Gov. Larry Hogan, R, this week released a $44.6 billion state budget for the upcoming 2020 fiscal year, fortifying his objectives for the 2019 General Assembly session — education, economic growth, health, state employees, transportation and the environment — into writing. The budget grew 4 percent over last year, and includes $19.6 billion for operating expenses. At a press conference on Thursday, Hogan said he made a record investment of $6.9 billion for Maryland's K-12 education, and has set aside $438 million in a "Building Opportunity Fund," a $3.5 billion five-year school construction program. Maryland senators and delegates said based on the budget highlights, many of the priorities of the legislature were funded as they liked.
Five days into the partial government shutdown, just after Christmas, Albert Romero filed a claim for unemployment insurance with the state of Colorado. He does administrative work for the U.S. Department of Commerce in Boulder, and had been furloughed along with thousands of federal workers in the state. “I just wanted to get my name in the queue to ensure that I could meet my obligations,” Romero, 50, said. “Whatever little income that I could get through unemployment would help definitely pay for the mortgage and car payment.” Nearly a month later, he has yet to receive a check. The waiting period in Colorado can be four to six weeks. Fortunately, his wife just got a job as an accountant,
The TTC has released its proposed budget for 2019 and included in it is a plan to increase the cost of tokens and Presto card fare taps by about three per cent to $3.10. The budget also calls for a similar increase in the cost of an adult monthly pass, though cash fares would remain frozen at $3.25 per trip. The TTC says the fare hike, which would go into effect on April 1, will generate an additional $25.6 million in annual revenue. The transit services says that the money will help offset the costs of the two-hour transfer window that was reduced last year ($20.5 million) as well as an estimated $13.5 million in capacity improvement initiatives undertaken in 2018, including the introduction of new express bus service on seven routes and improvements in the frequency of service on dozens of existing bus routes.
India's government signaled it's ready to sacrifice fiscal discipline to stoke economic growth, as it prepares to unveil its last spending plan next month before a general election. “It entirely depends on what the existing situations are,” Finance Minister Arun Jaitley said in an interview to CNBC-TV18 news channel Thursday. “Therefore without getting into specifics, because that will be disclosing the mind into which we are working, some of those challenges really can't afford to wait and therefore obviously there will be a necessity to address them.” His comments come amid speculation the government is studying various options, including a cash handout for farmers, to ease their distress and
The ski resort of Davos, Switzerland, will again play host next week to the World Economic Forum’s annual meeting, drawing JPMorgan Chase & Co.’s Jamie Dimon, German Chancellor Angela Merkel and Chinese Vice President Wang Qishan. Domestic political strife is forcing U.S. President Donald Trump and U.K. Prime Minister Theresa May to stay home.
Furthermore a pause by the FOMC would still keep interest rates at current levels and the balance sheet on its downward trajectory, while a trade deal with China is still very unlikely to restore relations back to where they were, particularly in the key technology sector, where flashpoints over national security and intellectual property look likely to linger. At CFRA, we started with a look at the driver of the last downturn—households.
Market-based recession indicators are flashing red. To some economists, they're better left ignored. At the moment that's easier said than done. Among a slew of gauges maintained by JPMorgan Chase & Co., one based on stocks and credit spreads puts the probability of a recession in the next 12 months at 50 percent, though it was at 70 percent two weeks ago. Another, based on the gap between long-term and short-term Treasury yields -- the so-called yield curve -- puts the figure at 46 percent, according to economist Jesse Edgerton. When it comes to predicting recessions, market-based models carry one clear advantage: Compared with hard economic data, they're more forward-looking. But not only can
San Diego County's unadjusted unemployment rate held steady at 3.2 percent in December, with farm and nonfarm industries losing a total of 1,500 jobs, the California Employment Development Department announced Friday.
