In a grim sign of the enduring nature of the economic slump, household income declined more in the two years after the recession ended than it did during the recession itself, new research has found.
Between June 2009, when the recession officially ended, and June 2011, inflation-adjusted median household income fell 6.7 percent, to $49,909, according to a study by two former Census Bureau officials. During the recession — from December 2007 to June 2009 — household income fell 3.2 percent.
The finding helps explain why Americans’ attitudes toward the economy, the country’s direction and its political leaders have continued to sour even as the economy has been growing. Unhappiness and anger have come to dominate the political scene, including the early stages of the 2012 presidential campaign.
President Obama recently called the economic situation “an emergency,” and over the weekend he assailed Congressional Republicans for opposing his jobs bill, which includes tax cuts that would raise take-home pay. Republicans blame Mr. Obama for the slump, saying he has issued a blizzard of regulations and promised future tax increases that have hurt business and consumer confidence.
I’ve been to Occupy Philly every day now, and it’s growing rapidly. Yesterday I dropped off some supplies and spoke to Erika Bell from the food committee. Right now, she said, they’re trying to batten down the hatches because rain’s moving in Wednesday.
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Here’s what they need:
- Wood pallets to keep the supplies off the ground.
- Tarps to cover supplies.
- Rolls of heavy plastic sheeting
- Large Rubbermaid-type containers
- Rain gear (ponchos, etc.)
- Bungee cords
If anyone has those freestanding backyard canopies, Occupy Philly is using them. I dropped off one of those folding chairs that come in the carry bags — they can probably use more of those, too. As usual, yoga pads, camping cots and mattresses, etc. are useful to those sleeping there.
Not everyone can camp out all night on Dilworth Plaza. (I, for one, am too old and arthritic.) But everyone can help. Thankfully, dropping off donations and supplies couldn’t be easier: Drive around City Hall, staying in the lane closest to the sidewalk. The food tent is on the north side of City hall (JFK Boulevard), directly across from the Municipal Services Building. Pull into the parking spot and if you need assistance, someone will help you unload.
We’re thisclose to a global financial meltdown, and how have the Powers That Be decided to handle it? Some bold, decisive action like breaking up the banks and forcing investors to take their losses? Don’t be silly. They’re going to extend and pretend, just like we did here in the United States — and look how well that worked out!
PARIS — PARIS — Europe’s debt crisis hit another milestone on Sunday when the French and Belgian governments agreed to nationalize Dexia, Belgium’s biggest bank, infusing it with billions in taxpayer money after it became the first casualty of the Greek sovereign debt crisis.
The move came as Chancellor Angela Merkel of Germany and President Nicolas Sarkozy of France acknowledged that Europe’s banks still needed billions of euros more to cushion against a possible Greek default. In meetings Sunday in Berlin, they announced that they would have a “comprehensive solution” by the time leaders of the G-20 group of nations meets in early November in Cannes, France.
“We are determined to do what is necessary to guarantee the recapitalization of our banks,” Mrs. Merkel said.
But they declined to provide any specifics on how it would work, or how much money they would commit, which could unnerve investors who hoped to see the governments take more decisive action.
Via Dependable Renegade, Geraldo Rivera attempts to report from Zuccotti Park: