Tag: recession
Economist says the American retirement system has failed
America is heading into a retirement crisis, an economist says. Most retirees haven't saved enough money to retire and Teresa Ghilarducci blames America's entire system for retiring....
Stockton, Cal., to become the largest city to file for bankruptcy in America
The city of Stockton, Cal., is facing a $26 million budget deficit amid rising crime and foreclosure rates. Unable to reach an agreement with its creditors, the city has voted to file for bankruptcy, in what will be the largest city bankruptcy filing in U.S. history. ...
Baltimore set to sell ads on fire trucks
Baltimore's City Council recently voted to let companies place advertisements on fire trucks in an effort to cover infrastructure costs....
New book casts America's economic future in strikingly positive light
Daniel Gross' new book "Better, Stronger, Faster: The Myth of American Decline and the Rise of a New Economy," has a more optimistic take on the U.S. economy and its current state....
Mayor David Bing calls for cutbacks, assistance to keep Detroit afloat
Detroit has been hit hard by the recession. Once known as the "Paris of the Midwest, Detroit is now the poorest major city in the United States. City officials are in the midst of numerous efforts to stave off bankruptcy, but they're struggling to keep residents happy. ...
Weak demand for new workers keeps long-term unemployment high
Long-term unemployment numbers are the highest they've been since the Great Depression. Unfortunately, it is still difficult to find a job in this economy, and experts are predicting that’s not going to change anytime soon....
Former leader of Iceland put on trial for economic crisis
Geir Haarde is thought to be the first world leader to be put on trial for his role in his country's 2008 economic crisis. The trial of the former Iceland prime minister started on Monday....
Obama, states announce massive settlement with banks over foreclosure process
Economists have identified the housing crisis as one of the biggest drags on the current economic recovery. On Thursday, state and federal officials announced a settlement with the mortgage industry that will provide cash to underwater homeowners and those who lost their homes, but there's debate on whether it will jumpstart the economy....
Massachusetts files lawsuit against 5 of nation's largest mortgage lenders
Attorney General Martha Coakley accuses Bank of America, JP-Morgan Chase, Citigroup, Wells Fargo and GMAC Mortgage of unfair and deceptive business practices related to the foreclosure process....
Why recessions can be good for the economy
Recessions are tough on workers, but lots of unemployment can also lay the groundwork for a better economy in the future....
