Economy  (Page 1)

Congress Will Face Debt Ceiling Decision Immediately After Recess

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Posted by  ▪  Monday, July 31, 2017 at 10:12am 7/31/2017 at 10:12am
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After failing to do anything with Obamacare, Congress has gone on recess without addressing the debt ceiling.

Treasury Secretary Steven Mnuchin has warned Congress to address the debt ceiling for the past seven months and do something before recess. Mnuchin said the government needs to raise the debt ceiling before September...

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Cook County Threatens 1,100 Layoffs After Soda Tax Delayed

http://abc7chicago.com/food/cook-county-to-cut-1100-jobs-due-to-soda-tax-delay/2206657/
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Posted by  ▪  Wednesday, July 12, 2017 at 11:30am 7/12/2017 at 11:30am
http://abc7chicago.com/food/cook-county-to-cut-1100-jobs-due-to-soda-tax-delay/2206657/

Officials in Cook County, the home of Chicago, have threatened to pass out 1,100 layoff notices since a judge delayed implementation of a soda tax.

Circuit Judge Daniel Kubasiak placed a temporary hold on the tax until at least July 21. Cook County Board President Toni Preckwinkle said this move has forced...

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In Unprecedented Move, Retailers Mark Down High-End Cosmetics to Lure Shoppers

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Posted by  ▪  Monday, July 10, 2017 at 3:15pm 7/10/2017 at 3:15pm
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We’ve been chronicling the retail crisis gripping the country as e-commerce continues its rise in popularity.

Stores have been closing. Malls are having trouble attracting stores to fill the growing number of empty spaces. Now department stores are taking and unprecedented move to bring in more shoppers: Discount high-end cosmetics.

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Sears, Kmart To Close 43 Additional Stores

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Posted by  ▪  Sunday, July 9, 2017 at 3:00pm 7/9/2017 at 3:00pm
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The retail crisis continues as Sears and Kmart will close 43 additional stores. Numerous factors have contributed to stores closing, especially online shopping. But believe it or not, one market correspondent has used the situation to criticize President Donald Trump.

However, CNNMoney even reported that Sears Holdings “h...

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Illinois House Overrides Gov. Rauner’s Veto on Tax Hike, Budget Bill

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Posted by  ▪  Thursday, July 6, 2017 at 7:00pm 7/6/2017 at 7:00pm
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The Illinois House voted to override Republican Governor Bruce Rauner’s veto of the income tax hike and budget bill. This is the first budget Illinois has passed in two years.

The House voted 71-42, which is the bare minimum House Speaker Mike Madigan needed, after a security incident delayed the vote for...

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UPDATE: Illinois Senate Overrides Gov. Rauner Veto of 32% Income Tax Hike

http://abc7chicago.com/politics/illinois-senate-approves-tax-hike-bill/2180404/
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Posted by  ▪  Tuesday, July 4, 2017 at 2:00pm 7/4/2017 at 2:00pm
http://abc7chicago.com/politics/illinois-senate-approves-tax-hike-bill/2180404/

The Illinois Senate has just approved the massive income tax hike, two days after the House approved it. This bill will permanently raise the income tax 32% from 3.75% to a little under 5%. It also raises the corporate tax rate from 5% to 7%.

Republican Governor Bruce Rauner vetoed the bill...

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Illinois House Passes 32% Income Tax Hike

http://wgntv.com/2017/06/01/illinois-lawmakers-fail-to-pass-budget-miss-spring-deadline/
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Posted by  ▪  Monday, July 3, 2017 at 10:00am 7/3/2017 at 10:00am
http://wgntv.com/2017/06/01/illinois-lawmakers-fail-to-pass-budget-miss-spring-deadline/

Just days after a judge demanded Illinois pay $293 million toward Medicaid bills, the state’s House decided to permanently hike the income tax rate by 32%.

15 Republicans voted for the bill, which Illinois Policy documented on Facebook. But Republican Governor Bruce Rauner announced that he will veto the bill if it...

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Illinois Will Collapse in 3…2….1…..

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Posted by  ▪  Sunday, July 2, 2017 at 5:00pm 7/2/2017 at 5:00pm
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I’ve been blogging about the mess that is my home state of Illinois and just as I thought…it managed to find a way to make things worse.

Illinois legislators cannot agree on a budget. It closed the “fiscal year $6 billion in the red.” The state also has “unpaid bills to state...