SOMERSET, N.J./SAN FRANCISCO (Reuters) - "Patience" is the new mantra at the Federal Reserve, less than two weeks ahead of the U.S. central bank's first policy meeting of the new year, as officials leave little doubt they want to stop raising interest rates - at least for a while. Fed Chair Jerome Powell first used the word "patient" to describe his approach to monetary policy early this month, in words that soothed financial markets after months of volatility. This week seven other policymakers followed Powell in embracing a "patient" approach or otherwise signalling an inclination to pause the cycle of rate hikes.
CAPITAL REGION -- Towns and villages across the state would see general municipal aid payments -- funds they have received for decades -- disappear under Gov. Andrew M. Cuomo's 2020 executive budget proposal. Glenville would lose $176,465 in state aid under the governor's plan. Rotterdam would lose more than $173,445, and Niskayuna, $101,675 -- money those towns included as revenue in their 2019 budgets. The losses for Schenectady County's largest towns are on the high end of losses statewide, but nearly all towns and villages would see the payments disappear. Aid levels are based primarily on population. "It is definitely going to have a significant impact," said Glenville Town Supervisor Chris
Families in Chicago and in all 50 states are still hurting from the Great Recession and from the aftermath of transnational corporations ruthlessly searching the globe for cheaper labor. Hidden behind the relatively low official unemployment rate are millions of workers left behind while employers across the country have trouble filling jobs. These are the long-term unemployed, the dislocated workers, the former foster youth, homeless youth, people with criminal records, and other economically-disadvantaged Americans. There is an urgent need to do more to connect these individuals who are not fully incorporated into the workforce with quality jobs and to economically empower them and their families.
Trade-war side effects and cyclical weakness are tangled up in ugly economic data that continues to pile up across the board, while the prolonged U.S. government shutdown is making it harder to track the world's biggest economy. We'll have to find a darker fairy tale as the popular-with-economists Goldilocks no longer has a place in describing this trajectory. Here's our weekly wrap of what's going on in the world economy. Fighting the Slowdown It's a grim week in global growth when the brighter take is that Italy's more in stagnation than recession. Elsewhere, the tone is almost universally downbeat, with an OECD gauge affirming a deep sluggishness in the world's major economies. Outside of
Saint Lucia Prime Minister Allen Chastanet's belated New Year's address on January 13, 2019, was nothing more than a torrent of half-truths, misrepresentations, and outright lies, but more, perhaps, was his extraordinary aloofness. To complement this, his tragic fevered imagination does not speak to the inherent dignity and value for Saint Lucians as a whole, with a level of authentic passion worthy of celebrating and protecting – except, to say, “It's Our Time” [Family, Friends, and Foreigners] “the kind that listens to the concerns of our people and bona fide organizations.” Quite apart, days prior, junior minister with responsibility for culture, Senator Fortuna Belrose, compared the government
It has been a month since several federal agencies' funding expired — representing the longest government shutdown in U.S. history. Although there is blame to go around for how we got into this position, since the shutdown began, I've been focused on how we can prevent this from happening again, and — more urgently — how we can get the government back open. As thousands of federal employees — including members of the U.S. Coast Guard, TSA, Border Patrol, National Park Service and many others across the country — are either working without pay or have been temporarily furloughed because of Congress' failure, I believe it is unfair and inappropriate for members of Congress to be paid while this continues. On the first day of the shutdown, I sent a letter to the chief administrative officer of the House of Representatives to request my paychecks be held until the government is fully funded and all federal employees get paid again.
Big Government: Leading Democrats are pushing an agenda that would more than double the size of the federal government. This comes as a new Gallup Poll finds that the public views government as the most important problem facing the country today. Gallup regularly asks what are the biggest problems facing the country today. The latest shows "government" well in the lead, with "immigration" No. 2. Another Gallup poll finds that, despite all the focus on left-wing celebrities like Alexandria Ocasio Cortez, the country remains far more conservative than liberal — with 35% saying they are conservative compared with 26% who are liberal. The rest fall in the middle. More 'Socialist' Than Sweden Nevertheless,