Economic Crisis | NYC Magazine

Economists Warn Of Tough Decade

The economists at the American Economic Association, or any economists for that matter, rarely come to a consensus on anything but had no problem doing just that as they concluded that the chances of the United States economy growing in 2010 aren’t good.

In fact, many of the economists who attended the group’s annual convention also believe that the next decade would not be particularly fruitful as the group suggested that the economy will grow less than two percent over the next 10 years.

Former chief of the National Bureau of Economic Research Martin Feldstein simply offered …continue reading

New York Is Broke

For the first time in history, New York State is not just broke but in debt. To paraphrase a line by Louis C.K., if being broke is having no money then New York would have to raise hundreds of millions of dollars just to be broke.

According to the New York Times, the state has a negative balance of $174 million in its general fund (yes, states have bank accounts too) with over a billion dollars due on its bills.

The state will now have to burn an even deeper hole in their account by using up …continue reading

True Cost of Bailouts: $14 Trillion

Although the cost of the Wall Street bailout is usually said to be around $700 billion, the real cost of economic recovery is at least 20 times larger according to a recent breakdown of ALL of the government recovery programs by Mother Jones Magazine.

The $700 billion bailout that people usually allude to is only the cost of the TARP program that was passed about a year ago and even then, the bill that contained the $700 billion for TARP cost $850 billion because of all of the earmarks inside the bill.

Here’s a look at other …continue reading

Record High Food Stamp Use Keeps Rising

As the economic crisis continues and the unemployment rate goes up, a record amount of Americans now receive food stamps. According to the New York Times, a record one in every eight Americans now receives food stamps, including one in every four children.

The worst part is that the numbers continue to grow at ridiculous rates with around 20,000 new people receiving food stamps each day. Interestingly enough, the biggest rises have not been seen in the usual areas where poverty is more prevalent but in suburban communities that had once been affluent until they were struck hard …continue reading

NYC Magazine

Economists Warn Of Tough Decade

New York Is Broke

True Cost of Bailouts: $14 Trillion

Record High Food Stamp Use Keeps Rising

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