Student Loans During The Credit Crunch

During this time of ongoing recession and the bad economy, among the people I feel for the most are college students and recent college graduates.

For those just out of college, trying to get their first professional job, this time can be discouraging. It is unfortunate.

And, of course, Student Loans are caught up in this credit crisis we hear about and experience. It's not just people's credit cards that are affected. People who got Private Student Loans last year -- and rely on those funds -- to attend a college or university, they may not be able to get those same loans this year. It's sad that these promising students must then defer their educations due to circumstances so out of their control.

If you or your children find yourself in this situation, and at a loss for how you will obtain ongoing College Loans, click on these links above to see if these online programs can help.

This post was brought to you by our friends at www.nextstudent.com.

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North Carolina's Biotechnology Investment Tops Billion-Dollar Mark; Battelle Study Quantifies Economic Dividends and Jobs

North Carolina has invested more than $1 billion in its expanding biotechnology enterprise during the past 10 years, and the annual economic impact exceeds $45 billion, according to data released today at the North Carolina Biotechnology Center.

Norris Tolson, president and CEO of the Biotechnology Center, and leaders from the government, education and academic institutions that made those investments spoke at a news conference Thursday about the significance of the investment in building a foundation for future growth.

"Smart, steady investment in biotechnology has created a major economic engine in North Carolina," says Tolson. "This technology will help us meet the major global needs of the future -- health care, energy and food. But it also brings tangible benefits to North Carolinians in the form of jobs, and the potential is there for many more."

The success of the biotechnology industry and the statewide partnerships that support it were verified by the findings of an economic-impact study from the Battelle Memorial Institute's Technology Partnership Practice.

Battelle's Simon Tripp, who led the study, discussed quantitative and qualitative data on the benefits derived from North Carolina's unique 24-year history in bioscience investment. The 133-page report included research data as well as survey information from biotech stakeholders and CEOs of affiliated companies around the state.

"In the 21st century, which many have termed the Biocentury, biotechnology is expected to be a key engine of economic growth in the United States," says the executive summary of the study, Evidence and Opportunity -- Biotechnology Impacts in North Carolina. "Battelle's analysis finds that North Carolina is extremely well-positioned to experience substantial further growth and development from biotechnology."

Concurrent with the Battelle report, Biotechnology Center personnel and colleagues at partner institutions and organizations established that in just the past decade, North Carolina has committed more than $1.2 billion to bioscience funding via:

• $857 million in research and facilities;
• $135 million toward workforce training;
• $115 million to the North Carolina Biotechnology Center; and
• $102 million in direct company incentives.

These investments support an industry that, as measured by the Battelle study, directly contributes $28.7 billion annually to the state's economy and creates 53,200 jobs. The total impact climbs to $45.8 billion and 180,007 jobs when all spending by those companies and their employees, termed indirect and induced impacts, are counted.

The Battelle analysis lauded the North Carolina Biotechnology Center, saying it "has clearly generated a comprehensive and well thought-out series of programs and initiatives that support every link in this development chain."

Tripp says the Battelle study found that companies that receive financial assistance from the Biotechnology Center return $26.8 million a year in state taxes alone. These companies have attracted $99 in additional external funding for every dollar loaned to them by the Center.

Faculty recruitment grants from the Biotechnology Center have drawn 52 high-profile bioscience faculty to the state's universities. Those researchers have brought in $363 million in external funds from sources such as the National Institutes of Health -- a 37-to-one leverage.

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Gold As A Safe Haven In An Uncertain Future

They call gold a "safe haven" investment. That means gold, such as in the form of gold bars, can ride out all kinds of geopolitical turmoil.

And, gee, look around. Do you see turmoil? On an economic level, on the political level, at the international level -- all is uncertain.

Yet gold has been, well, the "gold standard," literally, for thousands of years. There is a reason why people look to the value of gold today just as their forebears did generations earlier.

Look into how gold may help you ride out difficult times and provide some security for you and your family.

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Forecast: Slowing Economy Dampens Research and Development Spending

Total funding for research and development (R&D) is expected to increase just 3.3 percent in 2008 from the $355 billion funded in 2007 to the $367 billion expected to be funded in 2008, according to the annual Battelle R&D Magazine forecast.

