Economy, Forclosures, and layoffs

The Federal Reserves have made an attempt to stimulate the economy but it could be stalled if foreclosures and unemployment remains high, which is putting a damper on consumer spending. Last week central bank announced that they would be buying $600 billion of long-term government bonds by mid-2011will. By doing this new money will be poured into private banks, which in return is suppose to drive down interest rates making it easier for consumers to get loans.

Interests rates on consumers loans are already at or near historic lows and cannot be pushed down much lower. It is believed that even if rates do get lower it is not going to generate any new activity It is not interest rates that have stopped economic activity from occurring, it is the widespread layoffs and home foreclosures that have left thousands of consumers unable to qualify for loans and lenders reluctant to take a risk on anyone except the safe borrowers.

Springfield, Ohio has been on of the hardest hit towns in Ohio by job losses and foreclosures. The Feds demands for goods and services could possibly stimulate job growth, but it's indirect method could take up to a year to fully work into the economy.

This blog is prepared by a paralegal student as a class project, without compensation. The content of this blog contains my opinion, and is offered for personal interest without warranty of any kind. Comments posted by others on this blog are the responsibility of the posters of those messages. The reader is solely responsible for verifying the content of this blog and any linked information. Content, sources, information, and links will most likely change over time. The content of this blog may not be construed as legal, medical, business, or personal advice.

Ohio Recession and Unemployment

Ohio still stands with a high unemployment rate and now in a period of slow down may be upon us. Researchers assess the state of the economy and are cautious about 2011. Even with this it seems that there has been an increase in sales tax four months in a row which includes gains of 4.9% in September and 6.1% in October.

There has been a a steady increase in the total miles traveled by commercial vehicles on the Ohio Turnpike's, but the passage of still tend to be less than pre-recession. It is believed that this shows signs in the increase of factory orders ans other signs of increasing business activity.

During the recession  the state of Ohio lost 7% of its employment compared to the nations 5%. According to senior economist unemployment in the state fell 1% point from March to September. On the down side statistics of August and September show that the growth had already begun soften.

It has also been noted that even though it may appear that Ohio unemployment levels have decrease some of the totals do not reflect those who are still unemployed and their extensions for unemployment have ran out. This leaving just as many unemployed but not counted for due to not drawing off of Ohio's unemployment. Unfortunately this is going to become true for many of those who have been unemployed since the beginning of the recession.

This blog is prepared by a paralegal student as a class project, without compensation. The content of this blog contains my opinion, and is offered for personal interest without warranty of any kind. Comments posted by others on this blog are the responsibility of the posters of those messages. The reader is solely responsible for verifying the content of this blog and any linked information. Content, sources, information, and links will most likely change over time. The content of this blog may not be construed as legal, medical, business, or personal advice.

Forclosure

Foreclosure has hit a lot of people hard. People who never had a financial worry before are now finding that they are in trouble of losing there homes. People losing there jobs or have already lost their jobs, seeing their income go down and now underwater on their mortgage.

Many people have went through all of what they did have saved if they were lucky enough to have a savings and others have sold off everything of value that they could just to try and save their homes until they could find a job.

The government has come up with payment-options that some people may be eligible for but not everyone and most of the plans a home owner must be ready for foreclosure to even apply for the help. One of the plans is an adjustable rate mortgage which allows the home owner to lower their payments by having lower interest rate to start off then it will gradually go up as the years go by and the difference of the debt will be tacked on for a longer loan period.

By the end of the year 3.2 million households will get a foreclosure filing and only about 1/3 of them will find out about the government help available and only about half of them will even qualify for the help that is available.

This blog is prepared by a paralegal student as a class project, without compensation. The content of this blog contains my opinion, and is offered for personal interest without warranty of any kind. Comments posted by others on this blog are the responsibility of the posters of those messages. The reader is solely responsible for verifying the content of this blog and any linked information. Content, sources, information, and links will most likely change over time. The content of this blog may not be construed as legal, medical, business, or personal advice.

Ohio Recession and Child Support

Many parents recieve child support depend on that money to help support their children,but this may soon change as many people in Ohio may not be able to their child support. Collections for child support has dropped about $15 million over the year as Ohioians struggle to make their payments due to the recession. Officials are expecting these numbers to get even lower as uneployment benefits start to runout.

More  than $13 million of the state's child support is taken from unemployments checks and that amout will take a hit when thousands of uneployed workers lose their benefits and then they have no money to make child support payments. Unless uneployment gives a extension thousands of people will be without unemployment checks and this leading to no child support payments.

