Wednesday, July 18, 2012
Industry-sponsored analysis finds that as a result of the debt-ceiling deal, Defense Department and other jobs are at risk.
Maryland could lose as many as 115,000 jobs next year when automatic federal budget cuts go into effect, according to a study commissioned by the Aerospace Industries Association (AIA). Many of those losses could come from one of Howard County's largest employers -- the John Hopkins University Applied Physics Lab. “The Economic Impact of the Budget Control Act of 2011” predicts that the automatic cuts, known as the “sequestration” mandate, could lead to more than 2 million job losses nationwide. In a bleak introduction on Second to None, an AIA-funded website, the report’s author predicted that the national unemployment rate would rise to 9 percent. Report author Stephen Fuller, an economist at George Mason University, predicted the …
Monday, August 1, 2011
What the new compromise means and what Howard County residents have to say about the debt ceiling.
The nation is abuzz about Capitol Hill, where members are continuing debate over the debt ceiling as the Aug. 2 deadline nears. Lawmakers reached an agreement to raise the federal debt ceiling Sunday night. According to The Washington Post, the new compromise includes spending cuts and no new taxes. The Senate and House of Representatives are expected to vote on the bill on Monday, Aug. 1. Current debt ceiling: $14.3 trillion Proposed debt ceiling: $16.7 trillion Proposed cuts: As much as $25 billion in 2012, according to CNN, hitting “non-security discretionary spending hardest" (e.g., food inspections, FBI, education and other government programs/services). New development: Creation of a congressional commission to oversee enforcement of…
Wednesday, July 20, 2011
Howard County is one of thousands of jurisdictions at risk of losing a AAA bond rating.
With President Obama declaring the debt crisis in its “11th hour,” Howard County Executive Ken Ulman–president of the Maryland Association of Counties—is calling on municipalities across the state to review their finances. “The responsible thing for counties to do is review their books and prepare for the worst,” Ulman said in a statement. Ulman held a conference call with Maryland’s county financial officials this week to encourage jurisdictions to brace for the possible default of U.S. debt and any fallout in the financial sector. “This stalemate poses real risks to residents of Howard County and Maryland who are employed by the federal government or who rely on Social Security and other benefits for survival,” Ulman said. Maryland is …
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