“Part of the leverage the regime has had on their people is that they don’t impose taxes and therefore people don’t expect representation,” Jordan says. “But once they pay taxes, you’re likely to see an increase in political unrest.”
An update of an economic model used by the Federal Reserve suggests the staff of the U.S. central bank has sharply lowered its forecast for inflation over the next six months, economists from Barclays said Tuesday.
The state’s income tax increase expired last year, and Illinois is projected to end the year as much as $5 billion in the red.
City department heads have begun discussing how to implement the budget cut for the fiscal year beginning July 1. The mayor has also asked department heads to cut an additional 1.5 percent for the following fiscal year which has a projected $240 million deficit. The City uses a two-year budgeting model.
The state’s pension system was in bad shape long before oil prices fell. As of 2013, Alaska had the fourth-worst funded pension among U.S. states, reporting it had 52.3 percent of the money needed to pay retirees, better than only Illinois, Connecticut and Kentucky, data compiled by Bloomberg shows.
According to the right-leaning think-tank, the combined total debt is equivalent to every Canadian man, woman and child owing $35,827.
For the second consecutive year, Americans’ dissatisfaction with U.S. government edged out economy as the country’s top problem in 2015, a poll analysis issued Monday by the Gallup showed.
“Growth in developing and transition economies has slowed to its weakest pace since the global financial crisis of 2008-2009,” said the United Nations World Economic Situation and Prospects (WESP) 2016 report. The UN projects the world economy to grow by 2.9 percent in 2016 and 3.2 percent in 2017. T
These changes are captured by a remarkable statistical trend in high- and middle-income countries. Total labor income as a percentage of GDP is declining across the board and at rates rarely witnessed. From 1995 to 2015, labor income dropped from 61% to 57% of GDP in the US; from 66% to 54% in Australia; from 61% to 55% in Canada; from 77% to 60% in Japan; and from 43% to 34% in Turkey.
A decade ago, Canada set out to become an energy superpower. Now, it enters 2016 riding down one of the world’s most battered petro-currencies. When the clock struck midnight on Dec. 31, the loonie, so- called for the bird engraved on the dollar coin, officially recorded its longest and deepest downturn since it became a floating currency in 1970. And there’s no relief in sight.
The island’s population shrunk by nearly 61,000 people from July 2014 to July 2015, mostly due to migration, according to estimates released by the Census Bureau last month. Departures from Puerto Rico have increased as jobs have become scarce, and the government has cut back on salaries, benefits and services in order to make payments on its $70 billion in debt.
“This is not political rhetoric, this is mathematic,” Mr Padilla said. “It’s very simple, we don’t have the money to pay”.
Policy makers and economists had expected the annual rate of inflation to pick up from late 2015, since oil prices were thought unlikely to repeat their late 2014 falls. But with oil prices once again on the slide as 2015 drew to a close, those hopes have been dashed for now, making it possible that the ECB will again add to its stimulus measures this year.
Figures from China showing that factory output contracted for a 10th straight month in December pointed to a continuation of 2015’s global economic slowdown and the likelihood of worse to come.
Speaking on the ERT public television station on Tuesday morning, government spokeswoman Olga Gerovasili said: “The proposal, which Athens sent to creditors on Monday foresees no reductions for those who have already retired though those retiring from 2016 onward face cuts of between 15 and 30 percent.”
Almost $1tn of debt linked to emerging market governments is being camouflaged by the growing use of bonds that offer implicit state backing without always appearing on government balance sheets.
Here’s what the bureau found, broadly: Thirty-five percent of the population was not in the labor force in 2014, up from 31.3 percent a decade earlier. (You’re considered out of the workforce if you don’t have a job and are not looking for one. That’s distinct from the official unemployment rate, which tracks those out of work who are actively job hunting.)
“The economy is still suffering from slack demand,” said the finance ministry official. “It needs a conducive fiscal and monetary policy.”
Bank of Japan Governor Haruhiko Kuroda said on Tuesday he is willing to take bold steps if needed to ensure that inflation reaches the central bank’s 2 percent price target.
Brazil’s economy will contract more than previously forecast and is heading for the deepest recession since at least 1901 as economic activity and confidence sink amid a political crisis, a survey of analysts showed.
The ratio of U.S. stock prices to earnings is well above its historical average, he said, while the yield on the 10-year Treasury note is about half of what it should be if monetary policy was more normal.
In a bid to push up inflation, Sweden’s central bank has handed its governor and deputy increased powers to intervene in foreign exchange markets. The governor, Stefan Ingves, will have the ability to devalue the Swedish krona, should he deem it necessary to boost inflation.
Losing patience, Kuroda said last month the bank would buy 300 billion yen ($2.5 billion) a year of ETFs, in addition to 3 trillion yen it already assigns each year to ETFs. It said the extra purchases would target funds whose underlying firms were “proactively making investment in physical and human capital”.
China’s central bank on Tuesday pumped the biggest amount of funds since September into the financial system in open market operations in an effort to ease a liquidity strain.
The maker of handguns said sales for the quarter ending Jan. 31 may be as high as $180 million, a 16 percent increase from its forecast given in December. Gun sales surged last month as discussion of weapons restrictions heated up after a terrorist shooting in San Bernardino, California, left 14 dead.
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