With child support payments expected to decline by about $1 million it is expected that more families will turn to food stamps and other welfare assistance. The child support agencies in Ohio are asking for parents who are unemployed and those who are losing their benefits to contact them so that the amount they have to pay in child support can be lowered as needed.

This blog is prepared by a paralegal student as a class project, without compensation. The content of this blog contains my opinion, and is offered for personal interest without warranty of any kind. Comments posted by others on this blog are the responsibility of the posters of those messages. The reader is solely responsible for verifying the content of this blog and any linked information. Content, sources, information, and links will most likely change over time. The content of this blog may not be construed as legal, medical, business, or personal advice.

Manufacturing and Ohio

Ohio was hit hard by the recession, because of its heavy reliance on manufacturing. Last year the state of Ohio lost 184,900 or 3.4% of its jobs. Exports dropped by 25% which is the first decline in a decade. One of Central Ohio's highest-profile manufacture Worthington Industries in Columbus posted an annual loss for its first time since opening in 1955.

Steel processors cut saleries, closed plants, reduces dividends, sold interest, and laid off 1,600 employees. This is more than 1/5 of its work force. The nation's industrial belt is tighter than it was before the U.S. manufacturing sector is starting to exhale.Ohio has been known as a manufacturing state and we still are a manufacturing state and it is still a very important element in Ohio.

I think that the hit in manufacturing hurt tons of families in Ohio. I know for my family it has hit hard, my husband is a milwright and when factories are not up and running or producing like they should it impacts his job. My husband has been laid off for the most part for about 2 years with now sign of relief insight, so even though you may not think that a factory not running may not affefct your life you may be suprised.

This blog is prepared by a paralegal student as a class project, without compensation. The content of this blog contains my opinion, and is offered for personal interest without warranty of any kind. Comments posted by others on this blog are the responsibility of the posters of those messages. The reader is solely responsible for verifying the content of this blog and any linked information. Content, sources, information, and links will most likely change over time. The content of this blog may not be construed as legal, medical, business, or personal advice.

How bad is Ohio's recession

Ohioan's earned 14% less in 2009 than 10 years earlier a drop that is twice as steep as the nation's according to the U.S. Census Bureau. The national household median income fell 2.9% from $51,726 in 2008 to $50,221 last year. For Ohio the median income went from $47,428 in 2008 to $45,395 last year.

Ohioan's living in poverty is 15.2% which is above the national average of 14.3%. Also Ohio sit higher than the national average of  children who live in homes below the povery line which is $22,050 for a four person family with Ohio average being 21.9%. With such a drop in income and growing reliance on public assistance programs are not surprising.

One in every eight households were recipients of food assistance last year which is about 124,000 homes out of 4.53 million. Ohio household receiving cash assistance is up by about 33,000 in 2009 than the year before.The Census data reinforces evidence of an overwrought public assistance system at both state and county levels.

This blog is prepared by a paralegal student as a class project, without compensation. The content of this blog contains my opinion, and is offered for personal interest without warranty of any kind. Comments posted by others on this blog are the responsibility of the posters of those messages. The reader is solely responsible for verifying the content of this blog and any linked information. Content, sources, information, and links will most likely change over time. The content of this blog may not be construed as legal, medical, business, or personal advice.

Is Ohio out of its recession

Economist have declare that the recession is over. Is this true our are they just fulling themselves? According to the National Bureau of Economic Research who makes the offical call says the recession technicall ended in in June 2009. How true is this for the state of Ohio?

This recession lasted 18 months which surpassed the two other post-war recessions that lasted 16 months from 1973-1975 and 1981-1982. The Great Depression was the last downturn which lasted 3 1/2 years ending in 1933. There was another that lasted more than a year ending in 1938.


Even though the recession has been declared to be over this does not mean that life is grand particulary in Ohio. Ohio has not had any real job losses since 1999 and the latest new jobless claims is 82% above "job growth". Ohio has lost 392,100 jobs or 7.2% of its employment, since 2007.

The recession is considered to have ended because the economy began to grow, but does not mean that is humming. People will not feel that recession has ended until unemployment sharply decreases. Unemployment is usually one of the last things to improve, because it takes time for the businesses to gain confidence in the economy. Economists do not expecct the unemployment rate to come down significantly anytime soon either.

This blog is prepared by a paralegal student as a class project, without compensation. The content of this blog contains my opinion, and is offered for personal interest without warranty of any kind. Comments posted by others on this blog are the responsibility of the posters of those messages. The reader is solely responsible for verifying the content of this blog and any linked information. Content, sources, information, and links will most likely change over time. The content of this blog may not be construed as legal, medical, business, or personal advice.