The high unemployment rate and tight credit markets have caused consumers to decrease their spending which has many economists fearing that an increase in savings will derail the U.S. economy. Since spending accounts for 70 percent of the United States' total economic activity, the rapid decline in spending has hurt everyone from retailers to banks. [...]
One of the biggest controversies surrounding the use of TARP funds (aka bailout money) has been that none of that money was used to directly benefit homeowners facing foreclosure. Proponents of funneling money into the banking industry as opposed to homeowners claimed that the benefits of the bailout would trickle down to homeowners facing foreclosure. [...]
October's reports on declining sales tax revenues have shown that the state of Texas is still suffering from consumer spending contractions. Sales tax revenue has declined a full 15 percent statewide, 17 percent in Fort Worth with Dallas fairing a little better at a 5.3 percent decline. An unrelenting string of job losses, elevated long-term [...]
President Obama is meeting with economists, local officials, businesses and labor leaders to create a strategy that will lower unemployment and help end the recession. But what strategy will really work in our efforts to turn this recession around and lower unemployment? Some legislators have suggestions that include "letting the cards fall where they may" [...]
When we think of Middle Class America we think of stability, nice jobs, good neighbors and stellar careers; but middle class America is in crisis. Many are facing foreclosure and are filing bankruptcy despite their degrees, high salaries and symbols of stability. In this three part series we will explore how and why middle class [...]
Being buried in debt can put tremendous amounts of stress on any individual. Here are some tips for handling stress caused by debt: Get help immediately. If you see that you are drowning in debt and simply can't pay, get some assistance. Some creditors are willing to negotiate repayment plans and if not, you can [...]
According to an article in the Star-Telegram, unemployed workers may be worse off now than they were the last time the unemployment rate topped 10 percent in 1982. The article said: "Americans have more than triple the debt they had in 1982, and less than half the savings. They spend 10 weeks longer off the [...]
According to an article in the Dallas Morning News, the unemployment rate has surpassed 10 percent for the first time since 1983. The article said: "The Labor Department said Friday that jobless rate rose to 10.2 percent, the highest since April 1983, from 9.8 percent in September. The economy shed a net total of 190,000 [...]
According to an article in the Star-Telegram, the home buyer tax credits have been approved and are expected to be signed into law by President Obama. For first-time home buyers (or anyone who has not owned a home in the past 3 years), legislators extended a tax credit of up to $8,000 which was originally [...]
According to an article in the Star-Telegram, some legislators are pushing mandatory mediation to resolve lender/borrower foreclosure disputes. Will it work in Dallas-Fort Worth? The article examined the case for it in Florida: "Florida's courts are currently trying to cope with more than 290,000 foreclosure cases... A majority on the high court's Task Force on [...]