Jason Welker's Library tagged recession →  View Popular

Things are scary out there for the unemployed in America! This article tells some sad stories of opportunities lost and next eggs blown! It also illustrates a key concept from AP and IB Economics: the theory of sticky wages and prices, at the heart of Keynesian macroeconomics. 

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keynesianism wages recession sticky wages unemployment

"The U.S. economy looks like it is traveling along two tracks.

If you look at output -- the amount of goods and services Americans produce -- the economy has been rising at a decent clip. But people aren't feeling it in their wallets because the factors driving their own incomes -- such as jobs and wages -- are under strain."

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economics recession business cycle

Blogger James Wexler summarizes McCain and Obama's strategies for dealing with America's housing crisis:

"Sen. Obama has suggested $10billion in government funding to help homeowners sell their homes of modify their loans to avoid bankruptcy or Foreclosure.

Sen. McCain feels like this is a bailout. He feels struggling homeowner and borrowers should share the responsibility and if helped should share equity (if there is a gain) with the lender and Federal Government.

Obama wants the government to lend money to struggling home owners. Money which usually comes in the form of higher taxes

McCain has pledged to eliminate (AMT ) taxes. A break that many Americans want (and need). However AMT tax cut with other extended tax cuts leaves less money for such help to home owners. Unless, other government programs are sacrificed. A move, most do not want."

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economics housing prices recession fiscal policy

"[H]ouseholds continue to face significant headwinds, including falling house prices, a softer job market, tighter credit, and higher energy prices, and consumer sentiment has declined sharply since the fall," said Bernanke, addressing the International Monetary Conference in Barcelona via satellite.

At the same time, Bernanke said that some of the more troubled aspects of the economy are starting to show signs of stability. He said the battered financial markets had "improved of late but conditions remained strained." He also said the pressures on the U.S. economy are being softened somewhat by foreign demand for U.S. goods and services.

"We may see somewhat better economic conditions during the second half of 2008, reflecting the effects of monetary and fiscal stimulus," he said.

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economics recession monetary policy

A question I have been pondering is whether slow GDP growth combined with high inflation actually means that negative GDP growth. In other words, with GDP growing around .2% and the price level at around 4%, is the US actually experiencing negative real GDP growth of -3.8%? According to this blog post, NO:

"it's not true that high inflation means real output growth is negative, since the GDP figure quoted is itself a real figure. (Although many observers, like Barry Ritholtz, believe that official inflation numbers are understating inflation). But discussions about whether a recession might be u-, or v-, or curlicue-shaped seem a bit off at the moment. Instead, the economy is essentially flatlining just a hair above zero growth. "

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economics inflation recession GDP

"I believe that we are already in a recession," Buffet was quoted as saying. "Perhaps not in the sense as defined by economists. ... But people are already feeling the effects of a recession."

"It will be deeper and longer than what many think," he added.

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economics recession macroeconomics Buffett

Facts and figures everyone needs to know about the economy in this time of economic hardship. (there are five pages, be sure to click through to read them all!)

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economics recession inflation

Things aren't looking as bad for the US economy this month. Employment, down 80,000 jobs in March, only fell by 20,000 jobs in April, not as bad as expected. This may mean the US is already on the upswing in its business cycle.

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recession unemployment business cycle economics

Bush reflects on the waning US economy... surprisingly he
opposes McCain and Clinton's proposed gas tax holiday, also thinks it's
time to start drilling in ANWAR to help bring down energy prices.

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economy recession Bush energy prices unemployment politics

Looks like the US economy might just be teetering above the
recession level... will contraction occur or will we avoid a full-on
recession?

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recession econom