economy
Democratic report on U.S. debt default predicts disrupted benefits for seniors, veterans
WASHINGTON — Congress’ Joint Economic Committee released a report Thursday detailing the economic repercussions of defaulting on the nation’s debt, adding fuel to the fire as Democrats pressed Republicans to address the nation’s borrowing limit without tying action to spending cuts. The report, from Democratic staff on the bipartisan Joint Economic Committee, says that a […]
Regulators end week like they started — tamping down fears, rescuing a bank
Financial regulators, policymakers, and bank executives spent the week trying to abate fears that a banking crisis will spread across the U.S. financial system. On Friday, President Joe Biden released a statement calling on Congress to take action to make it easier for regulators to hold senior bank executives accountable for their mismanagement. “It should […]
Powell signals higher interest rates. Here’s why Friday’s jobs report will affect Fed’s decision.
Federal Reserve Chairman Jerome Powell said this week that interest rate increases could be higher and come faster if Friday’s unemployment data shows the nation’s labor market isn’t cooling off. Stock indexes fell after his comments. That’s been a familiar pattern over the past year as the federal bank has tried to combat inflation. A […]
Southwest Arkansas and the promise of ‘green’ lithium extraction
Editor’s note: This is the first of a two-part series looking at the promise and possible environmental peril of lithium extraction in Southwest Arkansas. At 4:30 p.m., Jan. 10, 1921, the Busey No. 1 well drilled 2,233 feet and sent a thick black column of gas, oil, and water through the top of the derrick, […]
Bipartisan group predicts U.S. debt default as soon as summer, depending on tax receipts
WASHINGTON — A bipartisan think tank expects that the United States will default on its debt in the summer or early fall, if Congress doesn’t take action to address the debt limit before then. The timeline is similar to one the nonpartisan Congressional Budget Office released last week, saying lawmakers have until sometime between July […]
New U.S. House Natural Resources chair opposes limits on fossil fuel development
The incoming chairman of the U.S. House Natural Resources Committee wants to allow more mining and believes technology — not limitations on fossil fuel production — is the best way to address climate change. As part of their organization of the chamber they now control, U.S. House Republicans selected Arkansas’ Bruce Westerman to lead the […]
USDA to use outdoor recreation to boost economy around national forests, grasslands
WASHINGTON — The U.S. Department of Agriculture began planning this month to develop outdoor recreation opportunities near national forests and grasslands, part of a broader Biden administration push to help communities reap economic rewards from the growing recreation sector. Three USDA agencies — the U.S. Forest Service, the National Institute of Food and Agriculture and […]
States that limit business with banks that ‘boycott’ fossil fuels could pay high costs, study says
Republican state policymakers’ efforts to boost fossil fuels by prohibiting their governments from doing business with companies that take sustainability into consideration has the potential to cost states millions, according to a study released Thursday. Researchers looked specifically at the possible effects on Florida, Kentucky, Louisiana, Missouri, Oklahoma and West Virginia if they passed Texas-like […]
Economists predict ‘mild recession’ as Arkansas gears up for 2023 legislative session
A mild recession and a holiday spending hangover. That’s what economic forecasters predict for 2023 as lawmakers head to the state Capitol in January. Rising interest rates and persistent inflation will push the economy into a downturn, experts say, and those economic clouds could also cause the 94th General Assembly to consider any robust spending programs […]
Child poverty rates highest in states that haven’t raised minimum wage
Of the 20 states that have failed to raise the minimum wage above the federal $7.25 an hour standard, 16 have more than 12% of their children living in poverty, according to a States Newsroom analysis of wage and poverty data. Anti-poverty advocates say that’s a sign that there’s an urgent need for lawmakers to […]
Here’s why food prices remain stubbornly high even as inflation cools
Shoppers hoping for a little relief at the grocery store for their holiday meals will be disappointed by the Consumer Price Index released Tuesday. The CPI shows inflation cooling but food prices — particularly for some holiday staples — remain high. The CPI increased 0.1% in November, which was lower than some economists expected. Over […]
U.S. House to intervene in rail workers strike, heeding Biden call
WASHINGTON — U.S. House Speaker Nancy Pelosi on Monday said the House will take up legislation to ratify an agreement between rail workers and operators in order to avert a nationwide rail strike. “This week, the House will take up a bill adopting the Tentative Agreement — with no poison pills or changes to the […]