Economy
Arkansas ends FY23 with $1.16 billion surplus thanks to strong economy, conservative forecasting
This story was last updated at 2:55 p.m. on Wednesday, July 5, 2023. Arkansas ended the fiscal year last week with a $1.161 billion budget surplus, the second largest in state history, finance officials announced Wednesday. The surplus comes a year after Arkansas’ record $1.628 billion surplus in fiscal 2022 that led to a special […]
States, cities turn to community organizations to battle wage theft
About five years ago, most of Minneapolis’ Subway, Little Caesars and McDonald’s franchise restaurants did not comply with city wage standards. Now workers at each of the locations that violated the law receive the required minimum wage and time off when they’re sick. This is all thanks to a co-enforcement program, where the city’s labor […]
Long-awaited U.S. marshals museum set to open in Arkansas
After 20 years of planning and plenty of bumps in the road, the opening of the United States Marshals Museum on Saturday is a “dream come true” for board member Claude Legris. “We’re more than a little bit proud and just really excited to see it coming online,” he said. The former executive director of […]
Car insurance premiums based on job, education can ding low-wage workers
New Jersey resident Anna “Cuqui” Rivera, a high school graduate who works as a labor and civil rights activist and moonlights as a DJ, was paying almost $3,000 annually for auto insurance with one of the big companies. Now, she pays almost $2,000 less for coverage on her 2016 Jeep. The difference? Her new, smaller insurance company doesn’t take […]
White House unveils $42.5B to connect every American to high-speed broadband internet
WASHINGTON — The Biden administration on Monday announced $42.45 billion to connect all Americans to high-speed broadband internet by the end of the decade, likening the ambitious goal to FDR’s New Deal-era rural electrification program that brought the then-modern technology to farms and rural areas across the United States. The funds, which will be distributed […]
U.S. Senate spending panel sets funding levels for annual bills
WASHINGTON — A group of U.S. Senate Democrats on Thursday approved funding levels for dozens of federal departments for the fiscal year that starts Oct. 1 — setting up a likely clash with House Republicans as a deadline approaches later this year. The move to advance the spending plan was essential if Congress is going […]
Wage growth remains high, jobs are steady and inflation is falling so why are people worried?
Economists have been predicting a recession for months, but the labor market has remained resilient, wage growth is higher than before the pandemic, and inflation continues to drop, now at 4% compared to 9.1% in June of last year. Despite this good news, consumers don’t feel confident about the future, according to the consumer confidence […]
Bonuses for execs of failed banks could be recouped under bill advancing in U.S. Senate
WASHINGTON — U.S. senators on a panel with jurisdiction over banking regulations on Wednesday approved a bipartisan bill that would allow government officials to “claw back” compensation from banking executives who fail to thwart massive failures like the historic run on Silicon Valley Bank earlier this year. Members of the Senate Committee on Banking, Housing […]
Workers are less productive in key states. What it means for the economy.
U.S. worker productivity has dropped significantly, including in key large states, leaving some economists alarmed by the decrease in a measure that could mean trillions of dollars to the economy. Labor productivity — the value of the goods and services produced on average by an hour’s work — ranged from $58.80 in Mississippi to $120.67 […]
Mark Cuban trashes politics at conference, calls DeSantis’ feud with Disney ‘bulls–t’
Mark Cuban may own a basketball team, but he came to the Mackinac Policy Conference to hit some zingers with his address. During a conversation that lasted a little more than half an hour, Cuban took aim at former President Donald Trump and politicians writ large, including those in attendance at the policy conference where […]
U.S. House approves debt limit package, sending it to Senate days before default deadline
WASHINGTON — The U.S. House took a broadly bipartisan vote Wednesday night on the debt limit package, sending it to the U.S. Senate where lawmakers are expected to vote quickly to clear the measure. The bill would suspend the nation’s borrowing limit through Jan. 1, 2025 and set caps on discretionary spending for two years. […]
Debt limit deal hits turbulence in Congress as leaders prep for vote
WASHINGTON — Congress began moving the bipartisan debt limit package forward Tuesday, though frustrations with provisions in the bill could make for narrow passage in the U.S. House and U.S. Senate. Conservative Republicans and progressive Democrats both aired their disappointment with the agreement forged over the weekend, but only GOP lawmakers are looking to possibly […]