Chicago economy – CDMUG http://cdmug.org/ Fri, 14 Jan 2022 22:31:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://cdmug.org/wp-content/uploads/2021/06/icon-67-150x150.png Chicago economy – CDMUG http://cdmug.org/ 32 32 The True State of the Illinois Economy: Chronicle of Orphe Divounguy https://cdmug.org/the-true-state-of-the-illinois-economy-chronicle-of-orphe-divounguy/ Fri, 14 Jan 2022 20:56:49 +0000 https://cdmug.org/the-true-state-of-the-illinois-economy-chronicle-of-orphe-divounguy/ Next month, Pritzker will address Illinois with his annual State of the State address. Here’s a look at Illinois’ true position. The problem for the people of Illinois has gotten much worse. According to the latest census estimates, Illinois’ population declined in 2021 for the eighth consecutive year, and internal emigration is driving all of […]]]>

Next month, Pritzker will address Illinois with his annual State of the State address. Here’s a look at Illinois’ true position.

The problem for the people of Illinois has gotten much worse. According to the latest census estimates, Illinois’ population declined in 2021 for the eighth consecutive year, and internal emigration is driving all of that decline. From July 2020 to July 2021, Illinois lost 122,000 residents to other net states, resulting in a decline in the state’s population of 114,000 residents after accounting for net births and inflows. international immigrants.

The problem is that fewer people move to Illinois than the number of residents who leave each year, according to the Census Bureau. And this problem only gets worse over time.

The risk of coronavirus infections and differences in how state officials have responded to the COVID-19 pandemic have accelerated remote working.

Although no longer constrained by proximity to employment, Americans have moved to Texas and Florida – states where they were already flocking before the pandemic – as well as Idaho, Utah and Montana. As a result, these states have benefited from increased economic activity and job creation. In October 2021, these five states averaged 2.2 jobs per job seeker, compared to 1.7 in the rest of the country. Illinois barely managed 1.1 jobs per unemployed person.

What did all these states have in common?

They were less densely populated, with fewer COVID restrictions, fewer regulations, less taxes, and more economic freedom overall. According to the North American Index of Economic Freedom, economic freedom and well-being are consistently higher in these states.

Research shows that Americans migrate to states with relatively lower tax burdens, fewer employment regulations, less dependence on public sector employment, lower unionization rates, and more government services .

In contrast, Illinois is third in most regulatory restrictions, has the 10th highest state and local tax burden, and has arguably the strongest public sector unions of any state. And while government spending has risen rapidly in Illinois, that’s because retirement costs for public employees have soared, crowding out government services. In fiscal year 2021, pension contributions consumed 26.5% of the state’s general fund budget, up from less than 4% two decades ago.

Pritzker proposed tax increases in every state budget during his tenure and gave in to every demand from government union leaders. As government union demands grew, the cost of government rose to Illinois, even as services declined.

When the COVID-19 pandemic hit, tighter-than-average restrictions in Illinois kept economic activity suppressed longer and delayed recovery compared to the rest of the country. A year into the pandemic, 35% of small businesses in Illinois have closed.

Pritzker’s command-and-control approach has worsened Illinois’ relative economic position during the pandemic. And it’s hard to blame anyone else since the state was under one-man rule via executive orders for more than half of the governor’s term.

Turning the state around will require a complete reversal of policy, which prioritizes Illinois over the governor’s policy preferences. That means working with the legislature to put a constitutional amendment on pension reform on the ballot so that future state budgets can finally prioritize spending on education and social services for those in need. . Pension reform will make government work for Illinoisans of all talents and backgrounds, not just a small group of government employees.

Crain’s contributor, Orphe Divounguy, is chief economist at the Illinois Policy Institute.

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Analysis: A popular Fed? It’s at least starting to look like this https://cdmug.org/analysis-a-popular-fed-its-at-least-starting-to-look-like-this/ Wed, 12 Jan 2022 22:29:00 +0000 https://cdmug.org/analysis-a-popular-fed-its-at-least-starting-to-look-like-this/ SAN FRANCISCO, Jan 12 (Reuters) – Seven years ago white men made up the majority of directors on the boards of all but one of the 12 U.S. Federal Reserve banks. This year, white men are for the first time in the minority among everyone. Of the 105 directors on newly appointed boards in 2022, […]]]>

SAN FRANCISCO, Jan 12 (Reuters) – Seven years ago white men made up the majority of directors on the boards of all but one of the 12 U.S. Federal Reserve banks. This year, white men are for the first time in the minority among everyone.

Of the 105 directors on newly appointed boards in 2022, 44% are women and a record 40% are black, Hispanic or non-white, according to a Reuters study. Board chairs and vice chairs were for the first time both majority women and majority people of color, and also for the first time two union leaders.

Reuters Charts

The changing face of Fed administrators comes at a critical time for the US economy, with runaway inflation and slowing job growth creating hardship for families, especially the less well-off.

