Financial crisis

First grade teachers, Ellie Morgan, 25, left, Hannah Sprayberry, 28, right, pose for a portrait, and say they are taking around 5 per-cent pay cut on Thursday, May 28, 2020, in Fort Oglethorpe, Ga. With sharp declines in state spending projected because of the economic fallout from the COVID-19 pandemic, America's more than 13,000 local school systems are wrestling with the likelihood of big budget cuts. (AP Photo/Brynn Anderson)
May 30, 2020 - 8:13 am
ATLANTA (AP) — It was during the Great Recession when Catoosa County first shortened its school year, from 180 to 175 instructional days, as it began years of furloughs due to budget cuts. As a result of the coronavirus pandemic, the next school year will be shorter still, with only 170 classroom...
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A woman walks into a closing Gordmans store, Thursday, May 28, 2020, in St. Charles, Mo. Stage Stores, which owns Gordmans, is closing all its stores and has filed for Chapter 11 bankruptcy. (AP Photo/Jeff Roberson)
May 29, 2020 - 10:03 am
WASHINGTON (AP) — U.S. consumer spending plunged by a record-shattering 13.6% in April as the viral pandemic shuttered businesses, forced millions of layoffs and sent the economy into a deep recession. Last month's spending decline was far worse than the revised 6.9% drop in March, which itself had...
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Emma Hamlet prepares orders received online to be picked up at the Long Beach Surf Shop store her family owns, Wednesday, May 27, 2020, in Long Beach, N.Y. Long Island has become the latest region of New York to begin easing restrictions put in place to curb the spread of the coronavirus as it enters the first phase of the state's four-step reopening process. (AP Photo/Mary Altaffer)
May 27, 2020 - 3:17 pm
NEW YORK (AP) — Long Island became the latest region of New York to begin easing some restrictions put in place to curb the spread of the coronavirus. Gov. Andrew Cuomo lobbied the president for help with transportation projects. New York City Mayor Bill de Blasio said efforts to fight the virus...
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This photo combo shows from left, Lisa Su, president and CEO of AMD, David M. Zaslav, President and Chief Executive Officer of Discovery Communications, General Motors Chairman and Chief Executive Officer Mary Barra, Walt Disney Company Chairman and CEO Robert A. Iger and Netflix Founder and CEO Reed Hastings. The typical pay package for CEOs at the biggest U.S. companies topped $12.3 million in 2019, and the gap between the boss and their workforces widened further, according to AP’s annual survey of executive compensation.  (AP Photo/File)
May 27, 2020 - 1:10 pm
The typical pay package for CEOs at the biggest U.S. companies topped $12.3 million last year, and the gap between the boss and their workforces widened further, according to AP’s annual survey of executive compensation. Median pay for CEOs in the survey climbed 4.1% last year. For the typical...
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FILE - In this March 17, 2020, file photo, people wait in line for help with unemployment benefits at the One-Stop Career Center in Las Vegas. The coronavirus pandemic has been particularly brutal to the tourism-dependent economies of Nevada and Hawaii, lifting the unemployment rate in both states to about one-quarter of the workforce. (AP Photo/John Locher, File)
May 27, 2020 - 12:19 pm
GENEVA (AP) — Bashar Ali Naim used to work in a perfume and accessories store in Baghdad, earning $480 per week on average. About three months ago, the coronavirus outbreak swept into Iraq, and the 28-year-old father of two has been out of work ever since. “I am suffering a lot without work. I feel...
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May 27, 2020 - 12:06 am
SAN JUAN, Puerto Rico (AP) — A federal control board that oversees Puerto Rico’s finances prepared to vote Wednesday on a revised fiscal plan as it warned the island’s surplus could plunge by 65% and that the government is unable to pay current debt obligations. The plan will serve as a blueprint...
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May 26, 2020 - 9:59 pm
SAN JUAN, Puerto Rico (AP) — A federal control board that oversees Puerto Rico’s finances said Tuesday that the island could be hit with a deficit earlier than expected and see its surplus plunge by 65% in upcoming years, warning the government cannot afford to pay current debt obligations. The...
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The logo of French carmaker Renault is pictured at the Flins plant of French carmaker Renault in Aubergenville, west of Paris, Monday, May 25, 2020. French President Emmanuel Macron is set to unveil sweeping new measures to rescue France's car industry, hammered by virus lockdown and the resulting recession. The issue is politically sensitive, since France is proud of its auto industry, which employs 400,000 people and is an important part of the country's remaining manufacturing sector. (AP Photo/Christophe Ena)
May 26, 2020 - 11:38 am
PARIS (AP) — French President Emmanuel Macron announced an 8 billion-euro ($8.8 billion) plan Tuesday to save the country’s car industry from huge losses wrought by virus lockdowns, including a big boost for electric vehicles. The plan includes government subsidies for car buyers and longer-term...
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In this Saturday, May 23, 2020 photo, an Ethiopian domestic worker cleans her employer's balcony, in Beirut, Lebanon. Some 250,000 registered migrant laborers in Lebanon — maids, garbage collectors, farm hands and construction workers — are growing more desperate as a crippling economic and financial crisis sets in, coupled with coronavirus restrictions. With no functioning airports and exorbitant costs of repatriation flights, many are trapped, unable to go home. (AP Photo/Hussein Malla)
May 26, 2020 - 5:12 am
BEIRUT (AP) — Long before the pandemic struck, they lived and worked in conditions that rights groups called exploitative — low wages, long hours, no labor law protections. Now, some 250,000 registered migrant laborers in Lebanon — maids, garbage collectors, farm hands and construction workers —...
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After being closed for several weeks due to the coronavirus outbreak, Chandler Fashion Center Mall welcomes back patrons with many social distancing guideline signs Sunday, May 17, 2020, in Chandler, Ariz. Much of the country remains unlikely to venture out to bars, restaurants, theaters or the gym anytime soon, despite state and local officials increasingly allowing businesses to reopen. That's according to a new survey by The Associated Press-NORC Center for Public Affairs Research. (AP Photo/Ross D. Franklin)
May 22, 2020 - 10:26 am
WASHINGTON (AP) — Much of the country remains unlikely to venture out to bars, restaurants, theaters or gyms anytime soon, despite state and local officials across the country increasingly allowing businesses to reopen, according to a new survey by The Associated Press-NORC Center for Public...
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