The generally sluggish movement of R&D funding and performance continues the enterprise's pattern of small year-to-year changes. The dampening of overall spending on R&D can be attributed to some developing
trends including:

-- Restructuring of the major corporate R&D approaches in industry
-- Significant growth of the practice of off-shore out-sourcing of R&D
-- Shift in federal government priorities as a result of world events
-- Growth of the federal deficit.

"There is little doubt that there are some basic problems facing the U.S. research environment, not the least of which include consideration of energy, environment, and the economy," says Battelle senior researcher and
study co-author Jules Duga. "And to a degree not seen in recent years, the average person on the
street is calling for long-term relief from high energy costs, improved (but non-intrusive) security, and resolution of environmental problems."


Funding By Sector

-- The federal government is expected to spend $25.2 billion funding R&D efforts in 2008, a 1.16 percent increase over the $24.9 billion spent in 2007
-- Industrial investments in R&D are expected to reach $258.7 billion in 2008, an increase of 3.4 percent over 2007 levels of $250.3 billion
-- Academia and other non-profits are expected to expend $70.5 billion on R&D in 2008. Academia is forecasted to increase by 5.3 percent from $51.9 billion in 2007 to $54.6 billion in 2008. Non-profit expenditures on
R&D are expected to increase by 4.3 percent from $15.3 billion in 2007 to $16 billion in 2008
-- Federally Funded Research & Development Centers (FFRDC) is a new category to the annual R&D Forecast. The 36 centers are established by various government agencies and are designed to carry out special long-term
research programs on behalf of their parent agencies. Funding for 2007 was $12.7 billion which is expected to drop by 2.3 percent to $12.4 percent in 2008.

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Multinational Firms Should Hold Own Management Styles In China

When it comes to breaking into the lucrative Chinese market, foreign multinational retailers should keep largely to their own, time-tested management techniques, according to new research funded by the Economic and Social Research Council (ESRC).

Rather than struggle to adapt to the Chinese cultural environment, firms from the UK and elsewhere are better advised to hone and refine existing managerial and technical expertise, argues Jos Gamble, of Royal Holloway, University of London.

A fluent Chinese speaker, he interviewed management and staff in eight Chinese cities, including Beijing, Shanghai and Chengdu, as well as key people in the UK and Japan. His findings also dispel claims that foreign retailers offer only ‘dead-end’ jobs in their Chinese subsidiaries. On the contrary, he says, such organisations can provide workers with significant opportunities to prosper and improve their skills. Rising prosperity and a rapidly commercialising economy have transformed China into the world’s most important emerging market. Multinational retailers have rapidly built up their presence since foreign participation was allowed in 1992.

By conducting case studies of UK and Japanese retailers and their off-shoots in China, Gamble set out to examine how these global organisations transfer management practices and retail concepts to their overseas subsidiaries. In China, the main approach of the Japanese and UK firms was to try to replicate the store procedures, employment relations and customer service standards of their parent company.

For both customer service and people management, this meant that companies often reflected their home country practices, so they were different from each other, as well as from local Chinese norms and practices.

However, the study found that, in some ways, retailers did diverge from practices back at home.

Japanese firms, for instance, took on far more women supervisors in China compared with their stores in Japan. And a UK multinational followed local practice with its use of large numbers of sales staff employed by product suppliers rather than directly by the stores.

Gamble says: “These findings indicate that while it is possible to transfer culturally innovative practices, those that run counter to institutional features - such as the nature of the local labour markets - are much harder to implement.” Japanese companies were more prescriptive and detailed in their way of dealing with customers than the UK-owned stores, which encouraged workers to adapt behaviour they used in everyday life.

Says Gamble: “The Japanese approach to customer service was particularly innovative in the Chinese context. Whilst, initially, local customer response was quite negative, it rapidly achieved acceptance as a form of ‘best practice’.” Most employees believed that their jobs would improve their skills level and employability, contradicting widely held concerns about ‘de-skilling’ of labour in the service sector.

Contrary to expectations, a UK firm examined for the study provided at least as much opportunity in this respect as Japanese companies.

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Survey Shows Overall Employee Confidence Drops to Year Low

The confidence level of U.S. workers slightly decreased in December, according to a recent survey of 2,827 working adults. The Spherion Employee Confidence Index, a monthly gauge of overall worker confidence, decreased by 0.9 point to 52 in December, the lowest level recorded this year.

