Homegrown Obstacles to the Economic Recovery
Forget Europe: Problems at home could sink the U.S. economy
For months, investors on
There's no doubt that a turn for the worst in
Housing prices are stagnant.After a summer of modest gains in housing prices, the value of homes fell again last month. According to the
Owning a home as an asset that gained value over time was once a cornerstone of American investment. But according to
The current economic downturn started with trouble in the housing market. Homeowners borrowed too much money to pay for homes, pushing housing prices higher. When these borrowers were unable to pay their mortgages, prices plummeted. Problems throughout the rest of the financial system followed.
One bright spot is that the steep drop in prices that occurred from 2007 to 2009 has stopped, Blitzer said. Price losses this year were modest. "Over the last year, home prices in most cities drifted lower. The plunging collapse of prices seen in 2007 to 2009 seems to be behind us," Blitzer said.
A recent poll of housing experts showed that most do not expect housing prices to increase until 2013. That increase still depends on improvements in the economy.
Other experts are less optimistic. According to a recent report from the
Persistent unemployment.Currently, the U.S. unemployment rate stands at 9 percent. This is down from a high of 10.1 percent in
What makes the unemployment figure even more disheartening is that many of the jobs that were lost are not coming back. For decades, blue-collar jobs in manufacturing were the backbone of the American workforce. Now, most of those jobs have moved to foreign shores in
"Despite some pickup in growth in
Many people have been out of work for extended periods of time, relying on unemployment benefits to make ends meet. But it's not clear whether politicians in
A political stalemate in
Republicans accuse Democrats of refusing to compromise. Democrats accuse Republicans of the same thing. It seems as if both sides are only capable of disagreement. The bad news for those looking for a job is that there is now is a sense in
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- A People's History of the Great Recession
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- Pot Calls Kettle Risky: The Wit and Wisdom of Tim Geithner
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