the recession diaries

If you’re working for minimum wage in the state of Colorado you’re probably waking up with an even bigger frown than usual. The state’s Department of Labor and Employment ordered the wage down from $7.28 to $7.24. That’s lower than the federal minimum wage of $7.25, so most minimum wage workers will lose 3 cents…

In “The ‘Democratization of Credit’ Is Over — Now It’s Payback Time,” Wall Street Journal reporter S. Mitra Kalita takes a hard look at how after decades of legislation making it easier for financial institutions to offer credit to even the lowest income earning Americans, these lenders have pulled back on offering services to the…

After making $8,000 in payments on a $30,000 loan and seeing the principal drop by only $1,500, Ben Frasier decided that he had enough and made an offer to Bank of America: He would pay a lump sum of $23,000 and settle the loan. The offer, made via phone, likely got a cackle from Bank…

When I think of most celebrity clothing lines I instantly picture the racks of Ross, Marshalls, Nordstrom Rack, and Off Fifth. Now thanks to the recession I can think of Goodwill. The Wall Street Journal has reported on the downturn in high-end fashion from celebrity-backed brands. According to the trade publication, Licensing Letter, U.S. sales…

In economic news, ya’ll have finally learned to stop treating credit cards like they’re your own personal sugar daddy and now spend your money via debit cards. Hopefully each of you have mastered the art of not overdrafting and setting yourself up for bank fee hell. It’s probably a good thing, too, because there’s not…

These days it’s very likely that you can turn on the TV and catch some sexually-charged ad at a moment’s notice. If you visit entertainment and gossip blogs regularly chances are you’ve seen more shots of vagina than a gynecologist. And one quick search over to YouTube and you’ll find a plethora of wannabe porn…

As politicians on both side of the aisle wait on their checks from the pharmaceutical and health insurance companies to clear so they can vote on health care reform there are people out there literally begging for their lives to be spared. Such is the case for Freddie Effinger, who nearly died two years ago…

Despite unemployment rising to its highest level since 1983 a defiant Vice President Biden assured Americans that recovery will come as he presided over a meeting of the administration’s Middle Class Task Force. Biden acknowledged the Obama administration inherited an abysmal economy, but made it clear that they are determined to turn things around by…

Previously, I’ve written about ways the world of television has provided a source of escapism to those who need a break from details about our abysmal economy. And while everyone should certainly exercise a timeout from the often depressing news about the state of the economy (sans this blog) people typically like to see their…

To those of you who can still afford to make regular trips to the grocery store (wake up, wake up, it’s the first of the month) you’ve probably noticed grocers have started selling pumpkins. Meanwhile retailers as early as mid-September have started setting up Christmas decorations hoping to set the mood for the holiday shopping…