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Monday, February 27, 2006

economic tidbits #1

"The number of people living in extreme poverty [in America] is the highest ever recorded since the census Bureau began tracking such data three decades ago."
— Eyal Press, in The Nation Magazine

"American households experienced negative savings [in 2005] – they spent $42 billion more than they earned – for the first time since 1933, the depths of the Great Depression."
— William Greider in The Nation Magazine (20 Feb 2006 issue)

"The personal savings rate in 2005 [was] minus 0.5%, the first year since the Great Depression that Americans spent more than they made."
Time Magazine (13 Feb 2006 issue)

"The number of manufacturing jobs in the United States has fallen all the way back to the level it was in 1945."
— Congresswoman Jan Schakowsky [Dem IL]

"By most conventional measures, especially job growth, the Bush years have been the worst of any president in the last fifty years ... Since the recession ended at the end of 2001, corporate profits are up 81 percent, while the wages that corporations pay their employees are up just 18%, a ratio of over four to one ... We're some ten million jobs below where we should be, based on historical averages."
— Doug Henwood, The Left Business Observer [est. 1986]
& The Washington Spectator

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