Recession

Washington, DC - 03/12/2009 - Nearly eight-in-ten Americans believe it is still possible to improve their economic standing and remain optimistic that their family’s economic circumstances will improve within their lifetime and across generations. This is true across racial lines and even among lower-income, less-educated and unemployed people, according to a new national public opinion poll conducted for Pew’s Economic Mobility Project by Greenberg Quinlan Rosner Research and Public Opinion Strategies.    » read more »

Seasonally Adjusted Data

March 12, 2009 -- In the week ending March 7, the advance figure for seasonally adjusted initial claims was 654,000, an increase of 9,000 from the previous week's revised figure of 645,000. The 4-week moving average was 650,000, an increase of 6,750 from the previous week's revised average of 643,250.

The advance seasonally adjusted insured unemployment rate was 4.0 percent for the week ending Feb. 28, an increase of 0.2 percentage point from the prior week's unrevised rate of 3.8 percent.    » read more »

March 11, 2009 -- WASHINGTON -- As part of the U.S. Commerce Department’s appropriation under the American Recovery and Reinvestment Act of 2009 recently signed by President Obama, the U.S. Economic Development Administration (EDA) today announced the availability of $150 million to create jobs and boost development in parts of the country hit hard by the recession. The Federal Funding Opportunity notice, which was published today in the Federal Register, may be viewed at: www.eda.gov/InvestmentsGrants/FFON.xml.    » read more »

Says State of Economic Emergency Means Families Need Help Today

March 9, 2009 -- HARRISBURG - As the grip of a national recession continues to tighten around families across Pennsylvania, Governor Edward G. Rendell today announced unprecedented emergency executive actions intended to provide immediate relief to citizens in need and spark economic recovery.

The Governor’s proposed 2009-10 budget, which is awaiting action now by the General Assembly, includes a significant economic relief and recovery agenda that would provide tuition relief, health care assistance and job creation. However, the Governor said immediate action is needed because some families cannot wait any longer for help.    » read more »

Peter Orszag, OMB Director

February 26th, 2009 -- "One of the questions I received throughout the day today, as we released the Fiscal Year 2010 budget, is why we are proposing to raise taxes on high-income taxpayers during a recession. And the answer is simple: we’re not.

First, the Recovery Act that was enacted earlier this month included $288 billion in tax reductions, as part of an overall effort to bolster the economy and help to fill in the "GDP gap" (the gap between how much the economy could produce and how much it is current producing). During a recession, we’re cutting taxes.    » read more »

February 26, 2009 -- (Salem) – “Today’s news isn't just a number. It represents our family members and neighbors deeply affected by this recession. I want Oregonians to know that the state is doing everything it can to support these individuals and families during this difficult time.

“Increases in unemployment and food assistance benefits mean more money to pay bills and to put food on the table. More Medicaid dollars from the federal government will help the growing number of families turning to the state for health care coverage. And premium assistance means more Oregonians who have lost their job will be able to continue their employer-sponsored health insurance for themselves and their families.    » read more »

Remarks of President Barack Obama – As Prepared for Delivery; Address to Joint Session of Congress

February 24th, 2009 -- Madame Speaker, Mr. Vice President, Members of Congress, and the First Lady of the United States:

I’ve come here tonight not only to address the distinguished men and women in this great chamber, but to speak frankly and directly to the men and women who sent us here.    » read more »

February 23, 2009 -- Washington, DC – The second annual America Saves Week survey revealed declining percentages of Americans who believe they are saving enough for retirement and expect to pay off their home mortgage before retirement. But the survey also found that far more Americans are concerned about the impact of the current recession on their personal finances (77%) with over half (53%) being “very concerned."    » read more »

"The current economic crisis demands that we understand John McCain's attitudes about economic oversight and corporate influence in federal regulation. Nothing illustrates the danger of his approach more clearly than his central role in the savings and loan scandal of the late '80s and early '90s.

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September 29, 2008 -- WASHINGTON, DC – Senator Hillary Rodham Clinton today called for renewed bipartisan action to halt the economic crisis in the wake of the House of Representatives’ failure to pass the compromise plan. Senator Clinton made a brief statement after returning to New York this evening and underscored the danger of inaction in the face of the mounting crisis.

“This is not a time when doing nothing will see us through. We have to take action,” Senator Clinton said. “This is a very tough time for our country, and not only for our economy, our financial credit markets, but indeed for the world.”    » read more »

Declines in U.S. Petroleum Consumption Expected to Continue

If you feel like you’ve been economizing by driving less and adjusting your thermostat more, you’re not alone. Total U.S. petroleum consumption reported in today’s Weekly Petroleum Status Report (WPSR) is once again lower than the same week last year.

Average monthly total petroleum consumption has now declined for 12 consecutive months when compared with the same month the year before. Within the last 25 years, we’ve identified 6 other 12-month periods during which there was a sustained drop in total petroleum consumption from the previous year.    » read more »

August 7, 2008 -- Washington, D.C. – Speaker Nancy Pelosi issued the following statement in reaction to the Department of Labor’s announcement today on weekly jobless claims. The Department reported that first time claims for unemployment benefits rose to 455,000 – the highest number since the 2001 recession.:

“President Bush’s failed economic policies continue to take their toll on Americans as more workers have filed for unemployment benefits this week than at any time since the 2001 recession. After seven years of Bush Administration economic policies that have rewarded those at the very top at the expense of middle class Americans, we need a New Direction economic plan that strengthens job creation and renews the American Dream.    » read more »

23 June 2008 -- Top officials of the U.S. central bank are expected to hold interest rates steady when they gather at a key policymaking meeting Tuesday and Wednesday in Washington.

The U.S. Federal Reserve has cut interest rates several times recently to bolster economic growth that has been hurt by the faltering housing market, tight credit, and other problems.

But economists say cutting rates too low can spark inflation, which is a growing threat as oil prices soar to ever higher record levels.

Experts interviewed by news organizations, like Bloomberg and Reuters, say the Fed will probably keep interest rates unchanged for a while, but raise them later this year.

Source: VOA News

Oil is fueling an economic resurgence in Kansas

16 June 2008 -- The world's largest oil exporter, Saudi Arabia, plans to increase its oil production by 200,000 barrels a day, to a total of 9.7 million barrels a day, in an effort to ease soaring world oil prices.

Oil-consuming nations have been pressing the Saudis to pump more oil for some time, but members of the Organization of Petroleum Exporting Countries say a shortage of crude oil is not the problem. OPEC says high prices are caused by the weak dollar, speculators and international political tensions.    » read more »

June 12, 2008 -- Washington, D.C. – Speaker Nancy Pelosi issued the following statement this afternoon after the House voted 274 to 137 to pass legislation that will help workers who have lost their jobs as a result of an economy on the brink of recession. The Emergency Extended Unemployment Compensation Act passed by a 2/3 majority, a margin large enough to override a threatened veto by President Bush.

“Today, the House voted to help 3.8 million Americans who are out of work in large part because of the disastrous economic policies of this White House and its allies in Washington.    » read more »