The Bailout Blues
by George Saravelos on October 3, 2008 in Opinion
Walking around Cambridge, it is less than obvious that this country is going through a major economic crisis. Still, over the last six months, unemployment has risen in America at its fastest pace in 25 years and consumption is growing at its slowest in almost 17.
What’s missing from the picture here? Put simply, Cambridge is too wealthy. It is the poor, not the rich, who bear the biggest burden in an economic downturn.
Since the start of this year, companies have laid off more than 700,000 workers. But the pattern of job losses has been staggeringly uneven, and the poor have been hit the hardest. Read more