The survey, conducted by Harris Interactive on behalf of Spherion Corporation (NYSE: SFN), revealed that while slightly fewer workers were optimistic about job availability, more were confident in the future of their current employer.

According to the Index, the percentage of workers who believed the economy was getting stronger was unchanged at 12 percent, while slightly fewer workers believed that are more jobs available. Despite this, the percentage of workers who are confident in the future of their current employer increased three percentage points from November to 64 percent. In addition, the number of workers likely to look for a new job in the next year remains stable at 32 percent and nearly eight-in-ten (78 percent) workers feel that they are unlikely to lose their job in the next 12 months.

"With the continuing turmoil in the housing and credit markets and concerns of an overall slowing in the economy, it's not surprising that the Employee Confidence Index has continued its decline," says Roy Krause, president and chief executive officer of Spherion. "This month's Index reached its lowest level in the past year, but not all of the data is negative. In fact, the majority of workers remain confident about their own job security and the future of their current employer. The data also shows that nearly a third of workers plan on finding a new job in the next year, indicating that this certainly isn't the time for employers to ease up on their retention and recruiting efforts. It's those employers who make the extra effort now to be recognized as an employer of choice who will reap the benefits from having top talent in the years to come."

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Employee Confidence Index Slips to Its Lowest Level this Year

The number of U.S. workers expressing confidence in the economy and in their personal
employment situation continued its decline in November, according to a recent survey from Spherion Corporation (NYSE: SFN) of 3,014 working adults.

The Spherion Employee Confidence Index, a monthly gauge of overall worker confidence, decreased by 3.5 points to 52.9 in November, its lowest level seen this year. The survey, conducted by Harris Interactive on behalf of Spherion, reveals that fewer workers believe there are more jobs available and that the economy is getting stronger. Despite this, more than three-quarters of workers believe it is unlikely that they will lose their job in the next 12 months.

According to the survey, the percentage of workers who expressed confidence in their own job security increased two percentage points from 77 percent in October to 79 percent in November, while the percentage of workers who felt confident in the future of their current employer decreased four percentage points from October to 61 percent. Nearly one-third of workers, or 32 percent, reported that it was likely that they would seek new jobs in the next 12 months, a decrease of two percentage
points from last month.

"It appears that the volatile stock market, credit situation, housing slowdown and continued anxiety over fuel prices may be fueling apprehension among workers," says Roy Krause, president and chief executive officer of Spherion Corporation. "Though this month's Index decreased, data aggregated from specific survey questions indicate a clear majority of workers remain optimistic and confident about their own job security and the future of their current employer. Furthermore, the data shows that slightly fewer workers intend to seek new jobs in the next 12 months, which is could be good news for employers focused on retaining top performers. When considered along with a comparatively low 4.7 percent unemployment rate and continued job growth in industries such as professional services, healthcare and hospitality, we believe that the overall job market remains strong."

Confidence Levels Hit Lowest Level of the Year: The Spherion Employee Confidence Index dropped to its lowest level this year, decreasing 3.5 points to 52.9 in November. The Index, which measures workers' confidence in their personal employment situation and optimism in the macroeconomic environment, reveals that more workers were apprehensive about the economy, job market and the future of their current employers.

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Mortgage Economist Predicts 3rd Interest Rate Cut This Year

The next Federal Open Market Committee (FOMC) meeting of the Federal Reserve will take place on Tuesday, Dec. 11. LendingTree Loans Chief Economist Jim Svinth forecasts a rate decrease of 50 basis points, which is the third interest rate cut for 2007.

Svinth says, "Given the slow motion decline of the housing and financial markets, the Fed will in all likelihood drop the target Fed Funds rate by .50% at the December 11 meeting."

Svinth adds, "The ramifications to the domestic and global economies if the FOMC were to do nothing at next week's meeting are huge. In the same vain, lowering rates by only .25% is simply not enough. Recent comments made by Fed members indicate they understand the current risks and therefore will take further action on Tuesday with a drop of .50%."

A rate cut on Dec. 11 will be the third rate cut for the FOMC following a pause campaign that has been in effect since August 8, 2006.

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Study Recommends Public-Private Partnership and Strategic Approach to Redeveloping New Orleans' Economy

New Orleans should craft a comprehensive economic redevelopment plan that combines public- and private-sector funding with a centralized structure, according to a study issued today by the RAND Corp.

