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»
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»
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»
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
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»
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»
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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