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Recession Briefing: Older African Americans Get Hit Worst

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

The recession has had a “devastating impact” on African-Americans age 45 and up, according to a new survey by AARP. The survey found that over the last year: 33 percent of African-Americans age 45 and older said they’ve had problems paying rent or mortgage, and 44 percent had problems paying for essential items, such as food and utilities. (Chicago Tribune)

Sign of the times? General Motors will shut down Hummer, the brand of big sport utility vehicles that became synonymous with the term gas guzzler. (New York Times)

JP Morgan Chase, the nation’s second-largest bank, expects the number of delinquent home loans to skyrocket over the next year, echoing analysts’ expectations of a gloomy housing market that is nowhere near recovery. (Huffington Post)

A program that encourages companies to avoid layoffs by reducing workers’ hours could be expanded to nearly half the states this year. (USA Today)

Cash-strapped Los Angeles is seeking to raise revenue by tracking down people who haven’t licensed their pets. Council President Eric Garcetti estimates two-thirds of the city’s dogs are unlicensed. Licenses cost $15 for a sterilized dog and $100 for an unaltered pet. (Associated Press)

While most of the job market continued to rebound in January, the construction industry remained mired in its worst downturn since the Great Depression. It lost 75,000 jobs last month, almost single-handedly preventing U.S. employment from showing its second gain in two years. (USA Today)

The number of Americans filing for initial unemployment insurance surged to just below the 500,000 level last week, and have climbed more than 12% over the past two weeks, the government said Thursday. (CNN/Money)

Federal Reserve Chairman Ben S. Bernanke launched a wide-ranging effort Wednesday to fend off congressional efforts to take powers away from the central bank, laying out a series of compromises and olive branches meant to defuse lawmakers’ criticism. (Washington Post)

Where in the country are home prices rising? Here are ten places where the cost of buying a home has actually gone up in recent months. (Forbes)

The elderly receive a large amount of government assistance — an amount that is not commensurate with their numbers. Should the government cut back on payments to seniors? (New York Times/Economix)

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