economy

Income
7:59 am
Wed July 30, 2014

New York Skyscraper's Separate 'Poor Door' Called A Disgrace

Lower-income residents may find affordable housing hard to come by in Manhattan.
Seth Wenig AP

Originally published on Sat August 2, 2014 2:50 pm

New York City Mayor Bill de Blasio's administration is under fire for signing off on a building plan that allows a new luxury high-rise on Manhattan's western edge to have a separate entrance for low-income residents.

About 20 percent of the units in the 33-story tower will be reserved for low- and middle-income residents. But all the affordable units will be grouped in one area, and those tenants will have to enter through a separate door.

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Code Switch
10:03 pm
Sat July 26, 2014

Dueling Markets Show Native American Art Is Big Business

An estimated 175,000 people travel to New Mexico in August to view Native American art.
Larry Lamsa Flickr

Originally published on Mon July 28, 2014 3:26 pm

The 93rd annual Santa Fe Indian Market is only a month away. It's the biggest and best-known destination for Native artists and Native art collectors on the planet, and this year, it's got competition — a new event called the Indigenous Fine Arts Market.

Native American art and culture is big business. If you don't believe that, look no further than the controversial or illegal sides of the market. If you've been paying attention over the last year, you've seen some lurid and fascinating headlines:

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Reversing Outsourcing
11:33 am
Fri July 25, 2014

Sen. Murphy Urges Support for Bring Jobs Home Act

Sen. Chris Murphy (D-CT) in a file photo.
Credit Chion Wolf / WNPR

U.S. Senator Chris Murphy hopes for a strong vote in the Senate this week on the Bring Jobs Home Act. The bill would take away the ability for businesses to get a tax break for sending jobs overseas, and instead incentivizes companies to bring jobs back to the United States.

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Playing Ball
3:58 pm
Mon July 21, 2014

For Stadium, Hartford to Buy Back Land It Once Owned

A rendering of the proposed baseball stadium.
Credit City of Hartford

Hartford Mayor Pedro Segarra needs to buy two acres of vacant land to help make his plan for a minor league baseball stadium a reality. That land, however, has a complicated history. 

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Job Growth
12:25 pm
Sat July 19, 2014

States That Raised Minimum Wage See Faster Job Growth, Report Says

Seattle Mayor Ed Murray (right) and Seattle City Council President Tim Burgess cut a cake to celebrate city's raised minimum wage.
Ted S. Warren AP

Originally published on Fri August 1, 2014 10:24 am

New data released by the Department of Labor shows that raising the minimum wage in some states does not appear to have had a negative impact on job growth, contrary to what critics said would happen.

In a report on Friday, the 13 states that raised their minimum wages on Jan. 1 have added jobs at a faster pace than those that did not. The data run counter to a Congressional Budget Office report in February that said raising the minimum wage to $10.10 an hour, as the White House supports, could cost as many as 500,000 jobs.

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Technology Industry
8:33 am
Thu July 17, 2014

Microsoft Will Cut As Many As 18,000 Jobs

Originally published on Thu July 17, 2014 9:23 am

A large layoff is under way at Microsoft, as the technology company says it will cut 13,000 jobs in the next six months. All but 500 of the layoffs are related to the Nokia phone division the company acquired in April. Microsoft says it might shed as many as 18,000 jobs as it restructures itself.

The company says it will complete most of the layoffs by the end of this year, and complete the restructuring by next June.

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White House
5:46 pm
Wed July 16, 2014

U.S. Sanctions Major Russian Banks And Energy Companies

Ukrainian Prime Minister Arseniy Yatsenyuk visits forces stationed near the small city of Izyum on Wednesday.
Sergey Bobok AFP/Getty Images

Originally published on Thu July 17, 2014 8:18 am

President Obama outlined a new package of sanctions against Russian firms and individuals on Wednesday.

"These sanctions are significant but also targeted," Obama said. "Russia will see that its actions in Ukraine have consequences."