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And it’s a critical moment for the institution charged with leading the nation’s monetary policy response: One-third of Fed banks will need new chairs within the next year.

Among the influential subgroup of directors eligible to choose new federal bank presidents who, in turn, set interest rates for the nation, a majority are women for the second year in a row, and a majority are women. people of color for the first time, according to Reuters data.

Reuters Charts

The Dallas Fed and Boston Fed are currently looking for replacements for two recently resigned presidents, both white men, with the Dallas Fed hosting a town hall on Thursday to seek public comment on the search process.

The presidents of the Fed Reserve Banks in Chicago and Kansas City, a white man and a white woman respectively, will reach mandatory retirement age next January. Their advice should begin research in the coming months.

In this context, these advances in terms of diversity within the regional boards are an important step for the Fed. For most of his 108 years, his leadership has come nowhere near reflecting the demographics of the country for which he is the most powerful force in shaping economic policy.

The gains are the result of years of pressure from Fed officials to attract more women and minorities to corporate boards to better reflect the nation as a whole, build credibility in particularly vulnerable communities in the event of an economic downturn and to promote better decision-making. on policy and attracting more diverse talent to Fed leadership positions.

“I’m really proud of what we’ve done,” Fed Chairman Jerome Powell told the National Community Reinvestment Coalition last May. “We worked hard for this.”

There is still a long way to go.

A view of the Federal Reserve Building in Washington, September 16, 2008. REUTERS/Jim YOUNG

The Powell-led Fed board, which currently has five members, is all-white with only two women, and the normally seven-seat panel has never had more than three female members at any one time and only three black members. As appointments expected by US President Joe Biden as early as this week change the face of the Fed’s board in Washington, the ranks of regional bank presidents – half of whom are white and male – remain out of the direct reach of the presidential appointments.

These choices fall within the purview of the regional bank boards, with input and approval from the Fed Board.

Regionally, the boards of the San Francisco Fed and the Philadelphia Fed are the least diverse: each of their boards is made up of one-third women and one-third minorities. Boston — whose presidential search is underway — Chicago — whose search is expected to begin later this year — and Cleveland have majority female boards. The Dallas Fed, which is also seeking a new chief, is the only bank whose majority of board members are people of color.

Reuters Charts

PATHWAY TO BETTER POLICY

Diversity on federated bank boards is important, state bank presidents say, noting that having directors with different backgrounds provides important insight into the economy and the real effects of their policies .

“We make better policies when we have a diverse team,” San Francisco Fed Chair Mary Daly said earlier this month at a Central Bank of Ireland event, echoing research that affects all sectors.

With regard to the Fed in particular, a study published in early January suggested that various Fed bank boards were strongly correlated with increased local bank lending to low-income neighborhoods.

And Fed leaders hope that having more diverse boards at regional Fed banks is a step toward getting a more diverse group of Fed chairs.

Of course, this is not a magic formula.

The Cleveland Fed in 1988 was the last Fed bank to have a female director, according to data published by the Brookings Institution, but the first in 1982 to hire a female president and three of seven women to have been Fed presidents have led the Cleveland Fed.

The Minneapolis Fed board was the second-to-last to have a nonwhite director, but hired two of the three nonwhite bank presidents.

“I believe in the future it will be much more important and the (board) will be more aware of diversity, but it is certainly not one-to-one,” said Kaleb Nygaard, partner at senior researcher at Yale’s Financial Stability Program who, along with Peter Conti Brown, has studied federal bank boards and is among those who denounce the Fed for its lack of diversity.

“Our country’s central bank should be led by people who not only look like our diverse country, but also have backgrounds that represent all areas of the economy,” he said.

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Reporting by Ann Saphir and Lindsay Dunsmuir; Editing by Andrea Ricci

Our standards: The Thomson Reuters Trust Principles.

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Powell of the Federal Reserve: High inflation “takes a heavy toll” | WGN 720 radio https://cdmug.org/powell-of-the-federal-reserve-high-inflation-takes-a-heavy-toll-wgn-720-radio/ Mon, 10 Jan 2022 23:52:19 +0000 https://cdmug.org/powell-of-the-federal-reserve-high-inflation-takes-a-heavy-toll-wgn-720-radio/ through: CHRISTOPHER RUGABER, Associated Press Posted: January 10, 2022 / 5:52 PM CST / Update: January 10, 2022 / 6:33 PM CST FILE – Federal Reserve Chairman Jerome Powell speaks during a Senate Banking Committee hearing on Capitol Hill in Washington on Tuesday, November 30, 2021. High inflation is wreaking havoc on American families, acknowledged […]]]>

FILE – Federal Reserve Chairman Jerome Powell speaks during a Senate Banking Committee hearing on Capitol Hill in Washington on Tuesday, November 30, 2021. High inflation is wreaking havoc on American families, acknowledged Powell in a speech at a Congressional hearing on Tuesday, Jan. 11, 2022, where he is sure to face some tough questions on the matter. (AP Photo / Andrew Harnik, file)

WASHINGTON (AP) – High inflation is wreaking havoc on American families, Federal Reserve Chairman Jerome Powell admitted in remarks to be delivered at a Congressional hearing on Tuesday, where he is sure to faced with difficult questions on the subject.

