Economy  (Page 4)

Equifax Breach Exposes Personal Info of Half the U.S. Population

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Posted by  ▪  Friday, September 8, 2017 at 11:30am 9/8/2017 at 11:30am
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On Thursday, major national credit-reporting company Equifax revealed that a cyberattack from July exposed personal information of about 143 million U.S. consumers. The company wrote in a statement:

The information accessed primarily includes names, Social Security numbers, birth dates, addresses and, in some instances, driver’s license numbers. In addition, credit card numbers...

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Trending: We Need More Plumbers, Fewer College Grads

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Posted by  ▪  Monday, September 4, 2017 at 8:30am 9/4/2017 at 8:30am
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We’ve all heard the same advice: get good grades in high school and get a bachelor’s degree. A bachelor’s degree has become so common that a lot of people have entered graduate school to get a master’s or a PhD.

That push has led to a shortage of tradespeople, especially as those...

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Democrat Rep. Tim Ryan Urges Party to Accept Corporate Tax Cuts

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Posted by  ▪  Friday, September 1, 2017 at 4:00pm 9/1/2017 at 4:00pm
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Rising Democrat star Rep. Tim Ryan (OH) told The Hill that he wants to see Congress embrace a “business friendly agenda” before the 2018 elections. Ryan said part of t...

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U.S. GDP Second Quarter Growth Revised Up to 3 Percent

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Posted by  ▪  Wednesday, August 30, 2017 at 2:30pm 8/30/2017 at 2:30pm
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The Bureau of Economic Analysis has revised the second quarter GDP growth to reflect 3%, up from the 2.6% growth initially released. This gives the U.S. its strongest quarter since 2015. From The Wall Street Journal:

Growth in the second quarter was “above the trend for the expansion” but came “after a...

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Amazon Will Slash Whole Foods Prices on Monday

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Posted by  ▪  Friday, August 25, 2017 at 8:30am 8/25/2017 at 8:30am
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Amazon passed two major hurdles on Wednesday after the U.S. Federal Trade Commission and Whole Foods’ shareholders cleared the way for the internet giant to acquire the grocery chain.

With that out of the away, Amazon is going all in and has already announced it plans on slashing Whole Foods prices as...

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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
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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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