Sectors
Poverty Rate Highest in 11 Years
Written by Steven J. DuBord
According to statistics from the U.S. Census Bureau, the poverty rate is at an 11-year high while household incomes are at a 10-year low, all thanks to the worst recession since the Great Depression.
As inexpensive Chinese-made automobile tires keep rolling into the United States and U.S. tire manufacturers struggle to stay in business, President Obama will soon have to decide whether or not to impose a tariff on the imports.
The Washington Post reported September 7 that the federal government is now guaranteeing 86 percent of all new home mortgages, as default rates continue to increase and threaten to require a bailout of federal loan guarantors such as the Federal Housing Administration.
Unemployment Continues to Climb
Written by Thomas R. Eddlem
The U.S. Labor Department reported unemployment rose to 9.7 percent during the month of August from 9.4 percent, the highest unemployment rate in 26 years. “Nonfarm payroll employment continued to decline in August (-216,000),” the U.S. Bureau of Labor Statistics reported September 4, making a total of 6.9 million jobs lost in the recession since December 2007.
Fed Official Admits 16% Unemployment
Written by Alex Newman
The real number of unemployed in the United States is far more than the federal government’s official count and the recovery could be long and tenuous, a Federal Reserve official told the Chattanooga, Tennessee, Area Chamber of Commerce last week in a speech that received some media attention.