“We know that high inflation comes at a cost, especially for those less able to afford the higher costs of basic necessities like food, shelter and transportation,” Powell said in testimony. prepared which was released to the public on Monday.

The Senate Banking Committee will hold a hearing on Tuesday on Powell’s appointment for a second four-year term. President Joe Biden announced Powell’s reappointment at the end of November.

Inflation has hit its highest level in four decades, and on Wednesday the government is expected to announce that consumer prices have jumped 7.1% in the past 12 months, up from the 6.8% annual increase in November.

Powell’s appointment is expected to pass the Senate with bipartisan backing, but members of Congress are sure to question Powell on whether the Fed can succeed in taking action to curb inflation without slowing the economy to the point. to fall into recession.

There is growing concern among economists and former Fed officials that the Fed is lagging behind inflation. Friday’s jobs report, which showed a sharp drop in the unemployment rate to 3.9%, and an unexpected rise in wages, fueled those concerns.

While lower unemployment and higher wages benefit workers, these trends can potentially fuel higher prices.

At his last meeting in December, Powell said the central bank is quickly ramping up efforts to tighten credit in a bid to bring inflation under control. The Fed will stop buying billions of dollars in bonds in March, ahead of its previously announced target of doing so in June. These bond purchases are meant to encourage more borrowing and spending by lowering long-term rates.

Fed officials now plan to hike short-term interest rates three times this year, a drastic change from September, when they were divided over doing it just once. Economists increasingly expect them to hike rates at least four times in 2022.

Powell also said in his prepared remarks that the US labor market is “strong” and the economy “is growing at its fastest pace in many years.”

But he also suggested that the economy had suffered longer-term damage from the pandemic.

“We can begin to see that the post-pandemic economy is likely to be different in some ways,” Powell said. “The pursuit of our objectives will have to take these differences into account. “

Powell previously said the Fed’s original goal was to bring the economy and labor market back to pre-pandemic levels, when the unemployment rate fell to its 50-year low of 3.5. % and that the proportion of Americans working or looking for work was higher than it is now.

But more recently, Powell admitted that many people who quit working or looking for work during the pandemic are unlikely to return anytime soon. Millions of older Americans have retired sooner than they likely would have without COVID, and many people are giving up their jobs to avoid becoming infected.

This left companies looking for fewer workers to fill more than 10 million open jobs, a near-record, and forced them to rapidly increase hourly wages. Rising wages could fuel more spending, which could push up prices.

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new law for 2022 requires contracts for homeworkers | Latino voices | Chicago News https://cdmug.org/new-law-for-2022-requires-contracts-for-homeworkers-latino-voices-chicago-news/ Sat, 08 Jan 2022 23:30:03 +0000 https://cdmug.org/new-law-for-2022-requires-contracts-for-homeworkers-latino-voices-chicago-news/ A new prescription went into effect Jan. 1 in Chicago with the aim of bringing structure and accountability to what has been largely an informal economy than Chicago. The mandate of domestic workers covers jobs like nannies, home helpers and housekeepers. It requires their employers to give them a written contract with mutually agreed terms, […]]]>

A new prescription went into effect Jan. 1 in Chicago with the aim of bringing structure and accountability to what has been largely an informal economy than Chicago. The mandate of domestic workers covers jobs like nannies, home helpers and housekeepers. It requires their employers to give them a written contract with mutually agreed terms, including salary, work schedule and scope of job responsibilities. The contract must be written in the worker’s preferred language and be revised annually or whenever there is a change in the duties of the position.

“Domestic workers in particular [have] been seen as individual entrepreneurs… that’s the nature of work, ”says Margarita Valenzuela Klein, director of membership organization for faith-based labor organization Arise Chicago. “[But] that is exactly what they are, they are workers who should be recognized with a minimum wage. They should be recognized with certain guarantees. And that’s why, you know this ordinance, it becomes crucial.

Militza Pagán from the Shriver Center on Poverty Law describes the composition of the domestic workforce in Chicago.

“We know there are around 56,000 domestic workers in the general Chicagoland region… around 20% are Latino workers,” Pagan said. “This population is predominantly female. About 90% of domestic workers in the Chicago land area are women. We also know that this is a low income workforce as well. The average domestic worker in the Chicagoland area only earns around $ 12 an hour based on 2019 studies. ”

Pagán said anyone doing domestic work is entitled to the protection of this warrant.

“This contract applies to all domestic workers, regardless of the number of hours worked for the employer, regardless of their immigration status. And regardless of whether he works for more than one employer, each employer is required to provide a domestic worker with a written contract in the language of their choice, ”she said.

Arise Chicago contract specialist and domestic worker Sofia Magdalena Portillo shared some of her experience as a domestic worker cleaning downtown offices.

