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It's Official: We've been in a recession for a year!

December 1st, 2008 at 09:58 am

NEW YORK (CNNMoney.com) -- The National Bureau of Economic Research said Monday that the U.S. has been in a recession since December 2007, making official what most Americans have already believed about the state of the economy.

The NBER is a private group of leading economists charged with dating the start and end of economic downturns. It typically takes a long time after the start of a recession to declare its start because of the need to look at final readings of various economic measures.

"The committee views the payroll employment measure, which is based on a large survey of employers, as the most reliable comprehensive estimate of employment," said the group's statement. "This series reached a peak in December 2007 and has declined every month since then."

Employers have trimmed payrolls by 1.2 million jobs in the first 10 months of this year. On Friday, economists are predicting the government will report a loss of another 325,000 jobs for November.

What Our Government Spends on INTEREST

March 29th, 2008 at 07:59 am

Thanks to rduell for posting the link to Maxed Out yesterday. I just finished watching it, and WOW! I imagine it has a profound effect on anyone who sees it. I think I will send the link to my son (who is going off to college in the fall). It was so sad to see the loved ones of the several people who saw no other way out of debt but to kill themselves. Just heartbreaking. And so preventable!!

One statement in the film made my jaw drop to the ground: The U.S. Government spends more on interest than on homeland security, education, and healthcare combined. Absolutely staggering. And it scares me to death!

Very powerful film.