larry Flynt (of Hustler fame) and Joe Francis (Girls Gone Wild). The adult-entertainment kings want a federal bailout for slumping DVD sales, down 22% in the past year. Placing themselves alongside Detroit’s automakers in national importance, the duo says Congress should...

Obama: Expect Trillion-Dollar Deficits

(Newser) - Barack Obama delivered yet another dose of sobering economic news today—the nation should expect to run trillion-dollar deficits for multiple years, the Washington Post reports. The once unthinkable sum—we're already well on our way toward it in fiscal 2009—is more than double the previous high. Obama acknowledged...

Newfound Thrift Battering Economy

Sharp rise in savings rate expected to lengthen recession

(Newser) - Americans worried about the recession are stashing away cash at the highest rate in decades—but economists fear that the thrift will prolong hard times, reports the Wall Street Journal. The national savings rate has rebounded from less than zero to levels expected to hit 5% or higher this year...

Pawn Shops Attract Upscale Clientele

(Newser) - Pawn shops are turning from the shady realm of the lower class to a place for rich people to get loans, the Wall Street Journal reports. The typical household income of a pawn shop customer is $29,000, but new middle- and upper-class clients are surging. One such client pawned...

Mexican Border Arrests Hit 30-Year Low

Recession, enforcement keep Mexicans at home

(Newser) - The number of people trying to sneak into the US appears to be plummeting, thanks to tougher enforcement and the beleaguered US economy, USA Today reports. Just 705,000 people were caught trying to sneak in from Mexico in fiscal 2008, the lowest total since 1976. “We're definitely making...

No Revival in Sight for Battered Broadway

Economic downturn makes investors nervous and theatergoers thrifty

(Newser) - The economic crisis has produced plenty of drama, but it means a bust for Broadway, the Los Angeles Times reports. Investors are jittery about backing just about anything, theaters are cutting costs, and some shows are shutting down early or canceling their openings. "What we had was a small...

US Schools Need Finance 101
 US Schools Need Finance 101 
OPINION
Dec 28, 2008 10:55 AM CST

US Schools Need Finance 101

Kids should learn basics to help avert crises

(Newser) - There are complex reasons behind the financial crisis, but one is key: When it comes to money, we’re idiots, Peter Applebome writes in the New York Times. “Insofar as there is a lesson in history,” says an analyst, “it’s that human beings are not very...

Obama, Please Impose a Gas Tax: Friedman

'Systemic approach' essential for environment, economy

(Newser) - It may be hard to sell, but a gas tax would be a “win, win, win, win” move—for the environment, the economy, the war on terror, and America’s standing in the world, Thomas Friedman writes in the New York Times. Barack Obama still has the popularity to...

Shoplifting Grows as Economy Doesn't

Desperation, holiday shopping drive thieves

(Newser) - The tough economic climate is driving up shoplifting arrests, and the holiday season is making the situation worse, the New York Times reports. The timing is poor for stores that have had to shrink security staff amid financial woes. “More people are desperate economically, retailers are operating with leaner...

Krugman: Obama Can't Take Crutches Away Too Soon
Krugman: Obama Can't Take Crutches Away Too Soon
OPINION
Dec 22, 2008 12:54 PM CST

Krugman: Obama Can't Take Crutches Away Too Soon

Government must remain involved for economy to gain new footing

(Newser) - The Obama administration must resist the temptation to leave the economy to its own devices too soon, Paul Krugman writes in the New York Times. “Getting to the point where our economy can thrive without fiscal support may be a difficult, drawn-out process,” he writes, with no bubble...

Russia Tycoons Seek $78B Kremlin Bailout

Looming foreign debt forces oligarchs to return power to state

(Newser) - A dozen years after bailing out the Soviet government, Russia’s oligarchs are seeking $78 billion in Kremlin handouts to weather the credit crunch, Bloomberg reports. Russian businesses have racked up some $110 billion in foreign debt due in 2009. The one-year loans, sought by more than 100 companies, would...

Hard Times Bite Dogs, Cats
 Hard Times Bite Dogs, Cats 
Dec 22, 2008 6:15 AM CST

Hard Times Bite Dogs, Cats

Out of work owners leave pets at shelters

(Newser) - As man's bills pile up, man's best friend is all too often getting the heave-ho, reports the AP in a look at the economic impact on animal shelters across a recession-battered America. As dogs and cats of broke owners stretch shelters to their limits, the sinking economy also cuts into...

Squeezed Parents Dump Daycare
Squeezed Parents Dump Daycare 
Dec 21, 2008 2:43 PM CST

Squeezed Parents Dump Daycare

Kids often home alone, but cost 'ludicrous' if 'you can't afford rent'

(Newser) - As the tanking economy squeezes parents with skyrocketing unemployment and foreclosures, experts are noticing that it's the little children who suffer—in the form of fast-emptying daycare centers. As the Washington Post reports, strapped families desperate to cut costs are pulling their kids out of programs that can cost hundreds...

Obama Widens Goals, Now Wants 3M Jobs

Recovery plans grow as advisers predict 9% unemployment

(Newser) - Barack Obama is expanding his plans to reverse the nation’s financial crisis and will seek to create 3 million jobs in the next two years, up from the goal of 2.5 million he proposed last month, the New York Times reports. The new figure follows a meeting in...

Jobless Whites, Blacks Push Out Immigrant Workers

Tough job market sends foreign-born workers home

(Newser) - Tens of thousands of Hispanic immigrants are leaving the US as out-of-work Americans compete with them for manual labor jobs, the Wall Street Journal reports. Even farms, which once struggled to fill positions, are turning people away because white and black Americans need work. "There is definitely a lot...

Bush: 'I Never Sold My Soul'
 Bush: 'I Never Sold My Soul' 
Dec 18, 2008 4:43 AM CST

Bush: 'I Never Sold My Soul'

Says he knows he's unpopular

(Newser) - President Bush knows he doesn't have a lot of fans, but is proud that he didn't "compromise my soul to be a popular guy," he tells Fox News. It's particularly tough to like him given the current economic situation, he concedes. "What do you expect? We've got...

73% of Americans Back Obama
 73% of Americans Back Obama 
Dec 11, 2008 4:19 AM CST

73% of Americans Back Obama

Poll reveals reservoir of national goodwill for prez-elect

(Newser) - President-elect Barack Obama will begin his term of office with an enormous reservoir of goodwill among American voters, according to a Wall Street Journal/NBC News poll. The poll found 73% of adults approve of his preparations to take over, with even 29% of John McCain voters now viewing Barack Obama...

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