New federal government statistics show consumer spending in New York stuttered only slightly at the end of the Great Recession after more than a decade of year-over-year gains and rebounded after 2009.
Preliminary U.S. Bureau of Economic Analysis numbers released Thursday show there was a drop of less than 1 percent in spending per person from 2008 to 2009, compared to a decline of 2.5 percent nationally. From 2010 through 2012, the last year with available statistics, spending increased a total of 12 percent, close to the 10.7 percent national average.
The Great Recession has thrown huge economic challenges at almost all Americans save the super-affluent few, and we are only now beginning to reckon up the human toll it is taking. Down the Up Escalator is an urgent dispatch from the front lines of our vast collective struggle to keep our heads above water and maybe even—someday—get ahead.
Barbara Garson has interviewed an economically and geographically wide variety of Americans to show the painful waste in all this loss and insecurity, and describe how individuals are coping. Her broader historical focus, though, is on the causes and consequences of the long stagnation of wages and how it has resulted in an increasingly desperate reliance on credit and a series of ever-larger bubbles—stocks, technology, real estate. This is no way to run an economy, or a democracy.
Ever notice that I frequently talk about economics. What’s a lawyer doing talking about economics? I did read and study economics but there are other reasons why economic issues are dear to this heart.
Today's panelists are WAMC’s Dr. Alan Chartock, Newsman Ray Graf and University at Albany Journalism Professor and Investigative Reporter, Rosemary Armao. Joe Donhahue moderates.
Today's topics: Death of Prosecutors in Texas The Jodi Arias trial enters its fourth month this week Number of Young Adults Hit by Recession up NYT Changes Obit After Criticism April Fool’s Day (Julia Winterbottom, author of Pranklopedia: The Funniest, Grossest, Craziest, Not-Mean Pranks on the Planet! joins via phone.)