Tag Archives: Recession

Obama pledges to cut deficit in half at fiscal summit

President Obama pledged Monday to cut the nation’s $1.3 trillion deficit in half by the end of his first term. He identified exploding health-care costs as the chief culprit behind rising federal deficits during a bipartisan “fiscal responsibility summit” convened to discuss ways to restore fiscal stability without deepening the recession. Meeting with the congressional leadership of both parties, as well as a range of business, academic, financial and labor leaders, Obama warned that the country cannot continue its current rate of deficit spending without facing dire economic consequences.

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Bipartisan summit aims to address deficit, fiscal challenges

President Obama is reaching across party lines Monday to host a bipartisan "fiscal responsibility summit" as the government tackles the seemingly contradictory tasks of controlling a soaring federal deficit while spending the country’s way out of a deep recession. The summit is intended to be the starting point for a “frank discussion” on the long-term fiscal problems facing the country, White House press secretary Robert Gibbs said Friday

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How Consumers Shop Differently Today


 The American shopper is dazed and confused. What do I really want, versus what do I really need Sure, I can afford the plasma television now, but should I save that $2,000, in case I get laid off tomorrow Can I really tell my snobby friends that I now shop at — egads — Walmart To gauge the mindset of the American consumer, and the state of shopping during this recession, TIME checked in with respected retail expert Paco Underhill, the CEO of Envirosell, a consulting firm, and author of Why We Buy: The Science of Shopping.
 Give us a snapshot of the American consumer landscape. 
We can divide the American consumer into thirds

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Queen of the Shopping Aisles

The first clue came when I got my hair cut. The stylist offered not just the usual coffee or tea but a complimentary nail-polish change while I waited for my hair to dry. Maybe she hoped this little amenity would slow the growing inclination of women to stretch each haircut to last four months while nursing our hair back to whatever natural color we long ago forgot

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Nearly intact mammoth skeleton a rare find in L.A.

He had a rough life during the Ice Age, walking around with a couple of broken ribs and a possibly cancerous lesion on his jaw before dying at a young age. Now, at least 10,000 years later, visitors in Los Angeles, California, can see the remains of “Zed,” a Columbian mammoth whose nearly intact skeleton is part of what is being described as a key find by archaeologists at Los Angeles’ George C. Page Museum

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Economy puts bite on shark attacks, researcher says

Shark attacks on humans were at the lowest levels in half a decade last year, and a Florida researcher says hard economic times may be to blame. Sharks attacked 59 people in 2008, the lowest number of attacks since 57 in 2003, according to George Burgess, director of the International Shark Attack File, part of the Florida Museum of Natural History on the University of Florida campus in Gainesville. There were 71 attacks in 2007

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Harley Davidson Faces Recession — and Aging Riders

In a Facebook video, the screen is filled with a sea of 20-something men and women cruising on sleek black motorbikes, all of them Harley-Davidson’s Sportster Iron 883. It’s part of marketing campaign to generate buzz around the newest Sportster. “That’s hot!” one woman declares on Harley-Davidson’s Facebook page, where other mini-documentaries promoting the bike are posted

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