“When someone doesn’t know their rights or their value, we’ll always be quiet. We’re not going to be comfortable at work that way, ”Portillo said in Spanish. “I used to work with someone who, when summer came, would tell me to clean… the large windows of downtown office buildings. “

“I wasn’t willing to say ‘No, it’s not my job’ or ‘pay me extra.’ I would stay silent because of the fear I carried, “she continued.” That is why I am inviting all these workers [to] learn and know that they are not alone.

Workers interested in knowing more about the drafting of contracts can refer to the The Arise Chicago website for information, resources and sample contracts in English, Spanish and Polish.



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Sedalia police reports for January 7, 2022 https://cdmug.org/sedalia-police-reports-for-january-7-2022/ Fri, 07 Jan 2022 16:19:41 +0000 https://cdmug.org/sedalia-police-reports-for-january-7-2022/ This article is compiled from the Sedalia Police Department reports. On Wednesday evening, officers filed a report in the lobby of the police station with reference to the harassment. The victim said he received threat messages through Messenger. The suspect has been identified but no contact has been made at this time. Sedalia Police responded […]]]>

This article is compiled from the Sedalia Police Department reports.

On Wednesday evening, officers filed a report in the lobby of the police station with reference to the harassment. The victim said he received threat messages through Messenger. The suspect has been identified but no contact has been made at this time.


Sedalia Police responded to the 300 block of West 10th Street on Wednesday evening with reference to a disruption. The complainant said a drunken woman was screaming, making threatening comments and possibly falling down the stairs. Officers came into contact with the subject, who did not fall down the stairs or sustain any injuries. The subject began to shout curses at the officers and other tenants. Subject was arrested and then turned combative. Carol Renee Gann, 53, of Sedalia, has been taken into police custody for 12 hours pending charges of disturbing the peace and resisting arrest.


Thursday evening, the Wal Mart store, 3201 West Broadway Boulevard, reported a trespassing incident. On Tuesday, a woman entered the store after previously being raped. A request for indictment for trespassing has been filed with the prosecutor.


Sedalia Police responded to the 700 block of West Cooper Street with a report of a minor outside in the cold on Wednesday evening. An investigation into the endangerment of children is underway into the incident.


On Thursday evening, officers observed a vehicle driving recklessly on South Kentucky Avenue. The vehicle was traveling at high speed and followed stop signs. The vehicle was stopped on West 5th Street near South Kentucky Avenue. Officers contacted the driver, who currently had revoked driver status. Speaking to the driver, a smell of marijuana was detected, but it was not located. The driver did not cooperate and smeared Chap Stick on the police department’s security camera. The suspect was then transported to the Pettis County Jail. The suspect was repeatedly asked if he was in possession of marijuana and he said no. Once in jail, he was found in possession of marijuana. Wayne A Gravitt, 26, of Sedalia, has been charged with pending charges of bringing a controlled substance into a county jail, obstructing government operations, possession of marijuana, reckless driving and of driving with revocation.


On Thursday evening, officers took a report of a protection order violation that had occurred in the 900 block of East Broadway Boulevard. An arrest was made. Billy Joe Welch, 41, of Sedalia, was arrested for violating a comprehensive protection order.


Officers were dispatched to the 1500 Block of 7th Street East on Wednesday evening for a reported stolen vehicle incident. A suspect has been identified, but neither the suspect nor the vehicle has been located yet.


Sedalia Police stopped a vehicle in the 2400 block of South Limit Avenue on Thursday afternoon because it was improperly registered. A computer check of the driver showed he had a Pettis County arrest warrant issued for his 2nd degree harassment charge. Jason L. Vansel, 44, of Sedalia, was arrested and transported to Pettis County Jail, where he was arrested and released.


The Wal Mart store at 3201 West Broadway Boulevard on Thursday evening reported a theft that occurred on Tuesday. The employee said the suspect checked out but failed to pay for the items valued at $ 210.93. The suspect then left the store. No arrests have yet been made.


An officer was dispatched to block 900 of Winchester Drive with reference to a theft / fraud report on Wednesday afternoon. Barry P. Lawson Sr. said his wallet went missing in December and someone attempted to use a debit card.


On the afternoon of January 5, officers spoke with Nadia Pryce, a caller in New York City. Pryce said someone in Sedalia’s jurisdiction purchased items using her information. Pryce was able to get his money back and ultimately refused to further investigate the case.


On Thursday morning, officers stopped a vehicle near the intersection of West 16th Street and South Grand Avenue for displaying the license plates of another vehicle. An audit by Dispatch showed that the driver’s driving privileges in Missouri had been revoked. Antonio M. Quetzecua Marcos, 33, of Sedalia, was arrested for driving with revocation. Marcos was booked and released pending formal charges.


On Thursday afternoon, officers were sent to Hardee’s Restaurant, 1400 South Limit Avenue, with an assault report. A company employee was assaulted by two suspects she knew.