Hurricane Katrina and the subsequent failures of levees in New Orleans in August 2005 devastated the city's economy in addition to destroying buildings and causing more than 1,800 deaths. Even before the storm, the city's population was declining and the economy was not robust, which complicated recovery efforts, according to the study.

The Horizon Initiative, a private-sector organization formed in 2006 to help New Orleans' economic recovery, asked the RAND Gulf States Policy Institute (RGSPI) to recommend the most effective organizational and strategic approaches to revitalizing the city's economy.

“This is a unique opportunity to not only repair the damage from the storms, but also address some pre-existing problems, in a comprehensive way, to forge a stronger, more vibrant economy for the city of New Orleans and the surrounding region,” says Kevin McCarthy, author of the report and a senior social scientist at RAND, a nonprofit research organization.

The study is not a detailed redevelopment plan, but provides recommendations for designing an effective organizational structure for those efforts.

RGSPI, a partnership between RAND and seven universities in the Gulf States region, examined 17 other cities' economic development efforts. The analysis showed that in many cases, economic development work was spread across a range of different agencies without a common development strategy, and in some cases, with competing messages. The most successful efforts incorporated three key elements: a comprehensive design, an appropriate organization, and an effective implementation plan.

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Video: Depths of the Credit Crisis

Jeffrey Kleintop of LPL Financial Services speaks with MarketWatch's Polya Lesova about the depth of the credit crisis and its potential to cause more big slides in U.S. stocks.

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Video: Consumers' Concerns for Economy

Economist Ethan Harris of Lehman Brothers speaks to Kelsey Hubbard about consumers' concerns for the current economic conditions.

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Video: Economists Survey Shows Gloomy Outlook

Wall Street Journal's global economics editor David Wessel says a new survey of economists on the risk of recession reflects the current turmoil in credit markets compounded by disappointing jobs data.

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Consumer Confidence Index Climbs to a Six-Year High

The Conference Board Consumer Confidence Index, which had dipped in June, rebounded in July. The index now stands at 112.6 (1985=100), up from 105.3 in June. The Present
Situation Index increased to 139.2 from 129.9 in June. The Expectations Index rose to 94.8 from 88.8.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households. The monthly survey is conducted for The Conference Board by TNS. TNS is the world's largest custom research company. The cutoff date for July's preliminary results was July 24th.

Says Lynn Franco, director of The Conference Board Consumer Research Center: "The rebound in Consumer Confidence has catapulted the Index to its highest reading in nearly six years (August 2001, 114.0). An improvement in business conditions and the job market has lifted consumers' spirits in July. The Present Situation Index is also at a near six-year high (August 2001 144.5). Looking ahead, consumers are more upbeat about short-term economic prospects, mainly the result of a decline in the number of pessimists, not an increase in the number of optimists. This rebound in confidence suggests economic activity may gather a little momentum in the coming months."

Consumers were considerably more positive about current-day conditions in July than they were in June. Those claiming conditions are "good" increased to 28.1 percent from 27.3 percent. Those saying conditions are "bad" decreased to 14.4 percent from 16.1 percent. Consumers were also more upbeat about the job market. Those saying jobs are "hard to get" declined to 18.4 percent from 20.5 percent. Those claiming jobs are "plentiful" improved to 30.5 percent from 27.6 percent in June.

Consumers were also less pessimistic about the short-term outlook. Those expecting business conditions to worsen in the next six months declined to 8.0 percent from 10.8 percent. However, those anticipating business conditions to improve dipped to 15.4 percent from 16.2 percent.

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Conference Board: U.S. Economy Will Benefit from Higher Bond Yields, Wage Increases, Rise in Short-Term Interest Rates

The Conference Board says that after a very long wait, long-term Treasury bond yields have begun to reflect a better outlook for the U.S. economy and the prospect that the next move in the federal funds rate will be up.

The forecast also shows a rise in short-term interest rates by 50 basis points in the second half of this year.

Manufacturing production is rising at about a 2% annual rate. Nondefense capital goods orders, a key investment indicator, have risen 20% in real terms since January. Much of the rest of the gain is in machinery orders. Although the pickup in orders is fairly broad-based, high-tech orders are somewhat lagging. High-tech orders, which should recover in the second quarter, are so closely related to the overall level of investment that it would be surprising if this sector didn't begin to rebound soon as well.

