The iconic Industrial Trust Tower, knows as the "Superman building," stands in downtown Providence, R.I. The art deco-style skyscraper, the tallest in the state, lost its last tenant when the bank's lease expired in April.
Rhode Island is home to beautiful beaches, top-notch universities and a thriving arts scene. Beneath the surface, however, the state faces challenges similar to other parts of the country: shrinking revenues, lost jobs and general economic malaise.
The government's employment report for April comes out Friday. It's an important measure of the economy's health and the advance signals have been mixed. One report this week showed layoffs falling to a five-year low, but another suggests disappointing jobs creation.
At least one sector is providing some positive news for the job market: housing.
In this week's New York Times Magazine, Adam Davidson writes a dual profile of Larry Summers and Glenn Hubbard, two of the most influential economists in American Politics today. Summers is a Democrat; Hubbard is a Republican. The question that animates the piece: "How did two men, whose work is widely respected, reach such different conclusions from data about the same economy?" Here's an excerpt.
Roger Bottomley of Fairfax, Va., has been homeless for 10 years. He expected to get a housing voucher, but then his appointment with the local housing authority was canceled because of sequestration. He keeps his belongings in a locker at a homeless day center.
Congress decided last week to ease the effects of the across-the-board federal spending cuts on travelers upset over airport delays. But low-income Americans who rely on government housing aid are still feeling the pain.
Housing authorities across the country have all but stopped issuing rent vouchers as they try to deal with the cuts known as sequestration. Many newly issued vouchers have been rescinded, leaving some people homeless or doubled up with family and friends.
And the cuts come at a time when there's a severe shortage of affordable housing across the country.