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Money & The Economy

News on Finance, Money, markets and the economy

Illinois Nearly Doubles Its Minimum Wage To $15

Democratic Illinois Gov. J.B. Pritzker signed a bill Tuesday raising the state’s minimum wage from $8.25 an hour to $15 by 2025, The Hill reported. Pritzker signaled Thursday that he would sign the bill after it passed the Illinois state House and Senate. “Phasing in the minimum wage over the next six years will put $6,300 a year into the ...

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While January Home Price Growth Edged Up Nationally, West Coast Saw Red

Home for sale

Homebuyers are in the strongest position in years Supply of homes for sale grows at fastest rate since May 2015 he housing market started off 2019 with buyers in a much better position than they were a year earlier, according to a report from Redfin, (www.redfin.com), the next-generation real estate brokerage. U.S. home-sale prices increased 2.9 percent in January compared to a ...

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Most Companies Will Use More ‘Gig Workers’ Over Next Five Years

Gig economy

60% of companies surveyed expect to increase use of contract labor A semi-permanent workforce is becoming the norm Company decision makers indicate they are increasing their reliance on gig workers, with more than 60 percent growing their use of contract labor over the next five years, according to a new survey. Organizations site the top motivations for temporary workers as cost ...

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Ocasio-Cortez’s Dream Of ‘Greening’ Every American Home Has A Massive Price Tag

The Green New Deal could cost American families $244 billion just to replace four appliances. Roughly half of U.S. homes rely on natural gas for heating. Replacing all that could cost $155.5 billion. “The Green New Deal is not a practical solution for American consumers,” said a ratepayer advocate. The Green New Deal calls for upgrading every existing building in ...

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Green Raw Deal? Cities And States Scale Back ‘Green’ Ambitions As Costs To Taxpayers Rise

Cities and states are having a hard time trying to implement climate policies laid out in the Green New Deal. Democratic New York Rep. Alexandria Ocasio-Cortez introduced the Green New Deal to transform the U.S. economy. One Texas city’s switch to solar and wind has cost millions and added to residents’ electric bills. Democrats’ Green New Deal legislation envisions a ...

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Rural America Is Going Bust As Farm Bankruptcies Soar

U.S. farmers are filing for Chapter 12 bankruptcy at the highest rate in at least a decade as agriculturists feel pressure from trade wars and low commodity prices, The Wall Street Journal reported in February. The Seventh Circuit Court of Appeals processed twice as many bankruptcy files from farmers in 2018 than it did in 2008. Bankruptcy filings in the ...

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Trump Says US Is ‘A Lot Closer Than We Ever Were’ to China Trade Deal


President Donald Trump on Friday extolled the progress U.S. and Chinese negotiators have made as they work to reach a sweeping new trade agreement. In a Rose Garden speech that largely revolved around his emergency declaration, Trump also told reporters that trade talks with China have been going “extremely well” and that the U.S. is closer than ever before at ...

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Powerhouse Financial Company To Launch Its Own Version Of Bitcoin After Its CEO Called The Cryptocurrency ‘Fraud’

Financial powerhouse JPMorgan is launching its own version of bitcoin, CNBC first reported Thursday — even though JPMorgan CEO Jamie Dimon called bitcoin a “fraud” and “stupid” in 2017. “JPM Coin” will have a fixed value of $1. It will only be available for major institutional customers in trials that will start in a few months, reported CNBC. JPMorgan wants to ...

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New York Wants Its Money Back From Amazon As States Turn On Corporate Tax Breaks

amazon fake products

Amazon may forfeit part or all of its $3 billion incentive package to build a new headquarters in New York City after local residents put up a spirited resistance to the company’s plans. The fallout between Amazon and the people of New York City comes as similar instances of resistance to corporate interests have popped up around the country, Axios ...

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One Nation Under Debt

By Jeff Szymanski, AMAC Yoga classes for bureaucrats. Brown snake eradication program. Congressional pensions. Pacific Coastal Salmon Recovery Fund. Those are actual lines in recent federal budgets totaling $150,000, $668,000, $38 million, and $65 million respectively. All are “chump change” compared to $363 billion (with a “b”) to be spent this year on interest on the debt. That’s $53 billion higher than last year, a ...

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The inheritance enigma

By Marina Krakovsky, Knowable Magazine Americans are notoriously bad at saving money for the future, especially compared with their elders, who had not only grown thrifty during the Great Depression but also often got a pension from paternalistic employers. Most people dying these days, on the other hand, are lucky if they had a 401(k) plan with any kind of ...

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More Democratic Governors Join Pledge To Uphold Paris Climate Agreement

Tony Evers of Wisconsin has become the latest of four newly-elected Democratic governors who have pledged to adhere to the goals set out in the Paris climate accord, bucking President Donald Trump’s opposition to the international agreement. Evers will announce on Tuesday his plan to join the U.S. Climate Alliance, according to staffers who spoke with The Washington Post. Evers ...

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Trump Goes To Bat For Big Coal As TVA Weighs Shutting Down Another Plant

President Donald Trump pleaded with the Tennessee Valley Authority Monday to rethink closing one of its largest coal power plants in Kentucky. The president was elected partially on the promise to revitalize the beleaguered industry. “Coal is an important part of our electricity generation mix and @TVAnews should give serious consideration to all factors before voting to close viable power ...

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Amazon May Bail On New York Headquarters After Locals Rage Against It

amazon fake products

Amazon is reportedly rethinking its promise to build a headquarters in New York City after receiving pushback from local officials and residents, sources told The Washington Post. New York Gov. Andrew M. Cuomo and NYC Mayor Bill de Blasio are pushing the Amazon deal after being instrumental in securing it. Many locals have protested at stores and hearings and the ...

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New Data Show Big Oil On Verge Of Fulfilling One Of Trump’s Promises

Donald Trump success

Domestic oil production in the U.S. is expected to explode over the next decade as other energy producing countries struggle to fulfill world demand, according to an analysis of Energy Information Administration data. More production leads to lower prices and ultimately a reduction in oil imports, American Action Forum noted in a detailed analysis of EIA’s 2019 Annual Energy Outlook. ...

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