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Tag Archives: economy

US consumer spending up 8.2%, partly erasing record plunge

American consumers increased their spending by a record 8.2% in May, partly erasing huge plunges the previous two months, against the backdrop of an economy that’s likely shrinking by its steepest pace on record this quarter. Last month’s rebound in consumer spending followed record spending drops of 6.6% in March and 12.6% in April, when the viral pandemic shuttered businesses, ...

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BILL CRAWFORD — Republicans let Trump spend more than Obama

In December 1985 President Ronald Reagan signed the Gramm-Ruddman Act mandating a balanced federal budget by fiscal year 1991. “The American people expect their elected officials to take action now to reduce the size of government and to set upon a reasonable and equitable course to eliminate federal budget deficits,” the conservative, Republican president said. It took until 2001 and ...

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US retail sales up a record 17.7% in a partial rebound

U.S. retail sales jumped by a record 17.7% from April to May, with spending partially rebounding after the coronavirus had shut down businesses, flattened the economy and paralyzed consumers during the previous two months. The government’s report Tuesday showed that retail sales have retraced some of the record-setting month-to-month plunges of March (8.3%) and April (14.7%) as businesses have increasingly reopened. ...

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Mississippi revises outlook for budget year starting July 1

Top lawmakers said Monday that Mississippi state government can avoid spending cuts during the final two weeks of the current budget year by tapping into the rainy day fund. But they said government spending will shrink during the new year that begins July 1 because of the economic slump caused by the coronavirus pandemic. Members of the Joint Legislative Budget ...

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KiOR case still bogged down in lawsuits

By JACK WEATHERLY More than five years ago, the state of Mississippi sued billionaire Vinod Khosla and others, contending that they knew that bankrupt firm KiOR had poor prospects for success in making biocrude oil but misled the state into making the company a $75 million no-interest loan. What has happened since? Another lawsuit. The KiOR Inc. Liquidation Trust sued ...

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Unemployment rate falls to 13.3%, US adds 2.5 million jobs

America’s workers likely suffered another devastating blow in May, with millions more jobs lost to the viral pandemic and an unemployment rate near or even above 20% for the first time since the Great Depression. Economists have forecast that the government will report Friday that employers shed 8.5 million more jobs last month on top of 21.4 million lost in ...

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Analysis: Budget writing complicated by pandemic revenue dip

Mississippi tax collections were robust for the first several months of the budget year that started last July 1. Then the coronavirus pandemic struck, businesses were hobbled by government shutdown orders and the economy started to sputter. On the status of state tax collections, Republican House Speaker Philip Gunn recently told The Associated Press: “We clearly got hammered in April ...

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Expert: Slow economic recovery for Mississippi amid virus

Mississippi can expect a long, slow economic recovery from the shock of job losses and the steep decline in commercial activity tied to the coronavirus pandemic, state economist Darrin Webb told legislators Tuesday. It was basically the same information Webb gave to Ted Carter of the Mississippi Business Journal in an early May interview. » READ MORE: Swift, deep declines ahead ...

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BILL CRAWFORD — When worlds collide reality can change

As our worlds collide over the coronavirus, the surreal 1933 novel of that name by Philip Wylie and Edwin Balmer comes to mind. The novel “When Worlds Collide” portrayed the surreal phenomenon of another world crashing into earth. Old earth did not survive, but a new earth did. What will be the outcome of our collision? No microcosm captures our ...

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Risk of reopening US economy too fast: A W-shaped recovery

When the coronavirus erupted in the United States, it triggered quarantines, travel curbs and business shutdowns. Many economists predicted a V-shaped journey for the economy: A sharp drop, then a quick bounce-back as the virus faded and the economy regained health. Others envisioned a slower, U-shaped course. Now, as President Donald Trump and many Republicans press to reopen the economy, ...

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