WATCH: Here are the best lakeside towns to live in

Most of the cities included jump out to casual observers as popular summer rental spots – Branson of the Ozarks, Missouri, or Lake Havasu in Arizona – it might surprise you to dive deeper into some of the quality of life offerings in the area. beyond the beach and vacation homes. You’ll probably get some knowledge of a wide variety of Americana: one of the last 1950s-style drive-ins in the Midwest; a town in Florida that started out as a retreat for Civil War veterans; an island with some of the best public schools in the country and wealthy people in the middle of a lake between Seattle and Bellevue; and even a Californian town containing much more than the blues of Johnny Cash’s prison.


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Here are the top 22 global travel hotspots with ‘cheap’ airfares for 2022 https://cdmug.org/here-are-the-top-22-global-travel-hotspots-with-cheap-airfares-for-2022/ Wed, 05 Jan 2022 14:00:01 +0000 https://cdmug.org/here-are-the-top-22-global-travel-hotspots-with-cheap-airfares-for-2022/ The Canadian province of Alberta ranked fifth in cheap flights with low average airfares to and from Calgary. AJ_Watt | E + | Getty Images So you haven’t taken a vacation to a long-haul destination since Covid first hit almost two years ago. You can’t wait to get out – despite recent air travel disruptions […]]]>

The Canadian province of Alberta ranked fifth in cheap flights with low average airfares to and from Calgary.

AJ_Watt | E + | Getty Images

So you haven’t taken a vacation to a long-haul destination since Covid first hit almost two years ago. You can’t wait to get out – despite recent air travel disruptions – and you may have managed to bank the vacation money you would have otherwise spent months ago. Where to go ?

Depending on how the latest pandemic wave unfolded, you might want to consider the nearly two dozen places around the world that are traveling. Scott’s Cheap Flights recommends in its list of “22 inexpensive destinations to visit in 2022”. That’s because the site’s experts say they’re pretty confident that there will be deals on airline tickets to these destinations over the coming year.

Whether it’s through new routes, new carriers that serve them, or just everyday low fares, these 22 cities, states, regions and nations, according to the site, could get you more for your money from vacation in 2022 – at least for your plane trip. After all, not all destinations are cheap when it comes to other expenses.

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Scott’s Cheap Flights only included destinations that were already open to visitors or that are expected to reopen before the second half of this year.

Unsurprisingly, plane tickets to U.S. and Canadian destinations are the cheapest on the list, with the Pacific Northwest leading the way, with an average round-trip fare to Seattle of just $ 105. The top five places in North America, from second to fifth, are Oklahoma City ($ 182), Charleston, South Carolina ($ 185), Puerto Rico ($ 240 in San Juan) and Alberta, Canada ($ 259 in Calgary), all average round-trip fares.

In general, the next cheapest plane tickets are to Central America and the Caribbean, then Europe and Asia, followed by Africa, the Middle East and the South Pacific. Bringing up the rear – but still exceptionally affordable, historically speaking – is Greenland, where travelers passing through Reykjavik, Iceland can fly for around $ 940 round trip.

22 “cheap” destinations to fly to in 2022

Travel site Cheap flights from Scott has compiled a list of 22 destinations around the world that are expected to be significantly cheaper to travel this year. Lowest to highest price for the average round-trip economy class fare within or from the United States, they are:

  1. Pacific Northwest: $ 105 (Seattle)
  2. Oklahoma City: $ 182
  3. Charleston, South Carolina: $ 185
  4. Porto Rico: $ 240 (San Juan)
  5. Alberta, Canada: $ 259 (Calgary)
  6. Panama: $ 271 (Panama)
  7. Barbados: $ 315 (Bridgetown)
  8. Belize: $ 346 (Belize City)
  9. Dominica: $ 360
  10. Venice, Italy: $ 473
  11. Lisbon, Portugal: $ 479
  12. Lithuania: $ 492 (Vilnius)
  13. Singapore: $ 498
  14. Argentina: $ 510 (Buenos Aires)
  15. Japan: $ 541 (Tokyo Narita)
  16. Guyana: $ 542 (Georgetown)
  17. London: $ 543
  18. Vietnam: $ 544 (Ho Chi Minh City)
  19. Ghana: $ 662 (Accra)
  20. Tahiti: $ 665 (Papeete)
  21. Oman: $ 699 (Muscat)
  22. Greenland: ≈ $ 940 (incl. $ 440 to Iceland)

Source: Scott’s Cheap Flights

“In many cases ‘cheap’ is a relative term,” said Willis Orlando, senior product operations specialist at Scott’s Cheap Flights. “Some destinations, like Greenland or Ghana, were once prohibitively expensive to reach due to extremely limited capacity and are now suddenly achievable. “

Orlando said the pandemic has radically changed the way airlines calculate supply and demand, affecting prices, and a shift has been seen from business-oriented itineraries in favor of leisure travel. “So while an airline may not have found it profitable in the past to put additional planes on routes to remote leisure destinations or to partner with airlines that operate those routes (like c ‘is the case with Greenland), today they think differently, “he said.

