[Source: KQED] When supporters of increasing commercial property taxes, reshaping property tax transfer rules and legalizing sports gambling began formulating initiatives to put before voters in November, California’s economy was riding high — unemployment was at historic lows and state coffers were flush with fat surpluses. With less than five months until Election Day, campaigns Read More…
Tag: economy
US economy could take nearly a decade to recover from the coronavirus pandemic, according to the CBO
[Source: Business Insider] It could take the US economy nearly 10 years to recover from fallout stemming from the coronavirus pandemic and lockdowns to curb the spread of disease, the Congressional Budget Office said Monday. The CBO now projects that over the 2020-2030 period, cumulative nominal output will be $15.7 trillion less than it previously Read More…
CBO projects virus impact could trim GDP by $15.7 trillion
[Source: Associated Press] The Congressional Budget Office said Monday that the U.S. economy could be $15.7 trillion smaller over the next decade than it otherwise would have been if Congress does not mitigate the economic damage from the coronavirus. The CBO, which had already issued a report forecasting a severe economic impact over the next Read More…
Governor lays out plan for solving record state budget deficit
[Source: CalChamber] Governor Gavin Newsom has proposed solving a record budget deficit by tapping reserves, borrowing money from special funds, deferring spending and raising some targeted revenues. But the major budget solution to an estimated $54.5 billion deficit depends on spending federal funds already allocated to California and receiving federal funds not yet approved by Read More…
There’s a growing possibility of a W-shaped economic recovery — and it’s scary
[Source: The Washington Post] There are growing concerns that any economic recovery later this year could prove short-lived because of a possible deadly resurgence of the novel coronavirus and a late spike in bankruptcies and defaults, a wicked combination that could cause households and businesses that barely survived the spring lockdown to go under later Read More…
White House readies push to slash regulations as major part of its coronavirus economic recovery plan
[Source: The Washington Post] Senior White House and Trump administration officials are planning to launch a sweeping effort in the coming days to repeal or suspend federal regulations affecting businesses, with the expected executive action seen by advisers as a way to boost an economy facing its worst shock in generations, two people familiar with Read More…
Virus attacks California ballot measures
[Source: CalMatters] As the coronavirus pandemic was clobbering California — and the rest of the known world — this month, local government officials in Sacramento County enthusiastically decided to ask voters to approve a hefty sales tax increase for transportation improvements. Were members of the Sacramento Transportation Authority board smoking some of California’s newly legalized Read More…
Why coronavirus could hit small businesses the hardest
[Source: Yahoo Finance] Keeping the U.S. economy on its feet as coronavirus pervades American borders is up to consumers and how much they’re willing to go out and spend, especially at small and midsize businesses, supply chain management expert Hitendra Chaturvedi says. Chaturvedi, a professor at Arizona State University’s W.P. Carey School of Business, said Read More…
New study details economic impact of fracturing ban
[Source: Midland Reporter Telegram] As the 2020 presidential election campaign heats up, some candidates have called for a total ban on hydraulic fracturing while other groups support a “keep it in the ground” policy against producing fossil fuels. Such comments come as the Global Energy Institute, part of the US Chamber of Commerce, issued a Read More…