"The picture is a little less encouraging on the housing front," says Gail Fosler, executive vice president and chief economist of The Conference Board. Her analysis appears in StraightTalk, a newsletter designed exclusively for members of The Conference Board's global business network. "But progress is underway. Demand is slowly coming back to the market. Mortgage applications are up about 17% since the low point last August. And the drop in housing starts has been so sudden and dramatic that it has taken inventories down to close to historic averages-though still far above the levels common during the past 10 years."

But housing is a sector in which long-term forces are shaping the outlook as well as short-term cyclical events. The housing market has enjoyed a decade of strong (booming since 2000) conditions. The strength in housing received not inconsequential help from a long-term trend to lower mortgage rates, which have helped to offset higher housing prices to a great degree.

As a result, the "housing affordability index" has remained high and within a remarkably narrow range of about 120 to 140 since 1993. (An index reading of 100 means that a family earning the median income has enough money to qualify for a mortgage on a median-priced home assuming a down payment of 20%). Beginning in 2004, housing affordability began to plummet as both mortgage rates and house prices rose. The current reading is about 110, which given the definition of the index would not seem to be that low. But the reading is one of the lowest since 1990.

"This weakness in the U.S. housing market is not just a cyclical phenomenon but a response to some very important long-term trends," says Fosler. "Home prices outpaced average incomes, so there would be a downward bias in any event. As mortgage rates rise, the downward pressure on prices will persist. A surge in wages could solve this problem, but rapid
increases in wages would create other problems like inflation that the Federal Reserve would have to address with higher interest rates. While housing is not likely to be a drag on the U.S. economy in the second half of 2007 and 2008, it is also unlikely to make much of a positive
contribution for the foreseeable future."

Consumer spending has certainly been buffeted by slower housing prices and higher gasoline prices. The stabilizing force has been the tight labor market and rising wages. Earnings have slowed, but as in the last cycle, wages will begin to pick up again as growth accelerates and the unemployment rate remains low. Real wage and salary income has been growing at a 2% to 4% annual rate -- with ups and downs due largely to the ebb and flow of gasoline prices. The inflation-adjusted growth of consumer spending has remained generally in the 3% to 4% range since 2003. But retail activity has been hard hit by the housing slowdown. These trends explain why the retail sector and particularly the home-improvement retailers have been under so much pressure.

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Report: Online Advertised Job Vacancies Dip in June

Total online job ads were 4.3 million in June, a slight drop of 94,000 or 2 percent from May, according to The Conference Board Help-Wanted OnLine Data Series.

Online advertised vacancies continue to be up substantially (24%) over the year (June'06-June'07). There were 2.8 advertised vacancies online for every 100 persons in the labor force in June.

"Online job demand has been virtually unchanged over the last few months but continues to show a better than 20 percent gain over last year,"says Gad Levanon, economist at The Conference Board. "Tight labor markets in many areas of the country and in specific occupations and industries like IT and healthcare are forcing companies to advertise more aggressively than last year in order to find the employees they need. We do not expect economic growth to accelerate until the end of the year, but finding theright employee is already a challenge in many areas of the country."

The 4.3 million unduplicated online advertised vacancies in June include 2.7 million new ads that did not appear in May, as well as reposted ads from the previous months. During June, both total and new ads declined by 2 percent from the previous month. Over the year (June'06-June'07) total ads and new ads rose 24 percent and 19 percent, respectively.

The June figures reported in the Help-Wanted OnLine Data Series reflect the sum of the number of unduplicated online job ads for each dayfrom mid-May to mid-June. This new series, which includes data from April 2005, does not have sufficient history to allow for seasonally adjusted monthly data.

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World Thinks China Will Catch Up With the US -- and That's Okay

Majorities around the world believe that China will catch up with the United States economically. It's a prospect that leaves most of those polled -- even Americans --
unperturbed.

In no country do most people think that this would be mostly negative, finds a multinational poll by The Chicago Council on Global Affairs and WorldPublicOpinion.org. Majorities in every country polled believe this would be either equally positive and negative or mostly positive.

"What is particularly striking is that despite the tectonic significance of China catching up with the US, overall the world public's response is low key -- almost philosophical," says Steven Kull, editor of WorldPublicOpinion.org.

