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Fed hopes for 'soft landing' for U.S. economy, but history suggests it won’t be able to prevent recession

With inflation surging to a new 40-year high and continuing to accelerate, the Fed is expected to lift interest rates a planned seven times in 2022 to cool demand and slow rising prices - but there is a likelihood of a recession in the not too distant future. ... Read more»

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Arizona leaders’ decade of neglect imperiled fragile child care system. The pandemic nearly made it collapse.

A $1.2 billion infusion of federal funding has kept an already fragile Arizona child care sector from failing, giving state leaders a shot at reforming a broken system of their own making, and perhaps bringing hope for the stability that parents and providers have craved for years. ... Read more»

What the Devil won't tell you

Kudos to Ducey for taking Trump's COVID unemployment offer. Now change the UI system entirely

The goal should be to turn unemployment recipients into employed taxpayers. Yet Arizona's miserly system designed to help them get there hasn't changed from the late industrial age. ... Read more»1

State taking steps to reopen economy, but reviving it could take years

As businesses shuttered by COVID-19 and resulting high unemployment have led to a collapse in sales and income tax revenues, state and local governments may be forced to slash budgets. That, in turn, could slow the overall recovery, economists say, with fewer workers and services pumping money back into the economy.... Read more»

Ducey, cities want federal COVID aid

President Donald Trump and U.S. Senate Majority Leader Mitch McConnell have questioned whether the federal government should provide aid to state and local governments that are facing massive fiscal problems as they grapple with the COVID-19 crisis, dimming the hopes of governors and mayors who have asked Congress and the White House for financial lifelines.... Read more»

418,000 jobless claims crater 10 years of new jobs in just five weeks

New jobless claims in Arizona over the past five weeks have wiped out two-thirds of the new jobs created in the state over 10 years, according to the latest numbers from the Arizona Department of Economic Security. ... Read more»

What the Devil won't tell you

We've got your 'Blue State bailout' right here, Mitch!

Trump's presidency may depend on keeping the Grand Canyon State happy, unless you believe the current coronavirus-sparked recession somehow knows how to stop at Red state lines.... Read more»

House OKs $484 billion in COVID-19 relief, loans could go out this week

Money could start flowing to distressed small businesses as early as this week, after the House overwhelmingly approved a $484 billion measure that refills the exhausted Paycheck Protection Program and adds funds for hospitals and other services. ... Read more»

Intuit TurboTax and other for-profit tax prep companies lead Americans to pay for their stimulus checks

Congress gave the IRS the job of sending out coronavirus rescue checks. But the underfunded agency is struggling, while for-profit companies like Intuit have started circling, hoping to convert Americans in need into paying customers.... Read more»

Young workers weigh risks of job loss against risks of working during COVID-19

As measures to slow the pandemic decimate jobs and threaten to plunge the economy into a deep recession, young adults are disproportionately affected. ... Read more»

Jobless claims jump 3 million in a week, Arizona mirrors national trend

New unemployment claims rose to almost 3.3 million last week, an increase of 3 million over the previous week and the highest on record, according to numbers released Thursday by the Labor Department. ... Read more»

What the Devil won't tell you

Impact fees are a 'no-growth' relic worth keeping

The Tucson City Council’s review of impact fees is one of those great moments in the life of a columnist when I get to say “everyone is full of it” — except, perhaps, for Councilmembers Cunningham and Santa Cruz.... Read more»

Global economist warns Az business leaders of possible 2020 recession

Consumer spending is up and economic growth in Arizona and the rest of the U.S. is on the rise, but investor caution is one sign pointing to a potential recession in 2020, a global economist told Arizona business leaders.... Read more»1

After reeling with U.S. economy, immigrant remittances rebound

The global scale of the so-called Great Recession that began 10 years ago in the United States may have been illustrated best by the steep drop in remittances, or money that immigrants send to family back home.... Read more»

What the Devil won't tell you

Arizona losing the economic Battle of Yesteryear

The whole point of Arizona model of "always low taxes" is to win the battle for business. But it looks like our state is fighting the last battle and losing. We have the stingiest combination of low state spending and high poverty rates in America, and now state leaders — and the state as a whole — are going to have to go back to school to cash in on the changing economy.... Read more»

Cochise County economy lags as Ft. Huachuca jobs plunge

Fort Huachuca, the U.S. Army base that has been at the center of the Cochise County’s life since frontier days, has seen its work force drastically cut over the past decade, resulting in an economic downturn in the area.... Read more»

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