Like the rest of the nation, the Commonwealth is struggling to emerge from the worst economic crisis since the Great Depression. Nationally the economy has lost a larger share of its jobs than in any downturn since the Depression, and it is taking longer to regain the lost jobs than in any of our recent economic recoveries. Massachusetts has not escaped this national crisis. But we have weathered it better than most states.
During the recent crisis, Massachusetts lost fewer jobs than most states and maintained higher wages, all while avoiding a significant increase in poverty, according to “The State of Working Massachusetts,” a report prepared by the Massachusetts Budget and Policy Center, a nonpartisan think tank that studies economic issues.
Today, the U.S. Census Bureau released its annual update of state-level poverty rates from the American Community Survey (ACS). It indicates no statistically significant change in the overall poverty rate in Massachusetts from 2008 to 2009.
Today, the U.S. Census Bureau released its annual update of state-level data on household income from the American Community Survey (ACS).
As a result of the Great Recession, the year 2009 saw a significant increase in the national poverty rate. The poverty rate rose to 14.3 percent in 2009 from 13.2 percent in 2008, new Census Bureau data show.
Labor Day 2010 will be a challenging day for working people across America. The nation is in the third year of a terrible economic crisis, one that has claimed a larger percentage of US jobs than any other recession since the Great Depression. Adding to the pain, at 31 months since the latest recession officially began, the US now has regained a far smaller share of those jobs than in past recessions.
The Education Jobs Fund, a $10 billion federal grant fund to be spent during the FY 2011 school year for the retention and creation of education jobs in elementary and secondary schools, will provide approximately $204 million to Massachusetts and fund an estimated 2,900 jobs in the state.
Last week the US Senate passed a bill that would approve extended state fiscal relief from the federal government, and the US House is reconvening today to vote on the extension. The legislation would provide approximately $655 million to Massachusetts — $450 million in enhanced Medicaid (FMAP) reimbursements, which is $250 million less than the $700 million originally anticipated, and another $205 million in funding for education through a new Education Jobs Fund.
Many states have begun to study the impact and potential of establishing UVRA programs. UVRAs provide a viable and cost-effective option for businesses that do not provide retirement plans for their employees–particularly small businesses, which employ thousands of workers but face the highest barriers in providing plans.
As unemployment remains high and policymakers at all levels of government recognize the need for policies that encourage economic growth, it is important to examine how economic stimulus policies work and which levels of government have the strongest capacity to create jobs and stimulate the economy quickly.