Word: lasting
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...part of its $154 billion second stimulus package, and the Senate is set to consider that. On Jan. 10 presidential economic adviser Christina Romer suggested that there was a "need to do more." With unemployment hanging at a stubborn 10% and the release of another troubling jobs report last week, why not do more for the jobless...
Because there's evidence that the extensions are only prolonging joblessness. Today's unemployment rate remains high not because of mass layoffs - most of which happened early last year - but mainly because more people are remaining unemployed for longer periods. In academic parlance, the "exit rate" from the unemployment pool is only around 21%, compared with 34% during the last harsh recession, in 1982. (See pictures of retailers which have gone out of business...
...here's the catch: past studies by academics such as Meyer and Harvard's Lawrence Katz show that people are most likely to find a job just as their unemployment benefits run out. Many people use that thin cushion to wait until the last minute to act. They pass up lower-paying, less desirable jobs, or they avoid moving to take a job. Adds Davis: "Surveys show people are very pessimistic about this labor market and their job prospects, and they think it's not worth the effort to look. The generosity of benefits makes it easier to take that...
...family left for Missouri last evening," Truman wrote in his diary a couple of months into office in 1945. "I'm always so lonesome when the family leaves. I have no one to raise a fuss over my neckties and my haircuts, my shoes and my clothes generally." He still had plenty of friends left in Washington; it's just that he was finding, as every President finds, that many of them lose their minds. House Speaker Sam Rayburn warned him about it: "Sycophants will stand in the rain a week to see you and will treat you like...
...prominent outlet yet as a federally appointed panel grilled top bankers about their firms' roles in the economic downturn. On Jan. 13, the panel questioned the chiefs of Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America. The 10-member bipartisan Financial Crisis Inquiry Commission, created by Congress last year, is tasked with reporting on issues ranging from mortgage fraud to regulatory lapses by Dec. 15. Some analysts say the hearings are an important step toward reform; others call them a distraction, saying the causes of the crisis are clear...