News

Recession Briefing 10.13: When Prison is Better Than the Job Market

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

Inmates know that the economy is still weak and the job prospects aren’t good, officials say. With no job and nowhere to live, some inmates have decided they’re better off in jail. (New Hampshire Union-Leader)

“Student loans have become the 21st century version of indentured servitude.” (The Atlantic)

The financial crisis has blown a hole in the rosy forecasts of pension funds that cover teachers, police officers and other government employees, casting into doubt whether these public systems will be able to keep their promises to future generations. (Washington Post)

Mortgage delinquencies are getting worse over vast swaths of the country. In almost all parts of California, Washington and Oregon, delinquencies are far worse than they were a year ago. (Huffington Post)

There are solid grounds for believing the US economy will experience a second dip followed by extended stagnation that will qualify as the second Great Depression, writes Thomas Palley. (Financial Times)

While unemployment is ravaging just about every part of the global workforce, the most enduring harm is being done to young people who can’t grab onto the first rung of the career ladder. (BusinessWeek)

Many small and midsize American businesses are still struggling to secure bank loans, impeding their expansion plans and constraining overall economic growth, even as the country tentatively rises from its recessionary depths. (New York Times)

As the recession drags on and storefronts across New York remain empty, commercial landlords are turning to an unlikely new class of tenants: artists, who in flusher times tend to get pushed out rather than lured in.  (New York Times)

For the hotel industry in the continental U.S., this downturn is the worst since the Great Depression. But the Hawaiian resort industry is taking a beating that’s even more severe. (Wall Street Journal)

The flow of fresh money into the venture capital industry has dwindled to a trickle — at least by historical standards. In the third quarter, only 17 venture firms raised fresh capital, down from 63 in the same period last year (New York Times/Bits)

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