The recession that began in December 2007 ended in June 2009, according to a statement released by The National Bureau of Economic Research. While some would read that with skepticism, the bureau says that the end of the recession was when the economy was at its lowest. The data shows that the economy has, slowly but surely, been in recovery ever since. The report does not claim that the economy is back to operating at normal levels.
Also in the news...
- The cost of not going to college could be higher than the debt a student would incur for a college education, according to a new report from the College Board. While unemployment rose from 2.6 to 4.6 percent for college graduates between 2008 and 2009, it spiked from 5.7 to 9.7 percent for those who only completed high school. Data from 2008 shows that college graduates earned 100 percent more than people with only a high school education. The Chicago Reporter has previously examined the social costs of dropping out of high school.
- Cook County Sheriff Tom Dart began circulating petitions for a potential run for Chicago mayor over this past weekend. Dart, who is on the Nov. 2 ballot for re-election as Sheriff, says he will make a decision in the coming weeks. Meanwhile, U.S. Rep. Danny Davis, who is also up for re-election on Nov. 2, announced yesterday that he's planning on running for mayor.
- The Chicago Sun-Times reports that Oak Brook businessman Raghuveer Nayak told federal authorities that Rep. Jesse Jackson, Jr. directed him to
offer former Gov. Rod Blagojevich millions of dollars in campaign cash
in return for an appointment to the U.S. Senate. This counters recent
public statements by Jackson that he never
authorized any such deal.
- A sit-in at the Whittier Elementary School in Pilsen
continues today. The six-day protest was sparked by a Chicago Public
Schools decision to demolish the school's field house, which parents
and activists want converted into a library. CPS says that the building
is unsafe and that renovations would be too expensive. Protesters say
it could be converted for less than the cost of demolition. CPS CEO Ron
Huberman has promised not to let the demolition move forward without
meeting with the protesters first.
--Compiled by Louis McGill