This sanguine reaction is not because China is widely trusted to act responsibly in the world. World publics do not trust China any more than they trust the United States and distinctly less than they trust Japan.

Among the 15 countries asked about China's future economic prospects in 13 the most common answer is that China will eventually catch up with the United States. This includes 60 percent of Americans and strong majorities in Peru (76%), Israel (75%), France (69%), Iran (64%), and Russia (62%).

Across all countries polled, on average 55 percent had this belief.

The Chinese themselves are somewhat skeptical about their country's economic potential. Only 50 percent of Chinese respondents say China's economy will match the US economy.

Asked how they would feel if China were to catch up with the United States, publics show little concern. In no country does even a plurality say that this would be mostly negative.

The highest level of concern is in the United States, where one in three is worried. But a majority of Americans (54%) say instead that China's economic rise would be "neither positive nor negative" while another one in ten (9%) say it would be mostly positive.

In just one country does a majority say that China catching up would be mostly positive -- Iran (60%).

The world's seemingly sanguine view of China's possible economic ascendance does not mean most publics think they can trust Chinese leaders.

Ten out of 15 publics polled say they do not trust China "to act responsibly in the world.


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U.S. High-Tech Industry Adds Jobs for Second Year in a Row, Report Says

The high-tech industry continued growing, adding nearly 150,000 net jobs for a total of 5.8 million in the United States, according to 10th anniversary Cyberstates report detailing US and state trends in high-tech employment, wages, and other keyeconomic factors. The report, Cyberstates 2007: A Complete State-by-State Overview of the High-Technology Industry, covers all 50 states, the District of Columbia, and Puerto Rico.

This growth is faster than the 87,400 jobs added in 2005, the report says. These two years of growth represent an increase of 4 percent, it adds.

The report is published by AeA, a trade association representing various segments of the high-tech industry.

The Cyberstates report is not based on survey data or extrapolations, but on U.S. Bureau of Labor Statistics (BLS) data, which is collected from all businesses in the United States as required by law for the state unemployment insurance program. The data on national employment, unemployment, and venture capital investments are for 2006. The national and state wage, payroll, and establishment data are for 2005, as well as state rankings and state employment data, as a result of a nine-month lag in the reporting of the data from BLS, AeA says.

"In the 10 years of publishing this report, we have always used a conservative definition of the high-tech industry," says William Archey, president and CEO of AeA. "We probably underestimate the size of the industry to a slight degree. Year after year, we have illustrated how critical the high-tech industry is to the nation and to each and everystate as it generates economic growth, innovation, and high paying jobs wherever it develops."

"We are pleased to see the rebounding of the tech industry," says Archey. "This is the second year in a row that tech industry employment has added jobs. Not only do these jobs make critical contributions to the U.S. economy, but they also pay extremely well. The average tech industry wage is 86 percent more than the average U.S. private sector wage. In fact, in 48 cyberstates the average high-tech wage is at least 50 percent more than the average private sector wage, and in 10 cyberstates this differential is over 90 percent."

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Report Finds Severe Pandemic Flu Could Lead to Major U.S. Recession; Biggest Economic Declines Predicted in Nevada, Hawaii

Trust for America's Health (TFAH) has released a new report that finds a severe pandemic flu outbreak could result in the second worst recession in the U.S. since WorldWar II. The U.S. Gross Domestic Product (GDP) could drop over 5.5 percent, leading to an estimated $683 billion loss.

States with high levels of tourism and entertainment could be thehardest hit. Nevada's economy could face the biggest percent decline with aGDP loss of 8.08 percent, followed by Hawaii, which could experience a 6.60 percent loss. Six states could suffer losses over 6 percent (Nevada, Hawaii, Alaska, Wyoming, Nebraska, and Louisiana). The economies in anadditional 21 states could drop more than 5.5 percent and every state couldlose more than 5 percent in GDP, the organization says.

States with government and real estate as major industries could suffer the lowest percentage losses. The economies of Virginia and Maryland could experience the lowest drops in GDP of any of the states, but would still face significant declines of 5.13 percent and 5.09 percent, respectively. Washington, D.C. could face a 4.62 percent decline.

"The U.S. is not prepared to face an economic shock of this magnitude,"says Jeff Levi, executive director of Trust for America's Health."While important government preparedness efforts focusing mainly on medicaland public health strategies are underway, efforts to prepare for the possible economic ramifications have been seriously inadequate. Stepping up pandemic preparedness planning is vital to our national and economic security."

