The "Great Recession" of the past two years has been worse and longer than the 1981, 1990 and 2001 recessions for many metropolitan areas in the Great Lakes Region. Jobs dropped at a sharper rate during the 1981 recession, but the automobile and auto parts-led economic engine helped propel a strong recovery in the Dayton area.
I find the writer of "Dead wrong" on July 4 to be barking up the wrong tree himself, a tree of his own choosing. Minuteman Ray Herrera was displaced from his occupation by illegal aliens earning one-third to one-half of real 1980 wages, just as many Americans of all ancestries have been since the 1981 recession and the devaluation of the peso by Mexican President Lopez Portillo in 1982. The letter writer and Professor Calderon may consider Herrera to be a traitor to "his people," but no more so than Cesar Chavez was when Chavez repeatedly called the Border Patrol on illegal immigrants who broke his strikes against unscrupulous agribusiness employers.
In October, the unemployment rate leaped into double-digit territory, to 10.2 percent from 9.8 percent in September. It's now within catch-up distance of the 10.8 percent postwar peak recorded at the trough of the 1981-82 recession. Whether it will make a new postwar high in the months ahead will be a close call. The nation focuses on the unemployment rate as the primary indicator of the health of the labor market. It's the headline number and has been historically. Accordingly, the current labor market recession to date has been labeled the second worst in the postwar era. But is it? A comparison of key data in the 1981-82 recession and the current recession tell the story. The prior recession dates from July 1981 to November 1982, several months shorter than the present recession to d...
TOUGH decisions must be made. The Pew Center recently reported that 10 states -- Arizona, Florida, Illinois, Michigan, Nevada, New Jersey, Oregon, Rhode Island, Wisconsin and California -- are barreling toward economic disaster. Double-digit budget gaps, rising unemployment and high foreclosure rates are just some of the reasons. People who are re-entering the work force are taking an average 40 percent pay cut from their previous jobs, estimates Kenneth Couch, an economics professor at the University of Connecticut, based on the experiences of Connecticut residents during the 2001 recession and on other studies during the 1981 recession. In the past, Couch said, it has taken six years before people were earning an average of 80 percent of their old paycheck, with younger workers creepi...
Republicans are like lemmings running to the sea. Cut taxes, deregulate and oh my what big deficits. Republicans cut taxes massively in 1982, 1988 and 2001. The result: Ronald Reagan's massive recession in 1981, George H. Bush's in 1990 and the most recent one. Reagan raised taxes six years in a row.
WASHINGTON - Sixteen months into this recession, the total number of jobs lost is nearly twice what it was during the last big recession from 1981 to 1982. As more workers get laid off each month, adding to the millions still searching for work, more are collecting unemployment checks than at any time in U.S. history.
Most economists predict continued steep job losses in the months ahead as cautious employers cut payrolls, consumers rein in spending.and banks tighten credit," Rosie Pando, assistant county administrative officer, told supervisors. "The recession, already 15 months old, appears likely to last longer than the 16-month recessions of 1973 and 1981, which would make it the longest recession since World War II. Meanwhile salaries and benefitswhich account for about 80 percent of the county's budget- continue to climb at an average annual increase of $23.6 million, or 11 percent. "Salaries and benefits," Pando said, "continue to grow and outpace revenues-revenues are not keeping up with expenditures." "What this really means, if you really address the problem, you're really talking about l...
A recession may not seem like a good time to start a business, but if it weren't for bold entrepreneurs willing to take chances, downturns would be deeper and the ensuing recoveries not nearly as bright. Ask Ric Denton. The 65-year-old chairman of the Colorado Springs chapter of the Service Corps of Retired Executives (SCORE) started his California-based defense business, TAU Corp., in 1981 amid a deep recession. He and his partners took second mortgages on their homes - at 18 percent interest - to get the digital-imaging company off the ground.
Al Solheim has been a developer in the Pearl District since the nation's last major recession, in 1981, but he's never seen a more challenging time than the present. This month perhaps wasn't the best time for Solheim's biggest and most expensive building, the mixed-use Machine Works in the Pearl District, to open. After all, little leasing activity is expected in the immediate future.
When Nawzad Othman opened Otak's Lake Oswego office in June 1981, it seemed his timing couldn't have been worse. The economy was in a deep recession, unemployment was around 8 percent and interest rates were 20 percent.
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