WASHINGTON (Reuters) – The problem of poverty became more acute in many U.S. neighborhoods in the Midwest and South over the last decade, threatening schools, safety and public health, while raising costs for local governments, according to a study released on Thursday.
The Brookings Institution, an independent research group, found the populations of extreme poverty neighborhoods grew by one-third over the last 10 years.
WASHINGTON (Reuters) – Colorado voters on Tuesday will decide a ballot proposition that entwines two tax issues currently dominating the U.S. presidential contest: flat rates and increases.
Colorado is one of seven states with a flat income tax, according to the Federation of Tax Administrators. Proposition 103 on its ballot would raise the rate to 5 percent from 4.63 percent of income and hike the sales tax to generate $2.9 billion in revenue over the next five years for education.
WASHINGTON (Reuters) – The ranks of the poor rose in almost all U.S. states and cities in 2010, despite the end of the longest and deepest economic downturn since the Great Depression the year before, U.S. Census data released on Thursday showed.
Mississippi and New Mexico had the highest poverty rates, with more than one out of every five people in each state living in poverty. Mississippi’s poverty rate led, at 22.4 percent, followed by New Mexico at 20.4 percent.
WASHINGTON (Reuters) – Counties across the United States are slashing spending and making long-term changes to their budgets as federal and state governments pull back on aid, according to a survey to be released on Wednesday.
“Although most financial analysts believe that the recession ended more than a year ago, local economies affecting county governments continue to struggle toward recovery,” the National Association of Counties found in its survey of 233 counties in 38 states.
SAN ANTONIO, Texas, Oct 14 (Reuters) – Legislative strikes
against the tax exemption associated with U.S. municipal bonds
are not likely to end soon, but will probably come in a variety
of forms, according to analysts and lawyers.
“Let me assure you that, very unfortunately, reports of the
demise of the 28 percent cap are greatly exaggerated,” said
Victoria Rostow, director of governmental affairs for the
National Association of Bond Lawyers at an association meeting
WASHINGTON, Oct 7 (Reuters) – States, cities, counties and
others who sell debt in the $3.7 trillion U.S. municipal bond
market continue to struggle with providing prompt financial
information to the public.
A report by Merritt Research Services released on Thursday
found it took an average of 141.3 days for municipal bond
issuers to complete audited financial reports for fiscal 2010,
which ended for most in June 2010. That was only a slight dip
from the average of 141.6 days in fiscal 2009.
WASHINGTON (Reuters) – States, cities, counties and others who sell debt in the $3.7 trillion U.S. municipal bond market continue to struggle with providing prompt financial information to the public.
A report by Merritt Research Services released on Thursday found it took an average of 141.3 days for municipal bond issuers to complete audited financial reports for fiscal 2010, which ended for most in June 2010. That was only a slight dip from the average of 141.6 days in fiscal 2009.
WASHINGTON (Reuters) – President Barack Obama’s latest economic plan could save or create up to 400,000 education jobs, the White House said on Tuesday as Obama pushed his $447 billion plan to revive the economy.
Obama’s proposed American Jobs Act would provide $30 billion for state and local efforts to retain, rehire and hire educators, supporting 392,400 jobs, according to projections released by the Education Department and White House Council of Economic Advisers.
WASHINGTON (Reuters) – A Republican leader in Congress was poised on Tuesday to introduce legislation to strip the Federal Reserve of its mandate to ensure full employment, the latest bid in Washington to clip the central bank’s powers.
Representative Kevin Brady told a hearing of Congress’s Joint Economic Committee that restricting the Fed’s mandate to price stability would not mean the issue of employment would be ignored.
WASHINGTON (Reuters) – To fix their persistent pension problems, some U.S. states are looking to reshape their retirement plans to resemble those in the private sector, but they may find may employees resistant and the savings elusive.
Over the last few decades, the private sector has ditched traditional pension plans with their defined benefits. They have been replaced with defined contribution accounts, such as 401(k)s, in which employees allocate a set amount each month to invest — often partly matched by employers — and then cash out at retirement.