The Federal Reserve chairman is warning federal sequestration will damage the nation’s fragile economy. Emory University economist Tom Smith helps us sort through the impact on Georgia’s sluggish recovery.
Georgia fell far in the so-called Great Recession that began in 2007 – so far that poor and middle-class Georgians are seeing income and wealth at the same levels as the early 1990s, according to a new analysis from the Georgia Budget and Policy Institute.
While the rest of state government eliminated 10,000 jobs during the Great Recession, the University System of Georgia added more than 5,000 employees. Some schools increased staff by as much as 45 percent while students faced larger increases in tuition and fees.
Federal statistics show that one of every 10 working Georgians now makes the minimum wage. An analysis of data from the U.S. Bureau of Labor Statistics shows that is triple the proportion when the recession technically ended nearly three years ago.
Federal banking regulators are telling The Savannah Bank it needs to reduce its troubled assets. The Office of the Comptroller of the Currency has given the bank its lightest possible action, letting bank officials dictate their own terms for reducing delinquent loans and reposessions. The move speaks to how far Georgia banks have to recover from the Great Recession.
Savannah-area officials are working to attract another big warehouse. Not much is known about the potential new company and nothing is finalized. But, industry officials say, the area is courting a 1.4 million square-foot distribution center in Pooler.
With Georgia unemployment at 10-percent and still higher than the national average, any news of an opening is going to attract a crowd. In coastal Liberty County, there's a rush of job-seekers to a metal forging facility opening soon.
Work Ready has used about $1.4 million in stimulus funds. And the state has certified 56 counties as "Work Ready," meaning that they've met educational and other goals. Rural areas, however, have few employers that recognize the certificate and even fewer are hiring.