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Seattle Minimum Wage Hike Backfires Hurting Low Income Workers

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Posted by  ▪  Tuesday, June 27, 2017 at 11:30am 6/27/2017 at 11:30am
https://youtu.be/CB-BW0-CF6Q

The progressive city of Seattle pushed its minimum wage up to $15 dollars an hour but a new study from economists at the University of Washington suggests the measure is hurting the very people it was intended to help.

This is an issue the left often refuses to underst...

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Illinois Lottery May Not Survive if State Cannot Pass a Budget

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Posted by  ▪  Wednesday, June 21, 2017 at 11:30am 6/21/2017 at 11:30am
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The Illinois lottery may become a victim of the bankrupt state if lawmakers cannot agree and pass a budget. In a last ditch effort, the lawmakers have started a special session on Wednesday that can last for 10 days. From Fox News:

The state lotto requires a payment from the legislature each...

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Amazon Will Buy Whole Foods for $13.7 Billion

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Posted by  ▪  Friday, June 16, 2017 at 2:30pm 6/16/2017 at 2:30pm
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Amazon has purchased Whole Foods for $13.7 billion, which will allow the online giant to step into the grocery store sector. Amazon officials have stated in the past they want to expand into groceries. From Bloomberg:

Amazon agreed to pay $42 a share in cash for the organic-food chain, including debt, a...

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Ann Taylor, Lane Bryant, Gymboree are the Latest to Close Stores

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Posted by  ▪  Monday, June 12, 2017 at 4:00pm 6/12/2017 at 4:00pm
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More retailers have decided to close stores while Gymboree has filed for bankruptcy.

Ascena Retail Group has decided to close “between 250 and 650 locations over the next two years.” This group owns Ann Taylor, Lane Bryant, and Justice stores among others.

CEO David Jaffe did not specify which brands the closures will...

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Amid Migrant and Currency Crisis, EU wants deeper Economic and Political Union

https://www.youtube.com/watch?v=DPrOzRGZzDU&t=27s
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Posted by  ▪  Thursday, June 1, 2017 at 11:30am 6/1/2017 at 11:30am
https://www.youtube.com/watch?v=DPrOzRGZzDU&t=27s

With the Greek debt crisis still unresolved and Brexit yet to be negotiated, European Union is rolling out plans to tie up the remaining 27 member states tighter together. In a policy paper released yesterday, the European Commission, the EU’s political arm, lays out the roadmap for “completing a genuine financial union”...

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Rand Paul’s REINS Act Heads to Senate Floor

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Posted by  ▪  Friday, May 19, 2017 at 1:00pm 5/19/2017 at 1:00pm

The Senate Homeland Security and Governmental Affairs Committee has passed Sen. Rand Paul’s (R-KY) Regulations from the Executive in Need of Scrutiny (REINS) Act, which means it will finally proceed to the Senate floor.

This is a major victory for us who despise too much regulation. From Reason:

Sponsored by Sen. Ran Paul...

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Economy Adds 211,000 Jobs, Unemployment Drops to 4.4%

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Posted by  ▪  Friday, May 5, 2017 at 2:30pm 5/5/2017 at 2:30pm
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The U.S. economy received a huge boost in April after it added 211,000 jobs and unemployment dropped to 4.4%. That’s the lowest unemployment number since May 2007. From Fox News:

In an encouraging sign, the number of part-time workers who’d prefer full-time jobs has reached a nine-year low. That trend suggests that...

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Puerto Rico Declares “Bankruptcy” Due to $123 Billion in Debts

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Posted by  ▪  Friday, May 5, 2017 at 1:00pm 5/5/2017 at 1:00pm
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Earlier this week, Puerto Rico, an American territory, sought “bankruptcy” protection after years of economic downfalls and facing $123 billion in bond and pension debts. So why did it take over two years for the island to address these problems?

First off, it’s not exactly bankruptcy since Puerto Rico is only a...

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Retailers Filing for Bankruptcy Keep Piling Up, May Set Record in 2017

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Posted by  ▪  Wednesday, April 26, 2017 at 8:30am 4/26/2017 at 8:30am

Online shopping has led to many American retailers to file for bankruptcy at a fast pace, which could possibly set records for 2017. Fourteen chains alone have filed in the first three months of this year.

Turns out no retailer is safe when it comes to shopping online. S&P found that “discount...

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