The report was funded by The Pew Charitable Trusts as part of the U.S. Pandemic Preparedness Initiative.

In the report "Pandemic Flu and the Potential for U.S. Economic Recession," TFAH created a model to assess the potential losses each state could face during a severe pandemic. Based on estimates from financial andeconomic experts, TFAH examined the impact of a pandemic on 20 different industries, trade, and worker productivity.

The model examines an outbreak as severe as the 1918 pandemic, which inmodern terms could result in nearly 90 million Americans becoming sick and 2.2 million deaths. People who become ill are expected to take at least three weeks to recover, and others would miss significant time from work to take care of family members or stay home out of fear of potential exposure to the flu.

Additionally, the model incorporates predictions from experts of howconsumer demand for products and services could drop in a number ofindustries. For instance, according to estimates, tourism, entertainment, and food services could experience an 80 percent decline, while agriculture, construction, retail trade, and finance and insurance could face a 10 percent loss in demand.

The estimates focus on possible losses over the course of a year during a scenario when a vaccine is not widely available. A real pandemic could last up to 18 months with a series of waves that last six to eight weeks each.

TFAH's report recommends a series of measures businesses and community groups can take to help prepare for a possible pandemic, focusing on how to sustain essential operating functions during a major outbreak. The recommendations encourage the private sector and government at all levels to examine and modify family and medical leave policies; expand telecommuting capabilities; assess infection control procedures in the workplace; establish contingency systems to maintain delivery of goods and services during a pandemic event; and update methods for communicating with their workforce.

The full report can be found on TFAH's website.

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CONSUMED: How Markets Corrupt Children, Infantilize Adults, and Swallow Citizens Whole

In his new book CONSUMED: How Markets Corrupt Children, Infantilize Adults, and Swallow Citizens Whole, political scientist Benjamin Barber offers a vivid portrayal of the way that a consumerist mentality has superseded the public good.

With a combination of vast evidence and sharp insight, Barber explains howAmerican society is being transformed by the triumph of consumerism, and the potentially devastating consequences this transformation has already had on democracy.

Tracing the economic and intellectual history of capitalism, Barber argues that in the late 18th century, capitalism brought the promise of economic parity. During the two centuries following its ascendancy, the free market provided essential goods that met the public's needs. In recent decades, however, most of the critical public infrastructure needs like housing, education, roads and health care, had been met and people shifted their attention to non-essential desires instead.

In CONSUMED, Barber argues that the rise in consumerism has created a dangerous mentality that values personal choice over the public good, thereby infantilizing otherwise mature adults and turning children into permanent shoppers. Divided by their conflicting impulses as consumers and as citizens, individuals are increasingly drawn to a behavior Barber terms "civic schizophrenia."

The only solution, Barber argues, is "a transformation of capitalism back into a needs-satisfying economic machine, and a transformation of democracy back into the sovereign guarantor of all domains private, the market domain included." The only way to do this, and also save capitalism from itself, is to democratize globalization.

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Economic Impact of Research Parks in North America Exceeds $31 Billion

Research parks in theUnited States and Canada directly employ more than 350,000 people andcontribute more than $31 billion annually to the economies of the UnitedStates and Canada, according to new data compiled by the Association of University Research Parks (AURP).

"This data underscores the scope and importance of work being done today in research parks across North America," says AURP President Austin Beggs. "Universities, industry and governments are collaborating on work that enables North America to compete in an increasingly global economy."

The AURP data shows that the estimated U.S. total employment enabled by research parks is more than 712,000 jobs, with an additional 90,000 total jobs provided in Canada. The impact of the wages provided by these jobs is more than $31 billion annually to the North American economy.

"Our survey results demonstrate that research parks play a verysignificant role in the economies of North America," says AURP Program Director Eileen Walker, who compiled the survey data. "But going beyond theeconomic role that research parks play, there is also the fact that thescience which is commercialized in research parks has the potential to solve many problems. Such innovations as new types of medicine, newtechnologies for energy savings, new ways to communicate and many other beneficial concepts are first developed in research parks," she adds.

The AURP data was collected from research and science parks throughout the United States and Canada during 2006 via surveys, interviews and Internet sources.

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