from SLATE (by Daniel Politi): >The New York Times leads with a look at how economic hard times are slowly reaching parts of the country that some previously thought would be able to survive the credit crisis without much more than a scratch. As the crisis spreads and now affects confidence in practically all levels of the economy, many are worried this recession will last longer and be more painful than the last two. ...
The NYT makes sure to note that some segments of the economy are still doing well, particularly those that rely on exports for much of their business. But, as many have been saying in the past few days, most no longer believe the idea that markets abroad will be able to sustain a falling domestic economy. Backed up by widely reported figures that show "the economy is deteriorating at an accelerating rate," much of what the NYT is talking about is based on anecdotal evidence of reduced sales here, job losses there. "There's a general sense of caution," a manager at a Seattle store said. The [Washington] Post sheds some light on one of the reasons why this caution is so prevalent by off-leading a look at a factor that should be no mystery to anyone who has visited a supermarket in the past year: Prices are increasing. Prices for basic necessities — groceries, health care, gasoline — have increased 9.2 percent since 2006, while the prices for luxuries — such as clothes and new cars — have increased at a much slower pace. It doesn't take an economics degree to figure out that if wages aren't keeping up with the rising prices in basic goods, people will automatically cut back on the nonessential parts of their household budget. This "helps explain why American workers felt squeezed even before the recent economic distress began," says the Post. < meanwhile: >The LA [TIMES] fronts a look at how both Democratic contenders are receiving lots of money from Wall Street. Clinton has received at least $6.29 million and Obama $6.03 million, two figures that are much higher than the $2.59 million that has gone to Sen. John McCain. Some are worried the money will mean either candidate would be less willing to regulate the financial-services industry. < -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
