WHAT SHOULD I BE DOING INSTEAD OF THIS?
 
 
by German Lopez 12.27.2013 118 days ago
Posted In: News, Economy, Streetcar at 09:41 AM | Permalink | Comments (0)
 
 
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Morning News and Stuff

Streetcar construction restarts, minimum wage hike incoming, jobless benefits to expire

Construction on the $132.8 million streetcar project restarted yesterday, marking an end to the nearly two-month drama brought on by Mayor John Cranley’s election and his threats of cancellation. City Council paused the project for a little more than three weeks to conduct an audit on its costs, but the legislative body agreed to restart construction last week after receiving a signed agreement from the Haile Foundation that the philanthropic group will provide $9 million over 10 years to help pay for $3.13-$3.54 million in annual operating costs. An automatic increase on Ohio’s minimum wage at the start of the new year will benefit 330,000 Ohioans, according to an analysis from the Economic Policy Institute (EPI). The higher wages should translate to a better economy for all Ohioans: EPI found the automatic increase will generate nearly $39 million in economic impact and 300 full-time jobs. Since a voter-approved measure in 2006, Ohio has been among several states who peg the minimum wage to increases in the cost of living.More than 36,000 Ohioans will lose emergency unemployment benefits for the long-term unemployed tomorrow following a lack of congressional action, according to left-leaning think tank Policy Matters Ohio. The emergency benefits were passed by Congress at the start of the Great Recession to help those hit worse by the economic downturn, but Congress failed to extend the benefits before it recessed for the holidays despite lingering signs of a weakened economy. Without the extension, Ohioans can tap into just 26 weeks of state-provided jobless aid; federally funded emergency benefits give the unemployed another 37 weeks to find work before losing government assistance.Here are CityBeat’s top stories of 2013.The annual review of the two-year state budget could include income tax cuts, said Ohio’s tax chief. The statement follows Gov. John Kasich’s announced push for another income tax cut to help spur Ohio’s slowing economy. The Republican governor signed a state budget that reduced taxes — particularly for the wealthy — earlier in the year, but Ohio’s economy still slowed down in the past few months as the state unemployment rate surpassed the national rate for the first time in years.With the Ohio Supreme Court’s rejection last week of a challenge to the state’s federally funded Medicaid expansion, conservatives are conceding the battle is “over with” for now. Gov. Kasich pursued the federally funded expansion without approval from the General Assembly by going through the seven-member Controlling Board, but Republicans, who largely opposed the expansion of a government-run health care program from the start, fought against the board’s approval in court.Gov. Kasich was “stingy” with his clemency powers during his third year in office, according to The Columbus Dispatch. Even though a review found Cintrifuse is a “Lead Applicant with strong position within SW Ohio entrepreneurial ecosystem,” Ohio Third Frontier denied state tax credits for the local startup incubator because, according to the state review group, Cintrifuse maintains an unrealistic goal to scale to 60 tenants in its first year and lacks strategy or process for the incubator services, graduation focus, an adequate staffing plan and a defined tenant award process. Delta briefly provided very low air fares following a technical error yesterday. Much to scientists’ frustration, 2014 could be a bad year for the flu after the adaptive virus evolves.Follow CityBeat on Twitter:• Main: @CityBeatCincy • News: @CityBeat_News • Music: @CityBeatMusic • German Lopez: @germanrlopez
 
 
by German Lopez 12.26.2013 119 days ago
Posted In: News, Economy at 11:48 AM | Permalink | Comments (0)
 
 
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Report: Minimum Wage Increase to Benefit 330,000 Ohioans

Advocates argue minimum wage increases spur economic growth

When Ohio’s minimum wage automatically increases by 10 cents to $7.95 per hour at the start of 2014, roughly 330,000 workers will receive raises across the state, according to an analysis from the Economic Policy Institute (EPI). That could be good news for all of Ohio: EPI found the minimum wage increase will benefit the rest of the state through nearly $39 million in economic impact and 300 new full-time jobs. “Ohio workers and the Ohio economy will both benefit from this raise for our lowest-paid neighbors,” said Amy Hanauer, executive director of left-leaning think tank Policy Matters Ohio, in a statement. “The employees who benefit will turn around and spend money in our communities, stimulating growth here.” The automatic increase is a result of a constitutional amendment approved by Ohio voters in 2006 that hiked the minimum wage to $6.85 per hour and pegged it to rises in the cost of living. Ohio isn’t alone in the increase, however. Policy Matters estimates 10 other states — Arizona, Colorado, Florida, Montana, Missouri, Nevada, Oregon, Vermont, Washington and New Jersey — automatically increase their minimum wages each year to keep up with inflation. The nationwide minimum wage hikes “will generate over $619 million in new economic activity and support creation of 4,600 new full-time jobs as businesses expand to meet increased consumer demand,” according to Policy Matters. The projections come at a time progressives are working on the national stage to increase the federal minimum wage, which, at $7.25 per hour, is becoming increasingly irrelevant as Congress fails to keep up with many states’ minimum wage expansions. President Barack Obama’s Fair Minimum Wage Law would raise the federal minimum wage to $10.10 per hour by 2015 and — perhaps most importantly — ensure the minimum wage increases each year to keep up with the cost of living. The left-leaning National Employment Law Project estimates the hike would help 30 million Americans and help grow the economy. Opponents argue a minimum wage increase, especially one as rapid as Obama’s proposal, would burden businesses with considerably higher labor costs. They argue companies would drop employees or raise prices to cope with higher expenses. Advocates typically tout a minimum wage hike as a matter of basic fairness. They claim the federal minimum wage would be $10.55 per hour today if it kept up with inflation. Meanwhile, the economics research on the effects of the minimum wage is fairly mixed. Some studies linked higher minimum wages to less employment, while other studies found no effects at all.
 
 

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