Former Federal Reserve Chair Ben Bernanke.
According to Ben Bernanke, the United States economy is doing just fine.
During a recent talk at the Philadelphia Free Library, the former chairman of the Federal Reserve said he’s optimistic about the country’s economic future, saying there’s no new housing bubble and that the country is moving towards full employment.
“The domestic economy is moving forward pretty well. Households are in pretty good financial shape overall. They reduced their debt and interest payments quite a bit. The housing market is coming back,” said Bernanke, in town to promote his book The Courage to Act. “There are a lot of things moving the economy forward.” Read more »
Last month, we reported that an analysis by the Tax Foundation found that $100 doesn’t go very far in Philadelphia compared to other parts of the country. In other words, the cost of living here is relatively high.
Now, the Economic Policy Institute has developed a nifty new tool that shows exactly how much money you have to shell out to live in the Philadelphia metropolitan area and other regions throughout the country. Here’s what the think tank found it takes for a family with two adults and two children to survive here: Read more »
After “Black Monday,” U.S. stock prices seemed poised to rebound on Tuesday — until a late-day tumble saw the Dow Jones Industrial Average fall 205 points. Stocks began rising on Tuesday after China lowered interest rates one-quarter of a percentage point, fueling hopes that the country will take measures to strengthen its economy.
Stocks were in free fall for a few minutes on Monday morning on fears about China’s economy and debt. After a volatile day, the Dow ended Monday down 588 points, a 3.6 percent drop. Philadelphia-based public companies felt the pain on Monday, as the top 10 local businesses on the Fortune 500 list saw their stock prices fall significantly. Tuesday was no different, as nine out of 10 saw stock prices fall, while one stayed the same.
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Richard Vague has some scary economic predictions. (photo from YouTube)
At Monday’s opening bell, the Dow Jones industrial average dropped an astounding 1,000 points in minutes, then stock prices rose and fell in a volatile roller coaster throughout the day.
It all stemmed from fears about the Chinese economy and the country’s ability to remain a strong catalyst of economic growth. It was even dubbed “Black Monday” by some. Read more »
Developer Donald Trump displays a copy of his net worth during his announcement that he will seek the Republican nomination for president, Tuesday, June 16, 2015, in the lobby of Trump Tower in New York. (AP Photo/Richard Drew)
The more that Donald Trump emerges as a viable presidential candidate, the more people will want to know about his views on the economy. In an interview with Time (you know, the one where he posed for a photo with an American bald eagle), Trump said “our real unemployment rate is 42 percent.”
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Map by the Tax Foundation
A hundred bucks doesn’t go very far in Philadelphia.
The Tax Foundation examined the cost of living in metropolitan areas across the nation, and found that $100 in the Philly region only buys you about $92.68 worth of things. Read more »
(Photo by HughE Dillon)
Hillary Clinton has put Uber, Airbnb and the sharing economy in her crosshairs as she runs for president.
In a speech laying out her economic agenda on Monday, Clinton acknowledged that “many Americans are making extra money renting out a spare room,” or even “driving their own car.” But, she cautioned that it’s “raising hard questions about workplace protections and what a good job will look like in the future.” Read more »
We’re starting to wonder why the Occupy movement didn’t start in Philadelphia.
For the umpteenth time in the last few years, a study has just come out showing that the Philly region is one of most unequal areas in the country. The Urban Institute looked at income and educational inequality in the nation’s largest “commuting zones” — which are similar to metropolitan areas — and found that Philadelphia had the second-highest degree of disparity in 2010. Read more »
New data from the U.S. Bureau of Economic Analysis finds that New Jersey had poor economic growth in 2014. Compared to other states, New Jersey ranked 46th, with its gross domestic product growing just 0.4 percent over the course of the year.
Pennsylvania saw about average growth with a 1.8 percent uptick, while Delaware was at 1.2 percent. Read more »
The City Controller’s Officer argues that 8,100 jobs are possible at Southport.
What should we do with Southport? The 239-acre parcel at the east end of the Philadelphia Navy Yard has been the topic of much debate over the years. Now that a plan is in place to deepen the Delaware River from 40 to 45 feet — allowing larger cargo ships to pass through — it’s high time to get the space in order.
In the latest re-development plan, the Philadelphia Regional Port Authority has received 16 proposals for development and is reviewing the plans.
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