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Posts Tagged ‘Great Recession’

Economic Shock Could Throw 900 Million People Into Poverty, IMF Study Warns

Posted by Ram Kumar Shrestha on April 6, 2013

By 

Hundreds of millions of people worldwide are on the brink of poverty.

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A recent study by the International Monetary Fund warns that as many as 900 million people could fall back into poverty in the event of an economic shock like the Great Recession. That figure is three times the size of the U.S. population. Read the rest of this entry »

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America’s Poorest Neighborhoods Lost 91 Percent Of Their Wealth During The Great Recession: Report

Posted by Ram Kumar Shrestha on November 15, 2012


Comment: One Nepali poet wrote, “God, kindly give me more trouble if you really love me”

Families living in poor neighborhoods lost almost everything during the Great Recession, potentially making it more difficult for them to gain a better life in the future, according to a recent report.

Households living in high-poverty neighborhoods saw a 91 percent decline in their overall wealth over the course of the downturn, according to a recent report from the Pew Charitable Trusts. Though low-income families lost less than their richer counterparts in terms of absolute value during the recession, their loss of wealth was much more extreme as a proportion of their total assets: households in high-poverty neighborhoods saw their net worth drop to $3,000 in 2009 from $32,000 in 2007, Diana Elliott, research manager of Pew’s Economic Mobility Project, told The Huffington Post.

This wealth drop among low-income families could prevent already struggling households from moving up the economic ladder.

“This could have a potential long-term impact upon economic mobility,” Elliott said. Read the rest of this entry »

Posted in International | Tagged: , , , , , , , , , , | 1 Comment »

Nine Reasons Why This Economy Feels So Bad

Posted by Ram Kumar Shrestha on August 8, 2012

The recent slump has been unusually painful, and the feeble recovery has been disappointing. But today’s economy seems even worse than it actually is.
 
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H. ARMSTRONG ROBERTS / RETROFILE / GETTY IMAGES

Recent U.S. economic troubles are often referred to as the Great Recession, implicitly equating them with conditions during the Great Depression. Yet by many measures the economic deterioration of the past few years is not as serious as in some earlier downturns. The drop in GDP from peak to trough for the 2007-09 recession was indeed severe, 4.7% compared with 3.2% for the 1973-75 recession. Still, it doesn’t begin to compare with the 26% decline of the early 1930s, the 18% of the 1937-38 recession or even the 12% of the often-overlooked 1945 slump. And peak unemployment was higher not only during the Great Depression, but also during the recession of the early 1980s.

Moreover, if you look beyond the national averages, several past recessions have been more destructive in certain specific regions. Rust Belt manufacturing was badly battered in the 1970s – indeed, Detroit and the U.S. auto industry have never fully recovered. And the Oil & Gas business, especially in Texas, needed a long time to bounce back from the 1980s. All things considered, the recent recession may have been worse than average, but it was hardly unprecedented – and nowhere near comparable to what happened in the 1930s. So why do today’s economic troubles seem even worse than they are? Here are nine reasons:

The recovery has been hugely disappointing. Compared with today’s feeble gains, the rebounds that followed the deep recessions of 1973-75 and the early 1980s were robust. Within 18 months, real GDP growth touched 9% and remained well above average for several years. By contrast, the current recovery has failed to get much beyond 4% at best and has averaged less than  2.25% over the three years since the official end of the recession. Read the rest of this entry »

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American Millionaires: 1,400 Paid No U.S. Income Taxes In 2009

Posted by Ram Kumar Shrestha on August 5, 2011


They are becoming rich because of not paying tax?
Read the Article at HuffingtonPost

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4 Million Americans Set To Lose Unemployment Benefits Even If Congress Passes Extension (CHART)

Posted by Ram Kumar Shrestha on December 4, 2010


What about the people living in those countries without that benefit?
Read the Article at HuffingtonPost

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