The administration targeted large banks, as well as energy and defense firms. The sanctions stopped short of covering entire sectors of the Russian economy.

Obama said they were designed to inflict pain on Russia without harming U.S. companies or the nation's allies.

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Where We Live
9:00 am
Wed July 16, 2014

The Wheelhouse Only Watches TV for the Political Ads

The Wheelhouse will break down the new political ads flooding the airwaves.
Credit James Vaughan / Creative Commons

Connecticut is fully engulfed in campaign ad season and candidates are already spending big money to get the message out to voters. What's the message? "Like me! The other guy, not so much." On our weekly news roundtable The Wheelhouse, Colin McEnroe guest hosts a conversation with a panel of reporters and political analysts to catch you up on the week’s news.

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Subprime Mortgages
7:53 am
Mon July 14, 2014

Citigroup Agrees To Pay $7 Billion To Resolve Mortgage Probe

Citigroup has agreed to pay $7 billion to settle a federal investigation into subprime mortgages it sold in the run-up to the financial meltdown of 2008.
Kiichiro Sato AP

Originally published on Mon July 14, 2014 11:53 am

Citigroup said Monday it had agreed to pay $7 billion to settle a federal investigation into subprime mortgages it sold in the run-up to the financial meltdown of 2008.

The deal covers mortgage-backed securities and collateralized debt obligations issued, structured or underwritten by Citi between 2003 and 2008, the company said in a statement on its website.

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Bottom Five
11:02 pm
Wed July 2, 2014

Business Climate: Is Connecticut Really That Bad?

Perception or reality?

A recent study saw Connecticut drop once again in the ranking of business-friendly states. According to CNBC, we’re now among the bottom five states in the nation in terms of our business climate.

There is a view out there, however, that things may not be so bad after all.

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Deadline Approaches
3:10 pm
Wed July 2, 2014

Want to Build a Stadium and a Neighborhood? You'd Better Hurry

View of the proposed baseball stadium and surrounding development.
City of Hartford

Developers who want to build a minor league baseball stadium and other surrounding buildings in the capital city aren't going to have a relaxing July.

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Where We Live
9:00 am
Wed July 2, 2014

The Wheelhouse: Health Insurance; Charter Schools; Bridgewater Turns The Car Around

The Supreme Court of the United States.
Credit Mark Fischer / Creative Commons

It looks like the world'’s largest hedge fund won'’t build a new headquarters in Stamford…. What does that say about the state'’s economic development plans? A charter school organization faces investigations of its finances and operations. What does it say about the school reform movement? We’'ll look at those stories, plus the Supreme Court ruling on the Affordable Care Act's contraception mandate, and whether the employer-based insurance model makes sense today.

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Globalization
7:50 am
Fri June 20, 2014

Fairfield County a Mecca for Foreign Investment

Many of Stamford's finance jobs are provided by foreign-owned firms
DBen Wikimedia Commons

Fairfield County had the highest proportion of employment provided by foreign-owned companies of any metro region in the country. The figures came in a new study on the impact of overseas investment in the U.S.

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We Be Jammin'
2:55 pm
Thu June 12, 2014

Could Tolls End the I-95 Traffic Nightmare Through Connecticut?

A picture of the high-speed tolling system on CityLink, a network of tolled urban Freeways in Melbourne, Australia.
Contributed Photo Connecticut Department of Transporation

Highway tolls are again being discussed in Connecticut as part of an 18-month study conducted by the state Department of Transportation. It's got road planners asking an interesting question, can one type of toll actually reduce traffic?

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State Growth
9:21 am
Thu June 12, 2014

Connecticut Economy: Good News! We're Not Dead Last

Credit Tracy O / Creative Commons

Connecticut's economy is showing positive growth, but it's very modest, according to newly-revised figures from the federal government.

