Dreary Economic News
Not so good news from today’s NY Times article by David Leonhardt. It’s never encouraging when an article starts with these four lead sentences:
If history is a reliable guide, the recession of 2008 is now unavoidable.
The dismal jobs report released Friday showed overall employment to be lower than it was three months ago. Every time such a slump has occurred since the early 1970s, a recession has followed — or already been under way.
And if the good times have really ended, they were never that good to begin with. Most American households are still not earning as much annually as they did in 1999, once inflation is taken into account. Since theCensus Bureau began keeping records in the 1960s, a prolonged expansion has never ended without household income having set a new record.
Implications for Extension include more programming to meet increased economic stresses, community economic development strategies. And once again we need consider the impacts on Extension funding and budgets. It also forces us to consider more uses of technology and new organizational systems like Extension 2.0.