economy

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Poll: Americans' Trust in Gov't Plummeted in '08

62% trust feds less than a year ago; 65% think US is on wrong track

(Newser) - 2008 wasn’t a great year for the federal government’s reputation, with a Politico poll finding that 62% of Americans say their confidence in Washington has decreased in the past year. The main worry is the economy: 45% say that economic stimulus should be the highest priority (no other...

Retail Sales Take Steep Plunge

Fall twice as far as anticipated

(Newser) - Retail sales fell more than twice as much as analysts predicted in December, thanks to mounting job losses and reduced credit, Bloomberg reports. Sales fell 2.7%, extending the longest string of declines on record to 6 consecutive months. Purchases excluding automobiles slid 3.1%. “Consumers are pulling back,...

Bummer Economy? Move Home!
 Bummer Economy? 
 Move Home! 
Jan 13, 2009 2:08 PM CST

Bummer Economy? Move Home!

More adult children are moving in with parents

(Newser) - A bleak job market and skyrocketing rents have college grads—even working adults—boomeranging back to their childhood homes, something that's fast losing its social stigma, the Boston Globe reports. About half of adults ages 18 and 24 live with their parents.

Use Stimulus to Invest in Food Reform
 Use Stimulus to 
 Invest in Food Reform 
OPINION
Jan 12, 2009 5:19 PM CST

Use Stimulus to Invest in Food Reform

Fixing food will save health and environment

(Newser) - Just because Barack Obama has a lot of issues to deal with once he's sworn in, he shouldn't leave food reform off the table. Putting a bulk of the stimulus package toward local and regional food systems will cut costs and bring us back from the edge, Tom Philpott, founder...

Beyoncé Hit Is Soundtrack for More Market Chaos: Prof

Analysis of pop charts finds steady songs predict turbulent finance

(Newser) - Beyoncé’s smash hit "Single Ladies (Put a Ring On It)" might be the harbinger of continued chaos in the financial markets, the Guardian reports. Hit songs with steady, regular rhythms—or “low beat variance”—throughout correlate with volatility in the American markets, an NYU professor...

Bush Years Were Dark for US Economy
Bush Years Were Dark for US Economy
Jan 12, 2009 11:49 AM CST

Bush Years Were Dark for US Economy

'We really went nowhere for almost 10 years,' says economist

(Newser) - The Bush years have not been good ones for the economy, the Washington Post reports, based on an analysis of economic data and discussions with economists of all stripes. Job growth for Bush’s tenure amounts to just 2%, the smallest 8-year gain on record, and GDP grew at its...

Bail Out America's Brains
 Bail Out America's Brains 
OPINION
Jan 11, 2009 10:08 AM CST

Bail Out America's Brains

To stay afloat, we need more Gateses and Jobses

(Newser) - Building roads and bridges will give our economy a short-term boost—but we need to look farther into America’s future on the global stage, writes Thomas Friedman in the New York Times. That means investing to make sure the next Microsofts and Googles are home-grown. How? For a start,...

Happy Hour Hammers Bars in Tough Times

Restaurants sober up as patrons drink earlier to save money

(Newser) - There’s a recession on, and that’s forcing drinkers everywhere to change their schedules. These days bars are filling up in the late afternoon, the Los Angeles Times reports, as patrons pinch pennies by slurping happy hour specials. “We don’t see a change in what people are...

Obama's Contagious Calm Keeps Us Cool
 Obama's Contagious Calm 
 Keeps Us Cool 
OPINION
Jan 9, 2009 12:59 PM CST

Obama's Contagious Calm Keeps Us Cool

Prez-elect presents smooth-sailing image

(Newser) - How is it that Barack Obama’s warnings of impending doom manage to console, rather than panic, the nation? First, he’s contagiously calm, “more deliberate in his speech patter than John Wayne in a firefight,” writes Jack Shafer in Slate. The president-elect adopts a paternal tone when...

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...

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