USA Today (September 12)
“Five years ago this weekend, the world economy was in uncharted waters and sinking rapidly. The bankruptcy of Lehman Bros. on Sept. 15, 2008, touched off a horrifying financial crisis…. Far too much hasn’t been done, or hasn’t changed, since those scary days when it seemed the world financial system was unraveling.” Though the consensus in favor of urgent reform has long since faded, reform is nevertheless urgently needed. Today, “the shoring up of the financial system is no better than a work in progress, and another severe crisis in the not-too-distant future is hardly out of the question.”
Financial Times (February 8)
“At last Europe is moving forward.” Or rather might be, for “there is still much that could drive it into reverse.” Several unexpected breakthroughs are the latest cause for hope. “It is encouraging that even though Europe still struggles with questions that will determine its future, leaders have kept talking. As long as they do so there is still hope. And as this week shows, they might find agreement where they least expect it.”
Washington Post (July 12)
The Great Recession has been the most “egalitarian” of the 11 most recent recessions to strike the U.S., according to Post columnist Robert J. Samuelson. Recessions often strike the poor the hardest, but no social class—rich or poor, educated or uneducated, professional or working class—has been insulated from the current recession. Jobs have been lost across the spectrum. House and portfolio values have fallen. High earners have had wages cropped. A recent survey shows 71% of Americans are now buying less expensive brands, 57% have reduced their vacation budgets, and 11% have delayed getting married or having kids. Only 45% of Americans now think their children will enjoy higher living standards in the future.
Tags: Future, Great Recession, U.S., Wages
