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.
April 20, 2014 |
Debbie Rohr lives with her husband and twin teenage sons in a well-tended three-bedroom home in Salinas. The ranch-style house has a spacious kitchen that looks out on a yard filled with rosebushes. It's a modest but comfortable house, the type that Rohr, 52, pictured for herself at this stage of life. She just never imagined that it would be her childhood home, a return to a bedroom where she once hung posters of Olivia Newton-John and curled up with her beloved Mrs. Beasley doll.
March 24, 2010 |
For much of the last decade, the economic relationship between the U.S. and China was like a bartender and his favorite patron. American consumers knocked back flat-panel TVs, laptops and assorted other made-in-China products while Beijing rang up the charges, extending more and more credit so the customer could keep drinking. On paper, the Chinese accumulated hundreds of billions of U.S. dollars. But instead of cashing in its horde, China lent much of it back to Americans to help finance ever-higher consumer borrowing, as well as federal deficits and cheap mortgages.
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.