December 22, 2011 • 10:20 am 0
Tune in to KUOW’s The Conversation with Ross Reynolds today at noon (or a little after) to hear John Burbank, EOI’s Executive Director, talk about how government spending and stimulus has helped to create and sustain tens of thousands of jobs in Washington state during the recession.
Filed under: tax and budget, economy, Government spending, stimulus, the conversation
December 22, 2011 • 8:19 am 0
John Burbank, Executive Director
From the Everett Herald:
The accepted wisdom is that the wealthy, banks and the biggest corporations are job creators. But in fact, too many are job-taker-away-ers. They suck money, our money, out of the economy and hoard it or spend it outside the country. That slows down economic activity right here in our state.
When the housing market burst, and the financial wizkids had to come to terms with their derivative gambling and sloppy math, the economy pretty much ground to a halt. Credit for new businesses was almost impossible to get. Banks that previously sold mortgages on a whim and a prayer wouldn’t loan money for new projects with solid markets and good business plans and demand. So what did these banks do? They got a lot of money from the Federal Reserve, and kept it.
JP Morgan, which took over Washington Mutual and slashed a lot of jobs in the process, now has $434 billion in cash. Add all the money owned by commercial banks stashed away at the Federal Reserve, and it comes up to $1.6 trillion. And that’s the problem: If the commercial banks hoard the money, and don’t make loans to the private sector for new businesses, they don’t create jobs. It just enables financial gambling for Wall Street.
The real job creators have been forced to go elsewhere. One of the biggest job creators is the American Recovery and Reinvestment Act passed by Congress in 2009. This act saved and created a total of over 30,000 jobs in Washington state in 2009, 20,000 jobs in 2010, and 15,000 jobs this year. Read the rest of this entry »
Filed under: state economy, bailout, community investment, economic growth, jp morgan, main street, plum bistro, stimulus
June 11, 2010 • 12:23 pm 0
Peter Callaghan nails it in a wry, tongue-in-cheek column about taxes on candy and bottle water:
Some have said paying more for candy is the least we can do to keep public safety agencies intact, to assure that public schools and colleges don’t suffer even deeper cuts, to help maintain the already frayed safety net.
Well, I happen to think it is unfair to fund schools for Dick and Jane by taxing Mike And Ike.
I can understand applying the sales tax to discretionary purchases like clothing, shoes, cars, home improvements, restaurant meals, toilet paper and winter coats for children.
But when they go after life’s necessities like Hello Kitty Candy Lip Gloss and Harry Potter Bertie Bott’s Every Flavor Beans (in the fabric bag) – not to mention new taxes on pop and beer and Arrowhead Mountain Spring Water that we need to wash down all those Gummi Worms – they have gone too far.
Filed under: tax and budget, budget, business, children, community, economic security, economy, family, health, health care, public policy, revenue, stimulus, taxes, washington state
June 3, 2010 • 3:39 pm 0
Whether we’re in a recession or economic boom, almost all employees have family obligations. From planning the birth of a new baby, to taking care of an elderly parent, to dealing with long term medical emergencies, time away from work is sometimes required to care for yourself or your family. There’s no sane economic rationale for forcing people to risk their job to do that — but that’s the reality for many Washington workers. Just 41% earn paid sick days, and 65% earn paid vacation, which puts the economic security of tens of thousands of workers at risk for falling ill or starting a family.
Without the ability to earn paid time off at work, personal or family medical problems, or the birth or adoption of a new baby can mean falling behind on the mortgage or rent, purchasing less, and having to rely on public assistance until a new job becomes available. That’s not good for our families, our communities or our economy. A state-funded program — one that doesn’t cut benefits during lean times as many businesses do during a recession — is especially critical because it helps families maintain financial security, and ensures we keep a strong middle class intact to fuel a robust recovery. Read the rest of this entry »
Filed under: state economy, work and family, budget, economic security, family, paid family leave, stimulus, women
Budget and Taxes Social Security Family-wage Jobs Government
State Economy Paid Sick Days Paid Family Leave
