November 10, 2013 |
When potential employers ask Tracy Blakeley about her personal life, she assumes they're not making idle chit chat. They're trying to figure out how old she is. "They ask if I have kids or grandkids," Blakeley, 53, said. "They won't ask you your birth date, but they'll ask when you graduated from high school. " Blakeley has a rock-solid work ethic, good computer skills and an upbeat personality. What she doesn't have is a permanent job, despite trying her hardest to find one. It's a common story for people in their 50s, 60s and even 70s. Nearly 2 million people ages 55 and older are looking for a job these days, twice as many as before the Great Recession.
June 11, 2010 |
Unemployment remains at near-record levels, and most Americans are struggling to rebuild their battered finances. But the country's wealthy are once again doing just fine, thank you. No group was immune to the downturn. In 2008, as the financial crisis raged, the stock market hit bottom and the Great Recession ate into the economy, the number of millionaires in the United States plunged. But last year the number of millionaires bounced up sharply, new data show. And after that decline and rebound, the millionaire class held a larger percentage of the country's wealth than it did in 2007.
March 22, 2013 |
In the official estimation of government economists, the Great Recession ended in 2009. But in Barbara Garson's new book, it lives on. And for the people whose stories she tells, the Great Recession may never die. "They didn't retire, and they didn't find jobs," Garson writes, describing the four New York professionals whose stories open "Down the Up Escalator: How the 99% Live in the Great Recession. " They call themselves "The Pink Slip Club. " It's a group that never loses any members, because no one ever lands a permanent, full-time work.
January 19, 2014 |
The stock market has hit sky-scraping highs, the unemployment rate has dipped to a five-year low and any number of economic statistics - new car sales, home prices, consumer spending - point to a perked-up economy that is steadily growing. But one thing that has changed little is President Obama's job approval rating, which tumbled over the last year to the anemic 40% range and remains stuck near the low point of his administration. The chasm is striking, and a worrisome thing for Democrats already facing a tough election year.
August 26, 2011 |
Even if the U.S. economy avoids sliding back into recession, the continuing weakness is beginning to inflict long-term damage on many families and businesses that will make a full-blown recovery much harder to achieve. The devastating recession that started four years ago hit a nation flying high on a housing boom and helium-inflated clouds of consumer spending. But the current slowdown is striking a nation already on its economic knees. "That's the danger right now: You've got an economy that didn't recover," said Ethan Harris, Bank of America's chief economist for North America.
CALIFORNIA | LOCAL
September 19, 2012 |
People of all income levels across Southern California suffered losses during and after the Great Recession, but the lowest fifth of households took the biggest hit, new census data show. Los Angeles County households whose earnings put them in the lowest fifth for income in 2011 earned 12% less, on average, than the incomes of that same group in 2007, when the recession began. The declines for low-income households in other Southern California counties were even larger, according to a Los Angeles Times analysis of newly released census data.