Word: downturns
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...Chairman Ben Bernanke says the U.S. recession is over. But even if a recovery is under way, for millions of people there's little reason to celebrate, according to studies led by Till Marco von Wachter, a Columbia University economist. His research found that the deleterious effects of a downturn on its victims can last decades and, for some, actually prove fatal. Von Wachter talked with TIME recently about his findings...
...your studies sifted through 30 years of Social Security records following the 1982 recession and determined that earnings losses for folks laid off amid a downturn are not only high but very long lasting. Upon getting new jobs, they took, on average, annual pay cuts of 25% to 30% and even 15 to 20 years later were earning around 20% less. Why? What can happen is that workers often cannot find another job in their same industry. If a worker had accumulated skills that were specific to that industry, then can't find a job in that industry, those skills...
According to Tufano, the course, which will be offered in spring 2010, attempts to fill an educational void by introducing business students to consumer banking. Though Tufano envisioned the course before the downturn, the lack of educational resources on the topic became more evident during the banking crisis, he says...
...interview with the Crimson, Reardon denied that the event was a fundraising effort in response to the economic downturn...
...makes sense for the economy," said engineering student Darren Atkins, 20, in Dublin. "When I see companies like Intel and Ryanair supporting the treaty, it makes me think that I should do the same." Pre-school teacher Isabel Costello, 54, said the downturn made the choice clearer. "These are difficult times for Ireland," she says. "But I think we're in a stronger position as part of the E.U. I'm not sure a small country like ours could survive on its own in the current climate...