July 15, 2012 |
Economic growth is not an issue normally associated with the Pentagon. But on Jan. 23, 2006, officials there handed the Defense Department's Distinguished Public Service Award to then-outgoing Federal Reserve Chairman Alan Greenspan. The reason for the award: He helped unleash tremendous economic growth that had strengthened the country, led to new advances in science and technology, and demonstrated the power of a free and open economic system. The importance of economic prosperity is hard to overstate.
December 5, 1996 |
The meaning of yesterday's Boskin Commission report on inflation is that it challenges the common belief that real wages have been declining and that economic growth has been stagnant, according to economist Leonard Nakamura of the Philadelphia Federal Reserve Bank. "When people eventually look back on this period, they will think we suffered from a kind of mass delusion" brought on by misleading statistics, says Nakamura, an expert in inflation measurement. "People ought to feel better than they do. " The Boskin Commission found that the Consumer Price Index will overstate annual inflation by 1.1 percentage points for the next decade and recommended that the Bureau of Labor Statistics create a more accurate cost-of-living index on which to base government benefits increases.
July 21, 2005 |
Traffic congestion is just like the weather: Everybody talks about it. Rightly so. Getting there is an obvious challenge around Chester County and across the region. But unlike the weather, there is something we can do about it. That would be to actively support public transit initiatives such as Schuylkill Valley Metro. Conceived more than a decade ago, high-speed rail service has the potential to relieve our crowded rush-hour roadways. Further, it could inject economic vitality into the communities along its 62-mile route through Philadelphia, Montgomery, Chester and Berks Counties.
March 16, 2004 |
ON THURSDAY, Mayor Street will formally share with City Council his latest vision for his two-term mayoralty. The mayor will offer a partial blueprint for economic growth and will call for an Economic Development Summit to be held this spring. Economic development is a new strategic focus for this administration. But it has always been mine. As a result of my legislative initiatives, on March 25, Council's Commerce and Economic Development Committee will hold hearings to update the status of lending goals submitted by banks holding city money.
March 12, 1992 |
Blue-chip stocks sank yesterday and bond market interest rates rose, partly because of comments by President Bush who said that he was more concerned with economic growth than about the high level of long-term rates - now approaching 8 percent. The Dow Jones industrial average closed down 22.36 points at 3,208.63, with New York Stock Exchange volume at a strong 185.3 million shares. "I think now the answer is to keep working with the Fed," Bush told reporters. "I think what the Fed has done is good.
July 3, 1993 |
NEW YORK MANY AT IBM TAKING BUYOUT IBM may lose 50,000 or more workers this year, twice as many as the company planned, because thousands more employees than expected are taking advantage of incentives to leave the struggling computer maker. The company is considering a $2 billion charge against second-quarter earnings to pay for more layoffs and voluntary resignations. It has said it would shed more than 25,000 jobs this year. Wednesday was the last day for IBM workers to take retirement incentives that, in some cases, included up to a year's pay and 18 months of paid medical coverage.
July 18, 2001
It is disheartening to witness the recent tumult in Northern Ireland (Inquirer, July 15). While conventional wisdom credits Irish Prime Minister Bertie Ahern, his British counterpart Tony Blair and former President Bill Clinton for the political stability achieved by Ireland in the last few years, I would like to propose that another individual is almost single-handedly responsible for creating an environment in which the movement toward peace and...
June 27, 1996 |
Have you ever wondered why, in the midst of a long period of a relatively healthy state economy, Pennsylvania's state budget can be balanced only through cuts or freezes in services? Gov. Ridge has proposed a state budget for fiscal year 1996-97 that calls for major reductions or freezes in health care, mortgage assistance, welfare, mass transit and education. He also has proposed new corporate tax cuts and increased spending for prisons. State programs that have been in effect for years are being dismantled to pay for tax cuts - primarily for corporations - enacted in 1994 and 1995: Act 48, passed in 1994, reduced Pennsylvania's corporate income tax rate, phasing in the reduction by decreasing the rate, from 12.25 to 9.99 percent, over several years.
May 30, 1995 |
With the stroke of a brush (Ernst & Young accounting report), Mayor Rendell has painted riverboat/casino gambling as the panacea that will solve most of the city's financial problems, just as casino gambling was supposed to solve many of Atlantic City's problems. Lest we forget, crime, prostitution, ruined neighborhoods, increased property taxes, more policemen, underage gambling, government corruption and dysfunctional families are the casinos' legacy to the people of Atlantic City.
October 30, 2008 |
The Federal Reserve cut a key interest rate half a percentage point yesterday in a bid to revive an economy reeling from the most severe financial crisis in decades. The central bank reduced its target for the federal funds rate, the interest banks charge on overnight loans, to 1 percent - a low last seen in 2003-04 as the nation was recovering from the 2001 recession and terrorist attacks. The funds rate has not been lower since 1958, when Dwight D. Eisenhower was president. The cut was the second this month and brought the rate down from 2 percent.