The carriers are removing some planes from once reliable trade routes such as Tokyo, Frankfurt and Chicago and flying them to places such as the Maldives, Hawaii and Greenland, Orlando added.

That said, you can catch a $ 185 round-trip flight to Charleston later this year, but getting there may not be cheap. Hotels in the more desirable parts of this charming pre-war coastal town can be notoriously expensive, for example. Travel site Budgetvotrevoyage.com reports that the average hotel rate per night is $ 144, with a week’s stay costing $ 1,901.

“We all know why hotels are expensive in some of the most popular leisure destinations right now,” Orlando said. “The number of hotel rooms / accommodation in a given destination can only increase so quickly (rooms have to be built, apartments turned into vacation homes, etc.)” As demand increases, hotel and other rates are also increasing.

Airlines, however, can notice consumer interest and quickly increase capacity, often driving down air fares, he said. “This is why, although we have seen Miami hotel prices rise to and exceed their pre-pandemic highs in recent months, non-stop round-trip flights on major carriers from dozens of cities across the country always go below $ 100. “

But what about the current mess at airports? Should potential travelers be wary of jumping on these apparent offers? Orlando points out that, from a historical point of view, the number of cancellations – although “dramatic” – is not high. “Compared to before the pandemic, cancellations have not really increased,” he said. “In 2019 1.6% of US flights were canceled – in 2021 that number was 1.5%.”

Orlando also noted that uncertainty is “an integral part” of travel in the era of the pandemic. “The best thing people can do is be proactive, prepared and vigilant,” he said, frequently checking for flight status updates, downloading airline apps to facilitate booking changes. and becoming familiar with destination documentation requirements and air passenger rights. When it comes to a significant delay or cancellation, “passengers are entitled to a full refund in the form of original payment if they choose not to travel,” he added. .

“All major US airlines continue to waive change fees on tickets above base economy,” Orlando said. “So if you’re nervous, it would be wise to book a ticket yourself with no change fees – so if things start to look complicated, you can postpone your trip without paying a penalty. “


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Additional help from child tax credit ends, just as Covid resurfaces https://cdmug.org/additional-help-from-child-tax-credit-ends-just-as-covid-resurfaces/ Mon, 03 Jan 2022 14:06:00 +0000 https://cdmug.org/additional-help-from-child-tax-credit-ends-just-as-covid-resurfaces/ This does not happen. The polls found the public roughly divided on whether the program should be extended, with opinions divided along partisan and generational lines. And the expanded tax credit failed to convince the person whose opinion mattered most: West Virginia Democrat Senator Joe Manchin III, who raised concerns about the cost and structure […]]]>

This does not happen. The polls found the public roughly divided on whether the program should be extended, with opinions divided along partisan and generational lines. And the expanded tax credit failed to convince the person whose opinion mattered most: West Virginia Democrat Senator Joe Manchin III, who raised concerns about the cost and structure of the program in its decision to oppose Mr. Biden’s climate, fiscal and social measures. policy bill. The bill, known as the Build Back Better Act, cannot be introduced in the equally divided Senate without the support of Mr Manchin.

For supporters of family allowances, the lack of an extension is all the more frustrating because, according to most analyzes, the program itself has been a remarkable success. Columbia University researchers estimate that payments saved 3.8 million children from poverty in November, a reduction of almost 30 percent in the child poverty rate. Other studies have shown that the benefit hunger reduction, decrease in financial stress among recipients and an increase in overall consumer spending, especially in the rural states that received the most money per capita.

Congress last spring expanded the existing child tax credit in three ways. First, it made the benefit more generous, offering up to $ 3,600 per child, up from $ 2,000. Second, he began to pay off the loan in monthly installments, usually deposited directly into recipients’ bank accounts, turning the annual windfall into something closer to the child allowances common in Europe.

Finally, the bill made full benefits available to millions of people who previously had not been able to take full advantage of the credit because they earned too little to qualify. Poverty experts say the change, known in tax parlance as “full refundability,” was particularly significant because without it, a third of the children – half of all black and Hispanic children and 70 percent of children raised by single mothers – have not received full credit. Mr. Biden’s plan would have made this provision permanent.

“What we have seen with the child tax credit is a political achievement that was unfolding, but it is one that we risk stopping just as it started,” said Megan Curran, director of policy. at Columbia’s Center. on poverty and social policy. “The weight of proof is clear here in terms of what the policy does. This reduces child poverty and food shortages.

But the expanded tax credit doesn’t just go to the poor. Couples earning up to $ 150,000 a year could receive the full benefit of $ 3,600 – $ 3,000 for children 6 and over – and even the wealthiest families qualify for the initial credit of 2 $ 000. Critics of the policy, including Mr Manchin, have argued that it makes little sense to provide assistance to relatively well-off families. Many proponents of credit say they would willingly limit its availability to richer households in return for maintaining it for poorer ones.

