Economic Crisis

Articles and Reports on the Economic Crisis from 2011
(Also see articles and reports from 2012, 2010 and before, and coverage of Poverty)

Charles M. Blow, Inconvenient Income Inequality, New York Times, December 17. Examines income inequality and our thoughts about it.

Timothy Williams, As Public Sector Sheds Jobs, Blacks Are Hit Hardest, New York Times, November 29. "About one in five black workers have public-sector jobs and African-American workers are one-third more likely than white ones to be employed in the public sector." As jobs in the public sector are shed, this especially impacts African Americans who already face unemployment rates twice the level of whites.

Rana Foroohar, What ever happened to upward mobility, Time, November 14.

A new study, Corporate Taxpayers & Corporate Tax Dodgers, 2008-2010, by Citizens for Tax Justice, finds that 280 of the largest publicly-traded companies paid an average of 18.5% of profits in taxes over the past three years. November 3, 2011. Also read the New York Times story about the report by David Kocieniewski. 

Charles M. Blow, America's exploding pipe dream, New York Times, October 29. The U.S. ranks near the bottom of major industrialized countries on a number of social indicators.

Michael Cooper and Allison Kopicki, "Facing hardship, jobless still say they have hope," New York Times, October 27.

Incomes continue fall after recession ends
A new study has found that incomes have continued to fall, and the pace of decline has been more rapid, since the recession officially ended in June, 2009. The report finds that since the Great Recession began in December, 2007, median household income has fallen a total of 9.8%. (Median income is the income in the middle, where half of households have a higher income and half a lower one.) During the recession, December, 2007 through June, 2009, income declined 3.2%. From June, 2009, through June, 2011, the last month for which there are data, median household income fell another 6.7%. Overall, adjusted for inflation, median income fell from $55,309 to $49,909. In a related report, a Princeton professor found that people who lost jobs during the recession and eventually found work again earned an average of 17.5% less in their new jobs. For more information, see “Median incomes shrank further after recession.”

New Census data shows rise in poverty, falling incomes, and decline in health insurance coverage

Hope Yen, "Working-age Americans fill country's growing poverty rolls," Cleveland Plain Dealer, September 7.

Paul Krugman, "The fatal distraction," New York Times, September 5. Jobs must take pecedence over debt and deficit reduction.

Robert B. Reich, "The limping middle class," New York Times, September 4. For a healthy economy, income must be more equitably shared. (Great graphics)

E.J. Dionne, "The last Labor Day," Washington Post, September 4.  In the U.S., capital is honored, not workers.

Harold Meyerson, "The fallacy of post-industrial prosperity," Washington Post, September 4.

Desmond S. King and Rogers S. Smith, "On race, the silence is bipartisan," New York Times, September 3.

Charles Blow, "Falling Forward," New York Times, August 27. Poverty, hunger, and children in the U.S.

Cornel West, "Dr. King weeps from his grave," New York Times, August 26. King oppposed racism, and also poverty, militarism, and materialism.

Warren E. Buffet, "Stop coddling the super-rich," New York Times, August 14. Billionaire investor calls for tax increases on the rich.

Douglas S. Massey, "Isolated, vulnerable, and broke," New York Times, August 5. Our immigration policy has decimated Hispanic communities.

Paul Krugman, "The wrong worries," New York Times, August 5. If it wasn't clear before, it is now: the downturnn is not over. Congress must create jobs.

Charles Blow, "They, too, sing America," New York Times, July 16. Over the next 10 years, most of the fastest growing occupations pay low or very low wages.

Paul Krugman, "The mistake of 2010," New York Times, June 3.  Spending cuts and lack of job creation policies may cause another recession.

Paul Krugman, "Against learned helplessness," New York Times, May 30. We can and must make job creation our nation's priority.

 Robert Scheer, "One lawman with the guts to go after Wall Street," Truthdig.com, May 18.

 Joseph Stiglitz, "Of the 1%, by the 1%, for the 1%," Vanity Fair, May. Government of, by, and for the elite. (Stiglitz is a Nobel prize-winning economist and former Senior Vice President and Chief Economist at the World Bank.) Hear Stiglitz discuss the top 1% on Democracy NOW.

