Explore our content

All types | All dates | All authors
Economy
Quick Hit
by Josh Kalven
2:36pm
Wed May 26, 2010
211 comments

Some Updates On The Unemployment Benefits Debate In D.C.

As of right now, the deadline for federal unemployment benefits is set for June 2.  This means that, after that date, unemployed Americans will no longer be able to apply for the "emergency" federal aid and those already receiving benefits will not be able to move to the next tier (of which there are currently four).  If the deadline isn't once again extended, millions of jobless workers will lose their safety net in the coming months.

In the past, these recurring efforts to extend the deadline have been delayed in the Senate.  This week, however, the latest jobs bill -- which would move the deadline to the end of the year -- is facing an uphill battle in the House.  Meanwhile, Senate Republicans are preparing an alternative measure that would only extend the deadline for another month.  Adding to the tension: Lawmakers are currently scheduled to leave D.C. for the Memorial Day weekend on Friday, though Senate Majority Leader Harry Reid warned yesterday that he may keep them in town if the jobs bill has been wrapped up in time.

Should be an interesting 48 hours ...

Quick Hit
by Adam Doster
12:24pm
Mon May 24, 2010
308 comments

Congress Nears Debate On Unemployment Benefit Extension

Before heading home for the Memorial Day recess at the end of this week, will Congress extend the filing deadline for unemployment benefits through the end of the year? That's the question on the minds of a lot of jobless Americans this week, as the current June 2 deadline looms. Jackie Headapohl reports that the House is expected to vote on (and pass) a bill (H.R. 4213) that would do just that tomorrow. The Senate would then follow, although passage is far from assured. In that chamber, GOP senators have obstructed short-term extensions on multiple occasions. Huffington Post's Arthur Delaney hears they may try the same tactic once again.

We should not underestimate the importance of extending the unemployment benefit program. Economists agree that it's way too premature to eliminate the additional funding, given how severely depressed the job market still is. The National Employment Law Project published a helpful white paper on that topic over the weekend. Read it here (PDF).

PI Original
by Adam Doster
3:39pm
Fri May 21, 2010
7 comments

Latinos' Future Is Illinois' Future (VIDEO)

State Budget

At a meeting in Chicago this morning, a group of Latino leaders told Gov. Pat Quinn that Illinois' fastest growing population deserves more state investment.

Quick Hit
by Adam Doster
9:06am
Tue May 18, 2010
1 comment

HB 174 And The Business Climate

Chief Executive's annual "Best and Worst States for Business" list got a lot of play in the Illinois media last week because the magazine's survey of 651 CEOs ranked Illinois 46th in the nation in terms of "business friendliness." Rich Miller argued convincingly at the Capitol Fax yesterday that solving the state's budget crisis as soon as possible, thereby avoiding another year of instability regarding regulations and tax rates, would do a lot to calm the nerves of business owners.

Digging into the tax climate rankings might also provide some clues for how state lawmakers looking to attract new investment should proceed. While Illinois ranks 10th for its individual income tax rate and 27th for its corporate income tax rate, the CEOs were far less bullish on the state's property tax (39th) and sales tax (41st) climate. Comprehensive tax reform measures like HB 174 would lower the property tax burden and modernize the state's sales tax. In exchange, the General Assembly would (marginally) raise income taxes on individuals and businesses. That's a trade-off that might improve both the state's finances and its attractiveness to commerce.