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Recession Briefing 10.8: Parents Keep Spending on Kids

What you need to know today to survive and thrive in the recession.

Consumers refused to cut back on one thing last year: their kids. Families spent almost the same amount on kids — boys and girls — younger than 16 last year as they had the year before. (Wall Street Journal/The Juggle)

Is the “man-cession” a myth? “Men have not been doing so badly by historic standards,” writes Christopher Swann. “Nor have women been making great breakthroughs.” (Reuters)

It’s bad enough that folks out of work have to deal with an unemployment rate that is pushing double digits, but now they also have to watch out for a growing wave of fraudsters who are looking to take advantage of their desperation. (Time)

The recession may wipe out all the jobs created during the previous expansion, according to a senior economist at Goldman Sachs. (Bloomberg)

Nationwide, the number of long-term unemployed people — who have gone six months or more without work — hit a record 5.4 million in September, or 35.6% of the jobless. Their swelling ranks can have a far-reaching impact, reducing productivity and consumer spending even after the economy recovers. (USA Today)

Don’t blame people who are ditching on their over-mortgaged, underwater homes, writes Mark Gimein. “Blame the bankers who didn’t worry about lending a whole lot more than they could get back in a foreclosure.” (The Big Money)

The economic downturn is part of the reason for a sharp drop in the number of Cuban migrants trying to reach the United States this year by sea across the Florida Straits, the U.S. Coast Guard said on Wednesday. (Reuters)

Some Irish children have been asked to bring their own toilet paper to class in order to help their school save money in the face of education funding cuts. (Telegraph)

Consumers continued to retrench in August, with borrowers reducing their credit card debt for the 11th consecutive month, according to figures released by the Federal Reserve. (Washington Post)

According to a broad survey, the media has lost interest in stories of the suffering of millions of everyday Americans living the reality of this economic crisis. (Huffington Post)

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Tags: business, children, economy, scams, The Unemployed Life