recession

Rate Reset for Some Homeowners May Trigger Defaults

Posted on 03/12/2014 by | Money and Work | Comments

Bulletin Today | Money & SavingsThe home foreclosure crisis that swept through the nation during the Great Recession may not be over for thousands of troubled borrowers. Some homeowners who sought help from the government’s Home Affordable Modification Program (HAMP) are about to see their mortgage payments rise this year. In some cases, those payments could eventually go up by more than $1,000 a month, according to the Washington Post. The loan modification program lowered monthly mortgage interest rates for some 1.3 million at-risk homeowners …

Jobs Poll: Things Are Better … but Not Good

Posted on 12/4/2013 by | AARP Blog Author | Comments

WorkOnly 15 percent of Americans age 45 or older looked for a job in the past year because of employment uncertainty, according to our AARP Bulletin poll published in September. It has been six years since the start of the Great Recession, but people are still uneasy about their current jobs. Confidence about job stability has improved since 2009, but fewer than half of those polled feel that their jobs are stable (49 percent now versus 39 percent in 2009). …

Blurred Lines of the Budget Debate

Posted on 10/24/2013 by | AARP Media Relations Team | Comments

PoliticsThe title of the undisputed hit song of this past summer, before the government shutdown, Blurred Lines,* lacks a reference to Congress (or rest assured it would have been a dud). But it captures what politicians and others in Washington have done in the hopes that voters don’t catch them causing damage to our lives and the broader economy. Sign up for the AARP Money Matters newsletter Last week economist and former Obama administration official Jared Bernstein wrote in the …

Dear Abby Weighs In on Older Workers Debate

Posted on 09/9/2013 by | Money and Work | Comments

WorkThe debate over older workers staying on the job longer, and crowding out younger employees, won’t go away. In a recent Dear Abby column, “Disgusted in Columbus, Ohio,” blasted older workers for hanging onto their jobs “so they can live lavish lifestyles” at the expense of younger workers who don’t advance in the workplace, or worse, get laid off. Yet as Dear Abby pointed out, many older adults stay on the job these days just to survive.  During the financial crisis and …

Saving Jobs in Hard Times

Posted on 09/3/2013 by | AARP Blog Author | Comments

Public Policy Institute | WorkIs there a way to protect some workers — younger as well as older — from job loss during economic downturns? Some might be helped during the next recession if more employers have access to and use what is known as short-time compensation or work sharing. Work sharing is exactly what it sounds like — the sharing or spreading around of the available work when times are tough. Work sharing is not to be confused with job sharing, which is …

In Banking, Americans Lean Local

Posted on 07/26/2013 by | In Other News . . . | Comments

Bulletin Today | Money & SavingsI won’t tell you the name of my bank, but I will tell you this: it’s the oldest in the state; it didn’t use account numbers until the Federal Reserve forced it to; it has 25 branches, all within easy driving distance of one another; and every employee at the branch I use — from manager to teller — knows me by name. Not only that, the tellers all have baskets of lollipops and bags of dog biscuits at the …