Catherine Rampell, "Many with new college degree find the job market humbling," New York Times, May 19.

Gretchen Morgenson, "A low bid for fixing a big mess," New York Times, May 15. Evidence of extensive and abusive mortgage-servicing processes.

Sheryl Harris, "Consumer agency feels GOP squeeze," Cleveland Plain Dealer, May 15. Consumer Affairs columnist reports efforts to weaken the newly created Consumer Financial Protection Bureau.

Jessica Silver-Greenberg, "Drawing benefits via a debit card? There's a fee for that," Wall Street Journal, May 14. Excessive fees charged by banks on government-issued pre-paid debit cards that provide unemployment and other benefits.

Paul Krugman, "The unwisdom of elites," May 9. The deficit was caused by the bad judgment of the elites, not the greediness of the public.

Ben Protess, "Patrolling Wall Street on the cheap,"  May 4. Cuts in the federal budget limit enforcement of new banking regulations and investigations of possible wrong doing. 

The American Prospect in May had a special report, "How to fix the housing crisis."

 David Wessel, “Big U.S. firms shift hiring abroad”  Wall Street Journal, April 19. Graph “U.S. multinational corporations, the big brand-name companies that employ a fifth of all American workers, have been hiring abroad while cutting back at home, sharpening the debate over globalization's effect on the U.S. economy. The companies cut their work forces in the U.S. by 2.9 million during the 2000s while increasing employment overseas by 2.4 million, new data from the U.S. Commerce Department show. That's a big switch from the 1990s, when they added jobs everywhere: 4.4 million in the U.S. and 2.7 million abroad.”

David Leonhardt, "As Economy Sputters, A Timid Fed,"  New York Times, March 30. How the Federal Reserve (mis)handles its dual goals of lowering unemployment and keeping inflation low.

Neil Barofsky, "Where the Bailout went Wrong," New York Times, March 30. An assessment of the impact of the Troubled Asset Relief Program (bank bailout program) by its former Special Inspector General.

Paul Krugman, "The Austerity Delusion," New York Times March 25. To cut spending while the economy is weak is a mistake.

Floyd Norris, "Eyes Open, WaMu Still Failed," New York Times March 25. Investigation of one bank's involvement in widespread mortgage fraud.

Paul Krugman, "The Forgotten Millions," New York Times March 18. The unemployed are forgotten by politicians in Washington, DC. Job creation must take priority over deficit reduction.

Paul Krugman, "Dumbing deficits down," New York Times March 11.  Health care costs and the deficit.

Harold Meyerson, "Business is Booming," American Prospect, March. Business has found a way to thrive even when the economy is in shambles.

The American Prospect in March had a special report, "America's Endangered Middle Class."

David Leonhardt, “Why Cuts Don’t Bring Prosperity,” New York Times Feb 23. Budget cuts are harmful. Cuts made to reduce deficits in England and Germany are slowing economic growth and may lead to larger deficits, not smaller. 

Nelson D. Schwartz, “Bank Closings Tilt Toward Poor Areas," New York Times February 23.  Bank branch closings are most likely in poorer areas that are already underserved. 

Paul Krugman, "Eat the Future," New York Times February 14. Cuts today threaten our economic future.

Bob Herbert, “At Grave Risk,” New York Times February 22. Joblessness and the economic downturn still cause suffering for many. 

Paul Krugman, “Willie Sutton Wept,” New York Times February 18. Why we need a budget deficit at this time.

David Leonhardt, “In Wreckage of Lost Jobs, Lost Power,” New York Times January 19. Why unemployment is higher in the U.S. than other nations.

Paul Krugman, “Deep Hole Economics,” New York Times January 3. Unemployment will be high for many years -- politicians are policy makers are not creating jobs.

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CONTACT INFO

Ms. Edith Rasell, Ph.D.
Minister for Economic Justice
700 Prospect Ave.
Cleveland,Ohio 44115
216-736-3709
raselle@ucc.org