Mr Manchin also publicly questioned the wisdom of unconditional cash payments and privately expressed concerns that recipients might spend the money on opioids, comments that were first reported by The Wall Street Journal and confirmed by someone familiar with the discussion. But a Census Bureau survey found that most beneficiaries used the money to buy food, clothing, or other essentials, and many saved some of the money or paid back their expenses. debts. Other surveys have found similar results.


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Soy is aiming for a third year of gains; corn, wheat up more than 20% in 2021 https://cdmug.org/soy-is-aiming-for-a-third-year-of-gains-corn-wheat-up-more-than-20-in-2021/ Fri, 31 Dec 2021 02:00:34 +0000 https://cdmug.org/soy-is-aiming-for-a-third-year-of-gains-corn-wheat-up-more-than-20-in-2021/ SINGAPORE, Dec.31 (Reuters) – Chicago soybean futures were heading for a third year of gains on Friday, although expectations of a near-record crop in Brazil’s top exporter reached the lead of the contract in recent weeks. Wheat and corn gained more than 20% in 2021 as strong demand and tight supplies supported agricultural markets. FUNDAMENTALS […]]]>

SINGAPORE, Dec.31 (Reuters) – Chicago soybean futures were heading for a third year of gains on Friday, although expectations of a near-record crop in Brazil’s top exporter reached the lead of the contract in recent weeks.

Wheat and corn gained more than 20% in 2021 as strong demand and tight supplies supported agricultural markets.

FUNDAMENTALS

* The Chicago Board of Trade’s (CBOT) most active soybean contract is up for the third year in a row, but is up just over 2% so far in 2021.

* Corn has added a quarter to its value and wheat is up over 20% this year.

* Supply constraints resulting from adverse weather conditions and high demand have boosted agricultural markets this year.

* Soybeans gained 0.1% to 13.39-1 / 4 a bushel at 1:37 GMT on Friday, corn gained 0.1% to $ 5.96-3 / 4 a bushel and wheat was up 0.4% at $ 7.82-3 / 4 a bushel.

* Argentina could harvest more than the currently forecast 21.5 million tonnes of 2021/22 wheat if yields continue to be higher than expected, the Buenos Aires Grain Exchange said in a report on Thursday, with 89 , 7% of the harvest harvested so far.

* Russian agricultural consultancy Sovecon said on Thursday it had raised its forecast for Russia’s 2021/22 wheat exports from 0.2 million tonnes to 34.1 million tonnes amid the current high pace of shipments.

* Commodity funds were net sellers of corn, soybean, soybean oil, soybean meal and wheat futures on Thursday, traders said.

MARKET NEWS

* Global stock markets reversed their gains after a one-day rally on Thursday even as new US economic data indicated that a recent rise in infections linked to the Omicron COVID-19 variant has yet to lead to an increase layoffs, a positive sign for the economy. (Reporting by Naveen Thukral; Editing by Devika Syamnath)


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Post-Covid economy could be stronger than pre-Covid https://cdmug.org/post-covid-economy-could-be-stronger-than-pre-covid/ Wed, 29 Dec 2021 14:02:43 +0000 https://cdmug.org/post-covid-economy-could-be-stronger-than-pre-covid/ Fourteen years ago, in December 2007, a decade of economic expansion in the United States came to an end. The previous period of growth – which ended in 2001 – also lasted 10 years. Officially, the recession in the United States that followed the financial crisis and the collapse of investment bank Lehmann Brothers only […]]]>

Fourteen years ago, in December 2007, a decade of economic expansion in the United States came to an end. The previous period of growth – which ended in 2001 – also lasted 10 years.

Officially, the recession in the United States that followed the financial crisis and the collapse of investment bank Lehmann Brothers only lasted about two years.

However, we have been plagued by relatively low levels of economic growth – not just in America but also around the world – for at least 10 years from that time.

Then we were hit by the pandemic in early 2020. The growth prognosis was grim a year ago, amid lockdowns and stalled businesses.

Now, it would appear that in the wake of Covid-19, we are once again on the brink of a new era of exceptional economic growth.

Goldman Sachs expects the UK economy to grow 4.8% next year, the US 3.5%, Germany 4% and Italy and France 4.4%.

The last three months of 2021 have been a time of heightened economic activity despite the spread of the Omicron variant of the coronavirus.

In the United States, for example, growth forecasts for the fourth quarter are at an annualized rate of 7.5 percent. The country is expected to grow 5.6% this year, which would be the fastest since 1984, according to Reuters. The US economy contracted 3.4% in 2020 by comparison.

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“The economy was in full swing in the fourth quarter,” Diane Swonk, chief economist at Grant Thornton in Chicago, told Reuters.

On Wall Street, for example, investment bankers have reported hundreds of billions of dollars in fees this year. They anticipate exceptional bonuses.

As some of the world’s foremost business and economics experts have explained in a new podcast series from The National, called PCR: post-Covid-19 recovery, we are experiencing a rapid economic recovery.

