Recession

WASHINGTON, D.C. – The following is a statement from Change to Win executive director Greg Tarpinian regarding presumptive Republican presidential nominee Sen. John McCain’s economic proposals laid out last week in his speech at Carnegie Mellon University in Pittsburgh, Pennsylvania.

John McCain: Photo by Chris Denbow (CC)    » read more »

Explores Challenges Policymakers Face in Seeking to Limit the Impact of Financial Turbulence

April 21, 2008 -- Europe is facing slower growth as a result of protracted financial turbulence, high inflation and spillovers from an expected mild recession in the United States.

IMF headquarters: Washington, D.C.

The IMF's Regional Outlook (REO) for Europe released today projects economic growth in advanced European economies to slow significantly over the next two years to 1.5 percent in 2008 and 1.4 percent in 2009, from 2.8 percent in 2007.

In Emerging Europe, growth is also expected to moderate, to 5.5 percent in 2008 and 5.2 percent in 2009, down from 6.9 percent in 2007.    » read more »

April 21, 2008 -- SEATTLE – Approximately 200 Washington consumers who paid for a service that they thought would help save their homes from foreclosure will receive partial refunds under a new settlement announced today by the Washington Attorney General’s Office.

The homeowners each paid $1,200-$1,500 to Foreclosure Assistance Solutions LLC, of Clearwater, Fla. More than 70 percent of homeowners who signed up with Foreclosure Assistance Solutions ended up losing their homes anyway. The company went out of business in fall 2007.    » read more »

April 21, 2008 -- Essex Jct., Vt. – At the 2008 Vermont Home and Garden Show today, Governor Jim Douglas presented a 15-point economic package to encourage growth, create jobs and help Vermont emerges from the current national economic challenge with a stronger and more resilient economy. In total, the package has the potential to generate more than $214 million in direct economic activity and millions more in indirect economic multipliers.

The text of the Governor’s announcement is below:

State of Vermont
OFFICE OF THE GOVERNOR
Official Statement of the Governor
Announcing an Economic Growth Initiative
Saturday, April 19, 2008    » read more »

04/21/2008 -- California Governor Arnold Schwarzenegger today sent a letter to key Congressional leaders urging them to enact a federally-funded emergency extension of unemployment insurance benefits for people who have lost their jobs in the economic downturn. The Governor also requested additional funding for administration of the unemployment insurance program to address several years of significant federal funding cuts.

Arnold Schwarzenegger: Photo courtesy California Governor's office

The Governor has taken a number of actions to stimulate various jobs sectors, provide extra assistance to unemployed individuals and protect California's economy this year, including:

Construction:    » read more »

April 18, 2008 -- Though he has admitted he doesn't understand economics, John McCain tried his hand at an economic proposal for our country this week. Now the reviews are in, and they're not very good. News accounts and expert analyses show McCain's proposals lack details, his numbers just don't add up, and he's the wrong choice for America's future.

John McCain: Photo by dbking (CC)

While the economy continues to slide, McCain is out of touch and offers a third Bush term of recycled economic policies that got us here in the first place.    » read more »

April 18, 2008 -- WASHINGTON, DC — Senator Edward M. Kennedy, Chairman of the Senate Health, Education, Labor and Pensions Committee, released a report today showing the drastic effects of the current economic recession on women. The report, “Taking a Toll: The Effects of Recession on Women,” shows that women are facing new and heightened risk in this uncertain economy.

Chairman Kennedy requested this report just as the Senate is taking up legislation to ensure that women and minorities who face pay discrimination have a fair chance to seek justice. The Senate will take up the legislation next week.    » read more »

April 18, 2008 -- State Labor Commissioner Laura Fortman announced that the preliminary seasonally-adjusted March unemployment rate for Maine was 5.1 percent, equal to the national March rate of 5.1 percent.

“The Maine and national unemployment rates moved upward in March, both rising from 4.8 percent for February to 5.1 percent for March,” said Commissioner Fortman.

Sunrise at Portland Head Lighthouse, Maine: Photo by Ian Britton (CC)

“Labor market trends in Maine are mirroring national trends; unemployment is rising as economic activity slows.”    » read more »

Speaks before the Massachusetts Building and Construction Trades

April 16, 2008 -- (As Prepared for Delivery) -- Thank you so much, Frank, for that warm introduction, and I welcome all of you to Washington.

It’s a privilege and an honor to address the members of our Massachusetts Building Trades.

Building construction site, Massachusetts: Photo by Paul Keleher (CC)    » read more »

New measure creates 60-day moratorium on foreclosure if families seek help

April 16, 2008 -- SPRINGFIELD – The Homeowner Protection Act, Senate Bill 1998, first announced by Illinois Governor Blagojevich last month and sponsored by Senator Jacqueline Collins (D-Chicago), cleared its first legislative obstacle earlier today when it was approved by the Senate Licensed Activities Committee.

For Sale By Owner sign: Photo by Chris Williams (CC)    » read more »

Washington, DC - 04/16/2008 - One in 33 homeowners is projected to be in foreclosure primarily over the next two years, as a result of subprime loans made in 2005 and 2006, according to a new report released today by The Pew Charitable Trusts. In some states, the outlook is especially grim; for instance, nearly one in 11 homeowners in Nevada is projected to be in foreclosure and one in 18 Arizona homeowners may face the same circumstance over the next two years.

Homeowners being foreclosed upon may not be the only homeowners affected, according to data cited in the report. An additional 40 million neighboring homeowners may see their property values and their municipalities’ tax bases drop by as much as $356 billion, largely over the next two years.    » read more »

“Libraries are a Vital Resource During Economic Downturn”

April 15, 2008 -- Washington, D.C. — Gerald W. McEntee, President of the American Federation of State, County and Municipal Employees (AFSCME), AFL-CIO, today called for increased funding for the nation’s libraries, noting their importance to communities and workers coping with the downturn in the national economy.

New York Public Library: Photo by Andy Cross (CC)    » read more »

Climbing food and energy prices could threaten the progress that Latin American economies have made in recent years as well as the stability of the region, say Central American leaders.

Cancún, Mexico, 16 April 2008 – Central American leaders at the World Economic Forum on Latin America warned that the impact of climbing food and oil prices could undo recent gains that their economies have made.

A mother and daughter grind mandioca in Amazon region of Brazil: Photo by Julio Pantoja / World Bank (CC)    » read more »

Calls For Mandatory Rules

April 15, 2008 -- "These measures leave hedge funds in a regulatory black hole.

"This plan is one small step when giant strides are needed. The Treasury Department's proposals for greater transparency and risk disclosure must be mandatory or they are meaningless.

Skyscrapers: Photo by Michael Aston (CC)

"Non-binding best practices or voluntary guidelines are an imaginary fence -- and virtual farce: They stop nothing.    » read more »

Website Includes Brand New CEO Pay Numbers

April 14, 2008 -- Compensation schemes for top executives at financial companies helped create the sub-prime mortgage crisis, the new Executive PayWatch website (www.paywatch.org) launched today by the AFL-CIO reveals. The 2008 PayWatch site also unveils a comprehensive database of brand new CEO pay figures.

Screenshot of the AFL-CIO Paywatch website    » read more »