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Where We Live
9:00 am
Wed June 11, 2014

The Wheelhouse: Public Policy in the Dark; Metro-North Problems; and Resolution in East Haven

Hartford Mayor Pedro Segarra announces the deal to bring baseball to town.
Credit Jeff Cohen / WNPR

Hartford’s “done deal” on minor league baseball once again has our weekly news roundtable The Wheelhouse thinking about the process behind government decisions. The plan to bring the New Britain Rock Cats' franchise to town was months in the making behind closed doors. 

We also check in on East Haven where a racial discrimination settlement was reached, closing another chapter in the painful history of the town. A very old bridge is creating new problems for Metro-North commuters down the shoreline too and officials are pointing fingers.

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Polish Stories
9:57 am
Thu June 5, 2014

Poland's Anniversary of Democracy a Time to Remember

Lech Wałęsa speaks at Gdańsk Shipyard's gate during the strike of 1980.
Polish magazine "Znak" Creative Commons

This week's big anniversaries of the Normandy Beach invasion 70 years ago, and the crackdown in Tiananmen Square 25 years ago have taken away from another important milestone: the 25th anniversary of Polish freedom from Communist rule. 

President Obama marked the anniversary in a speech, but the real reason for his visit was to highlight the success of Poland in the last quarter-century, while vowing NATO support for Ukraine in its struggle for independence from Russian influence. 

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Connecticut First
5:30 pm
Tue May 20, 2014

Malloy Commemorates Sexual Assault Bill; $3.5 Million in Grants Awarded to Municipalities

Governor Dannel Malloy commemorated passage of  a new law strengthening sexual assault prevention and response on college campuses. He held a ceremony today at the offices of the Connecticut Sexual Assault Crisis Services in East Hartford.

Municipalities Awarded Grants 

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Where We Live
9:00 am
Thu May 15, 2014

Promises, Promises, Promises: Who Keeps Them?

President Barack Obama
Credit Chion Wolf / WNPR

Promises, promises -- all politicians make them, but they don't always keep them. Just last month, Gov. Dan Malloy canceled the $55 tax rebate he’d promised residents earlier this year. 

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Regulating Risk
11:50 am
Thu May 8, 2014

Former U.S. Treasury Secretary Geithner to Speak at Yale

Timothy Geithner at the United States Department of Treasury in 2009.
White House

Former Treasury Secretary Timothy Geithner will give a lecture series at Yale this fall, based on his experiences during the financial crash.

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Climate Change
9:08 am
Tue May 6, 2014

New Report Finds Climate Change Already Having Broad Impact

People survey the damage on Scenic Highway in Pensacola, Fla., after part of it collapsed following heavy rains and flash flooding on April 30.
Marianna Massey Getty Images

Originally published on Tue May 6, 2014 11:22 am

A new U.S. government report released Tuesday finds that climate change is already having a broad impact on both weather and the economy.

NPR's Elizabeth Shogren tells our Newscast unit the third National Climate Assessment is the most comprehensive look at climate change that the government has ever produced. It was put together by more than 300 experts "guided by a 60-member Federal Advisory Committee."

She filed this report for our Newscast unit:

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Where We Live
9:00 am
Tue May 6, 2014

Saving For a New Kind of Retirement

Steven Depolo Creative Commons

After decades of stagnant incomes, the inability to save, and disappearing pensions, 75 percent of Americans nearing retirement have less than $30,000 saved, which won’t last long. One third of Connecticut residents are baby boomers -- a big demographic that is headed straight towards retirement. In fact, Connecticut’s population of 65 and up is growing ten times faster than the general population.

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College
6:03 am
Tue May 6, 2014

Poll: Prestigious Colleges Won't Make You Happier In Life Or Work

Harvard's Hasty Pudding Theatricals. According to a recent Gallup poll, only 2 percent of college graduates with $20,000 to $40,000 in undergraduate loans said they were "thriving."
TPapi Flickr

Originally published on Tue May 6, 2014 9:38 am

There's plenty of anxiety in the U.S. over getting into a top college. But a new Gallup poll suggests that, later in life, it doesn't matter nearly as much as we think. In fact, when you ask college graduates whether they're "engaged" with their work or "thriving" in all aspects of their lives, their responses don't vary one bit whether they went to a prestigious college or not.

