The federal response to mass unemployment and business closures due to COVID-19 helped fast-track the recovery - but the lasting effects of the pandemic on the labor force and how well prepared policy makers are to handle a potential recession or another pandemic is unclear. Read more»
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I don't get to use the words "space rezoning" very much but thanks to the city of Tucson's Office of Economic Initiatives I get to tie two of my geekiest fascinations together: rocket ships and land use. God bless the U.S.A. Plus, more in local government meetings.
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The Republican-led "skinny budget" passed its final hurdle Monday in the Arizona House of Representatives after a brief roadblock last week when a Republican unexpectedly stymied efforts by the GOP majority to pass a spending package that is doomed for Gov. Katie Hobbs' veto stamp. Read more»
With a possible recession on the horizon and amid great economic uncertainty, the state of Arizona will have quite a bit of extra cash in its general fund this year — but that excess will quickly dwindle in the next few years with current spending. Read more»
Economists weigh in as many Americans are wondering if a recession is looming, with the current U.S. inflation rate at 7.1%, interest rates rising and housing costs up. Read more»
Despite skyrocketing oil and gas prices and amid worries about a possible recession, energy-producing states had the biggest drops in gross domestic product as companies are still struggling to bring back workers and rigs that were idled early in the pandemic. Read more»
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»
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»
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
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»
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»
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»
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»
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»
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»
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»