February 14, 2014 |
The severe weather that has hit much of the country this winter has cost the economy nearly $50 billion in lost productivity and 76,000 jobs, according to a new survey. The debilitating effects of Old Man Winter hit factory production, which last month fell the most since the Great Recession ended, the Federal Reserve said Friday. Manufacturing output dropped 0.8% in January compared with the previous month, the first decline since July and the biggest falloff since May 2009.
February 9, 2014 |
The recent Congressional Budget Office report on healthcare reform has lots of good news. Insurance premiums are lower than anticipated, the Affordable Care Act will cost $9 billion less than previously estimated and the provision designed to buffer insurance companies from risk will actually raise revenue, not function as any sort of federal government bailout. But the good news has not gotten much attention because the CBO also projected that, within the next several years, healthcare reform may reduce employment and worker hours by the equivalent of about 2 million full-time positions.
February 7, 2014 |
EAST LANSING, Mich. - Keen not to let a rare legislative accomplishment go unnoticed, President Obama jetted to an agricultural research hub here Friday to sign into law a long-delayed farm bill and tout the importance of rural America to the economy. In a brief trip to Michigan State University, Obama cited the bill as a victory for his economic agenda and a hopeful sign he could "break the cycle of short-sighted, crisis-driven, partisan decision-making. " His message, however, was undermined by the release of a weak jobs report and a snub from Republican lawmakers who were invited to the unusual outside-Washington signing ceremony but did not attend.
February 4, 2014 |
WASHINGTON - The U.S. economy should grow at a solid rate over the next few years, but the labor market will continue to recover only slowly, according to new projections by the Congressional Budget Office. In its latest budget and economic outlook, the CBO on Tuesday forecast that economic growth will rise to 3.1% this year, boosted by gains in housing construction and business investment. And growth in economic output is projected to speed up to 3.4% in each of the next two years.
February 4, 2014 |
WASHINGTON - President Obama's healthcare law will reduce the ranks of the uninsured by about 13 million this year and 25 million once it is fully phased in, but will prompt some people to work less because of the availability of insurance subsidies, the Congressional Budget Office said Tuesday. The latest projections by the nonpartisan budget analysts inspired new talking points for both sides in the deeply polarized debate over the Affordable Care Act, popularly known as Obamacare.
February 3, 2014 |
Children are enjoying hikes in their allowances as the fortunes of their parents brighten. From 2011 to 2013, the percentage of parents giving their children between $11 to $30 a week climbed significantly, thanks in part to an economic rebound, according to data analyzed by T. Rowe Price for Reuters. At the same time, more budget-conscious mothers and fathers who only shelled out up to $10 a week dropped sharply. Some children are seeing even bigger boosts to their spending money.