Results tagged “recession”

The USDA released its annual report on Household Food Security (which is a sanitized way of saying "hunger") yesterday and the results were sobering. An estimated 17 million households, or 14.6 percent of the population, has experienced "food insecurity" at one point in the past twelve months. These figures are the highest since the USDA started tracking numbers in 1995.

Whether we’re hanging our heads at Chicago’s Olympic fail, shaking our fists at our state’s budget woes or rolling our eyes every time our former governor appears on a talk show, Illinoisans could at least take comfort in the platitude “it could be worse - we could be California.” Not so fast, says a new Pew Study. In a report titled “Beyond California: States in Fiscal Peril,” Illinois is rated one of the nine states “most like California,” meaning we’re teetering on the brink of fiscal ruination.

              

Today wrapped up the “Showdown in Chicago,” a three day long protest aimed at the American Bankers Association conference at the Sheraton Hotel this week. The umbrella organization sharing the “showdown” moniker staged several rallies and actions throughout the loop beginning with a rally on Sunday at the Hyatt. Senator Dick Durbin called out bankers at the rally, saying “We need to ensure that the robber barons that are responsible for this recession don't get away with creating it and then declaring themselves a dividend."

The city's loss of the 2016 Olympic bid isn't the only thing probably causing Oprah to cringe today. There's the news that the last year has not been financially kind to the big O. Yes, even Oprah suffers from the recession. According to this year's Forbes' 400 Richest Americans list, Oprah lost $400 million though she actually went up in the rankings (from No. 155 to No. 141). Overall, Oprah is worth $2.3 billion. [Sun-Times]

We couldn't believe our ears this morning when we heard that editor-in-chief and CEO of Chitown Daily News, Geoff Dougherty, laid off his staff of five yesterday afternoon, effective immediately. We (and the rest of the Twitterverse) thought that meant the end of the website, which has been responsible for several important local stories lately. In actuality, the site, which was started with a Knight Foundation grant, is merely headed to the for-profit realm. In a statement posted today, Dougherty said:

There may be a little gleam of sunshine poking through the gloom of the current recession if the latest unemployment numbers are to be believed. While unemployment throughout the state inched up last month, based on numbers from the Illinois Department of Employment Security, the city of Chicago's July jobless rate actually dropped to 10.7 percent, down from 11.3 percent in June. Granted, that's like saying the flood waters just receded from 10 feet to 8 feet and it's still well ahead of the national average of 9.4 percent, but - hey - progress! Illinois is likely to be slower to see those numbers drop compared to the rest of the nation, according to IDES Director Maureen O’Donnell: “The country felt the pain of this recession many months before it was felt in Illinois, and it is likely that the same pattern will hold true as the economy recovers." [Crain's]

At the end of this year, Chicago could be short 800 cops compared to last year the police union told the Sun-Times. The shortage is attributed to vacancies, attrition rates, and Mayor Daley’s 2009 budget which has significantly slowed down hiring. Chicago Police Supt. Jody Weis told the Sun-Times last week that the CPD hopes to use federal grant money to hire 150 new officers this year. In the short term Weis will manage the officer shortage by shifting officers from desk jobs, or pay officers overtime with federal grants to cover the streets this summer.

Other findings from the report worth noting include
• There was 1 job opening for every 5 Midwesterners seeking a job in February 09;
• 936,259, or 11.3 percent of Chicago area residents live at or below the poverty level;
• The growth of the overall senior population in the Chicago area has increased 3.4 percent, but the growth of seniors in the labor force in the Chicago area has grown by 14.6 percent since 2000;

Known for their stark religious beliefs and refusal to use certain modern conveniences such as electricity, automobiles and insurance, the Amish population in Goshen, Ind. -- a town located 120 miles east of Chicago with population just under 32,000 -- might be making a few exceptions to get by during the recession.

With the current recession pushing local and national unemployment levels to new highs, it's hard to take more trivial casualties of the recession very seriously. Yet, sometimes it's the small things that help ease - if only temporarily - our worries and fears in a tanking economy. And one of those things are fireworks. The loud, sparkly explosions still leaves many a Chicagoist staffer in wide-eyed awe. But for some areas, budget cuts in the current recessions mean events like 4th of July fireworks are among the first to go. For example, North Aurora has reportedly already canceled theirs and Batavia is considering doing the same unless they can find more money.

Mars Inc. is closing five of its six Illinois Ethel's Chocolate locations by the end of the month. Fans of Mars's haute chocolate salon will have to travel to Skokie to get their fix. [Crain's]

Second base, center field and the hot corner aren't the only vacancies the White Sox are looking to fill. Sara Lee's announcement last year they were getting out of the kosher hot dog game by cutting its Best Kosher line left a void at hot dog stands inside a Sox Park.

So apparently the news that unemployment around the nation is at its highest in 25 years isn't enough for City Hall. Mayor Daley's chief of staff Paul Volpe announced today that, not even a week into March, the city is already short $33 million for the year and the city could fall behind by as much as $200 million before we roll into 2010. Per the Trib's Clout Street:

Tonight, President Obama will address the nation in what is essentially a State of the Union speech. Sure to take centerstage is the economy. Of course, there are many out there (including us) who still have issues grasping some of the more complex parts of the current recession/depression/economic clusterf*ck. This nifty video, however, definitely helps explain the current credit crisis, however, and might be a good primer going into the President's speech tonight.

As promised, Chicagoist checked out the 2009 Chicago Auto Show over the weekend. And as suspected, the show was a smaller event than in recent years. While most auto makers still had their wares on the show floor -- Porsche was the noticeable exception -- the brands clearly scaled back their displays in both decor and in terms of the numbers of cars on the floor. This was especially evident for the larger brands, who used to feature a number of their most popular models for attendees to check out in all the various trim levels. In booth after booth this year, however, just one of each model beckoned people to check it out.

The job cuts keep getting deeper. The University of Chicago Medical Center announced this morning that they will be eliminating 450 jobs (with hundreds more being lost through attrition) as well as cutting $100 million from its annual budget. On Friday, Dr. Skip Garcia, chairman of the University of Chicago Department of Medicine since May 2005, resigned his position but plans to stay on as a faculty member.

The recession has prompted people low on cash to do all kinds of wacky things - such as roaming the streets with “Hire me” signs - but the latest craze? Selling your body parts to make ends meet, says a CBS 2 report. For example, Chicagoans - and others across the nation - are increasingly selling their hair using sites such as TheHairTrader.com. Sellers looking to make a quick buck on their locks can rake in anywhere from $150 to $2,500.

With only four posts, Food on the Dole is a work in progress, but anyone who references Stanley Kubrick movies while discussing how he came to make an amazing looking roast beef sandwich is worth keeping tabs on.

Given the large numbers quoted in recent unemployment reports, we knew the recession was affecting most industries -- bankers and baristas, factory workers and football players. Wait... what?!? Yes, even professional athletes are feeling the economic downtown. While Major League baseball players continue to land record contracts, some of the lesser sports are feeling the pinch. After weeks of rumors, the Arena Football League is expected to announce on Monday that it will be suspending operations for its 2009 season, but hopes to return for 2010. The 2009 campaign was to begin in early March.

The tough economic climate in which we're currently mired is hitting everyone. CBS2 reports that rising unemployment and higher costs for food and gas is taxing food pantries throughout the area as demand begins outstripping supply.