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Connecticut First
6:13 pm
Thu April 17, 2014

Examining the State's Heroin Problem; Danbury's Economic Boost; Republicans' Alternative Budget

Heroin use is rising at an alarming rate here in Connecticut and in the northeast. According to U.S. Representative Elizabeth Esty, 257 state residents have died from heroin overdoses, many in her district, which covers Torrington and Waterbury. Thursday, Esty met with the mayors of those two cities, along with law enforcement and public health professionals to explore options to combat the problem. 

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Tax Day
4:56 pm
Tue April 15, 2014

Sending Money On An Overseas Round Trip To Avoid Taxes

Round-tripping occurs when American citizens open bank accounts in tax havens such as the Cayman Islands, funnel money into the accounts and then use it to buy stocks and bonds back in the U.S.
David McFadden AP

Originally published on Tue April 15, 2014 6:03 pm

Some investors avoid paying taxes in a move called round-tripping — sending money offshore, then investing it in U.S. stocks or bonds. A study estimates it costs the U.S. billions in lost revenues.

Recently, MIT professor Michelle Hanlon and two colleagues set out to find out all they could about round-tripping.

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U.S. Economy
8:56 am
Wed April 2, 2014

Job Growth Picked Up Some Speed In March, Survey Signals

Kiara Crawford, Brittney Winkler and Jessyca Freeman (left to right) were among those applying for work last month at a job fair in Washington, D.C. Early data from that month signal that job growth may have gained some speed.
Chip Somodevilla Getty Images

The first slice of data about job growth in March offers some hope that the U.S. labor market gained some strength:

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Where We Live
9:00 am
Mon March 31, 2014

Saving For a New Kind of Retirement

Steven Depolo Creative Commons

After decades of stagnant incomes, the inability to save, and disappearing pensions, 75 percent of Americans nearing retirement have less than $30,000 saved, which won’t last long. One third of Connecticut residents are baby boomers -- a big demographic that is headed straight towards retirement. In fact, Connecticut’s population of 65 and up is growing ten times faster than the general population.

Read more
The Colin McEnroe Show
10:00 am
Wed March 26, 2014

Secrets of the Sea

Credit Jagadhatri / Wikimedia Commons

   I get way too much of my information from movies and  this year large container ships played a role in two major films.

The first was Captain Phillips, an account of piracy in the Indian Ocean. The problem with that movie is that it didn't ask any fundamental questions about the method of moving stuff around.

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Economic Forecast
6:09 am
Mon March 24, 2014

After Winter's Chill, Economists Predict A Warming Trend

A cold, snowy winter in most of the country hurt economic growth, but forecasters see conditions improving for the rest of the year.
iStockphoto.com

Originally published on Mon March 24, 2014 12:09 am

Somewhere under all of that melting snow, there's a warming economy.

"Adverse weather conditions" have hurt economic growth so far this year, but things are headed in the right direction now, according to a forecast released Monday by the National Association for Business Economics.

"Conditions in a variety of areas — including labor, consumer and housing markets — are expected to improve over the next two years, while inflation remains tame," Jack Kleinhenz, NABE president and chief economist for the National Retail Federation, said in a statement.

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U.S. Economy
9:34 am
Fri March 7, 2014

Jobless Rate Ticks Up, But Job Growth Is Better Than Expected

The scene at a job fair for veterans earlier this year in Washington, D.C.
Mark Wilson Getty Images

Originally published on Fri March 7, 2014 11:14 am

This post has been updated.

The nation's unemployment rate edged up to 6.7 percent in February from 6.6 percent the month before, but employers added more jobs than expected, the Bureau of Labor Statistics said Friday.

According to BLS, the number of jobs on public and private payrolls grew by 175,000 last month — about 25,000 more than economists had expected.

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