In the latest World Economic League Table, the Center for Economics and Business Research indicates that global GDP in 2022 will cross $ 100,000 billion for the first time. In 2020, the CEBR predicted that this would not happen until 2024.

“There is a lot more momentum in 2022 than we previously envisioned,” he said this week.

The last three months of 2021 have been a period of heightened economic activity despite the spread of Omicron

However, the Omicron effect will manifest itself next month as events and trips are canceled and there will be less spending after the New Year amid increased restrictions and staff shortages.

This blow to growth will pass quickly, experts say.

Governments are ready to support the recovery, which should get us through tough times like Omicron.

For example, the People’s Bank of China has pledged to be “proactive” in its policies, and Japan has adopted a record budget for the next fiscal year.

Besides the surge in Covid-19 cases, another concern to dampen any optimism has been rising prices for everything, including fuel and food.

Inflation could hold back growth if it doesn’t slow down as soon as many predict.

At least these are known risks.

If the sunniest ratings prove to be correct, we should ignore them by the middle of next year. Considering what we’ve been through over the past two YEARS, it would be understandable if the natural response from policymakers was to remain cautious, if not pessimistic.

Instead, we could actually experience disproportionate economic expansion in 2022 and beyond – much better than what we had before the pandemic and representing a return to the levels of growth we were seeing before the financial crisis.

This is partly because of the pandemic and not in spite of it.

Many CEOs around the world are worried about their own position, according to a survey by consulting firm AlixPartners. Their insecurity is caused by the accelerated disruption of a wide range of industries and they now have to adapt to this change much faster than they anticipated just a year ago.

The danger they face today means that dynamic strategies must be aggressively engaged.

Investment in technology, innovation and the emergence of new business models will boost the global economy.

There will also be an acceleration in the labor market.

The CEBR said IN THE UK “the number of engineers and technologists that will be needed within 10 years will be about double the number currently employed”.

“Artificial intelligence, robotics, virtual and augmented reality, and medicine are areas where we expect growth of 300% or more. “

As we enter the third year of the pandemic, we are also in the second year of the recovery phase and “the magnitude of the economic blow from the pandemic in 2020 now appears to have been a little less severe than we do. supposed planes, “CEBR mentioned.

If the recovery also turns out to be better than expected, it could be an exceptional time for more of us than the bankers.

Posted: Dec 29, 2021, 2:00 p.m.


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New York Hotel Association calls for action on property taxes https://cdmug.org/new-york-hotel-association-calls-for-action-on-property-taxes/ Mon, 27 Dec 2021 18:03:00 +0000 https://cdmug.org/new-york-hotel-association-calls-for-action-on-property-taxes/ Vijay Dandapani, President and CEO, HANYC (Getty Images, iStock / Illustration by Steven Dilakian for The Real Deal) New York City hotels have long been haunted by high property taxes, but a further increase has made the expense difficult for the industry to bear. Property taxes hit 30% of revenue in 2020, a huge increase […]]]>

Vijay Dandapani, President and CEO, HANYC (Getty Images, iStock / Illustration by Steven Dilakian for The Real Deal)

New York City hotels have long been haunted by high property taxes, but a further increase has made the expense difficult for the industry to bear.

Property taxes hit 30% of revenue in 2020, a huge increase from 9.4% in 2019, according to a report by the New York Hotel Association. The group detailed the average growth in the property tax burden over the past decade, up from around 7% of total revenues in 2011.

In 2011, property tax reached $ 154,171, spread over 80 assets, with total revenue of $ 2.2 million. In 2019, property tax was $ 129,464, spread over 52 assets, for total revenue of $ 1.4 million.

Vijay Dandapani, chairman and chief executive of the business group, said most, if not all, hotels are contesting their property tax assessments. He believes most will go to the tax commission because the finance ministry is unlikely to give in.

New York remains in the high end among other major markets, with property taxes of 8.2% in Chicago, 4.4% in Washington, DC, 4.1% in Los Angeles, 4% in San Francisco and 3 , 3% in Miami.

The association had previously said that nearly 200 hotels in the city were closed between May 2020 and June 2021, with almost half of them still closed in mid-November. The report noted how industry lows threaten the city’s overall economy: In a typical year, hotels raise $ 3.2 billion per year in municipal tax revenue and add $ 22 billion per year. year to the economy.

The group recently reached a climax with the city after Mayor Bill de Blasio signed a bill in October requiring closed hotels to reopen or pay severance packages to their unemployed staff. HANYC filed a lawsuit asking the court to overturn the law and seek an injunction.

In a statement, Dandapani cited the same detailed finding in a CBRE study released in April. The company predicts that the industry will not return to pre-pandemic operations until 2025, with revenue per available room reaching 2019 levels by 2024, with occupancy rates reaching 74% in 2022 and 86% in 2025.

In anticipation of the long road ahead for the industry, Dandapani called on city officials to act.

“The City must suspend penalties on late payment of property taxes, which are piling up at an exorbitant rate,” said Dandapani. The City should do everything to help hotels and the tourism industry get back on their feet.


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