The Business of Poverty/Facing Up to the Economy
Bill Moyers Journal
Despite many ominous portents in the US economy, officials have been hesitant to say the U.S. is in a recession, as the FINANCIAL TIMES recently reported in their series, "The Big Freeze" The US economy remains in limbo: neither pulling away from nor succumbing to pressure from the credit squeeze, falling house values and high oil prices. With only one quarter of negative growth — the final one of 2007 — the jury is still out on whether the US has had or will have a recession. Ordinary Americans, though, are feeling the squeeze. Bob Herbert, of the NEW YORK TIMES, and Dean Baker, of the Center for Economic and Policy Research, join Bill Moyers on the JOURNAL to discuss the U.S. economy and the economic hardships facing the nation's Underprivileged and, increasingly, it's once-secure middle class.