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News Archive
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Local Economy
February 17, 2009
Knocks on budget make Nutter open up
Mayor Nutter is opening up the city's budget process to public opinion.
February 17, 2009
A Nutter crisis
The dire fiscal state of the city has overshadowed the first year of Mayor Nutter's successes as mayor.
February 15, 2009
Turning to the Public for Advice on a Budget
In public opinion forums residents seem divided on how to close the budget gap.
February 13, 2009
Nutter prepares city for a tough budget
500 resident showed up to discuss ideas on how to close the city's budget gap. They left notes on the Wailing Wall for Mayor Nutter.
February 13, 2009
From City Hall to Holmesburg, it's all about the budget
Mayor Nutter provided citizens with two chances to participate yesterday in the city budget - a PhillyStat meeting and a community workshop in the Northeast.
February 13, 2009
Philadelphia may be in a cash crunch, but there is no hiring freeze at Philadelphia City Council.
Philadelphia City Council hired four new staffers last month to fill existing vacancies.
February 12, 2009
Phila. Residents to Play Mayor at Series of Public Forums
Mayor Nutter is giving citizens the chance to participate in Philadelphia's budget cuts with the first "Tough Times, Tough Choices" Workshop schedule tonight in the Northeast.
February 12, 2009
Councilman Addresses City's Budget
A morning interview with Councilman Frank Rizzo discussing the city's budget crisis.
February 12, 2009
Mayor Nutter goes to D.C. to lobby for stimulus
Mayor Nutter went to Washington D.C. asking that some of the language be changed in the stimulus package so it would benefit city's.
February 12, 2009
Council ponders: Expand Community Court ... or cut its budget?
City Council heard arguments yesterday about expanding Community Court for nonviolent crimes. But the City's current budget crisis could eliminate Community Court.
February 11, 2009
Nutter says new overhaul of Phila. taxes ahead
Mayor Nutter reached out to the business community yesterday asking for their help in creating a task force to overhaul the city's current tax system. He also asked them to contribute to the splash and summer fund as well as the city's mortgage foreclosure program.
February 11, 2009
Nutter creates tax task force
Mayor Nutter is creating a 15-person group to review city taxes and issues. They will be providing a report by September 14th.
February 11, 2009
Nutter ends appeal over library closings
The Nutter administration withdrew its appeal that stopped the mayor from closing any libraries without City Council's approval.
February 10, 2009
Painting scenarios, mayor tells Council of tiers of possible cuts
In a four hour discussion Mayor Nutter presented to city council scenarios from each department how to close the $1 billion budget gap in it's five year plan.
February 10, 2009
Council members hear Nutter's budget-cut scenarios
City Council learned yesterday from Mayor Nutter what potential sacrifices each city department will have to make to close the billion-dollar budget.
February 10, 2009
Decisions for Philadelphia
Robert P. Inman a professor from Wharton School offers some guidelines on the tough choices that need to be made by the City of Philadelphia.
February 10, 2009
Cutting costs, judge quashes the morning nosh for jury pool
In an effort to save the city $104,000 a year The First Judicial District cut out morning coffee and doughnuts for the jury pool.
February 9, 2009
Nutter's crisis up there with 1980 and 1992
Mayor Nutter’s budget crisis is equal to the gap Rendell had to close in his first five year plan in 1992. But the current economic crisis has created a bigger problem for Mayor Nutter with no light at the end of the tunnel.
February 9, 2009
Phila. aims $13 million at small business, developers
The City of Philadelphia is investing $13 million to aid developers and small businesses in targeted areas of the city. Money for the program comes from bonds issued in 2007 and will not affect the city budget.
Regional Economy
February 13, 2009
Rendell says Pa. escaped disaster
The additional 1,500 layoffs are adverted due to the new stimulus bill.
February 13, 2009
Cost of saving Darby library: $5 per head
$5 per Darby resident once a year could save the oldest American Library.
February 11, 2009
Stimulus bill could mean pain in Pa.
Gov. Rendell warns that if the Senate version of the stimulus bill passes that would mean less funding for Pennsylvania which translates to 1,500 additional layoffs, less money for hospitals, nursing homes and education.
February 9, 2009
Rendell ax falls on slew of programs
The cuts, many affecting the Philadelphia region, are inevitable in order to deal with a merciless fiscal crunch in a downtrodden economy, Rendell said.
National Economy
February 17, 2009
Cities may have to wait longer for stimulus money
With stimulus money filtering through the states first the money will trickle down slowly into city's budgets.
February 17, 2009
California to begin layoffs proceedings today
California government was one vote away from having to layoff 20,000 state workers to fill the budget gap. But parties couldn't agree to temporary taxes increases to fill the budget gap. In additional to the layoffs California has to halt all public works projects which will result in thousands of construction workers being out of jobs.
February 13, 2009
Stimulus: How it may affect your wallet
The new stimulus bill could effect our paychecks; up to $800 per dual-earners, tax returns; deductions for first time home buyers, new car buyers, increase in earned income taxes, unemployment benefits; additional weeks, and a $25 increase, and health insurance; subsidize 65% Corba premiums for up to 9 months.
February 12, 2009
Number of New Jobless Claims Drops, Slightly, to 623,000
New claims for unemployment benefits dropped slightly last week but still remains at an all time high.
February 12, 2009
Pay cuts refused, New Bedford faces layoffs
In New Bedford, Massachusetts police and municipal unions rejected a 10% paycut for fiscal year 2010 the city maybe forced to layoff 200.
February 12, 2009
Schwarzenegger, legislative leaders settle on budget framework
Calif. government laid out a budget framework that includes increasing taxes and lowering investments in schools and other programs to close the $42 billion budget gap.
February 11, 2009
NYPD plans to cut early 2010 police academy
NYPD canceled it's 2010 academy class to help shrink their budget.
February 11, 2009
Schwarzenegger says state worker layoffs looming
If California doesn't reach an agreement with the budget deficit by the end of the week 20,000 state workers will lose their jobs.
February 11, 2009
What got cut from the stimulus bill
To trim billions from the stimulus bill, the government partially or entirely eliminated various programs.
February 10, 2009
Calif. governor sues to furlough more workers
Gov. Schwarzenegger wants to furlough 15,000 more staff to save an additional $93.2m.
February 10, 2009
As Aid Vote Nears, Governors Dial for Dollars
With many states facing declining revenues and increased costs Governors are turning towards the Senate to change their position on the Economic Stimulus package.
February 10, 2009
Jobs may rebound in 2010
Interactive Map by Moody’s Economy.com that shows U.S. employment growing in 2010 – 2012. But it varies from state to state and by job sector.
February 9, 2009
Obama Team Counts on Public Polling to Push Economic Plan Through Washington
President Obama turns to public opinion to help push his economic stimulus bill.
Global Economy
February 17, 2009
Return of jobless strains China
Chinese government fears protests as millions of young migrant workers return back home from their urban jobs after being layoff and having no new prospects.
February 13, 2009
Europe hit by economic slowdown
The economic slowdown has effect countries from Germany to Portugal to France.
February 12, 2009
Laid-Off Foreigners Flee as Dubai Spirals Down
Debt-ridden foreigners are fleeing the Persian Gulf city after they are laid-off in fear that they will be imprisoned for not paying their debt. It is against the law in Dubai not to pay your bills.
February 12, 2009
Australian stimulus plan blocked
The Australian Senate rejected the 42 billion dollar stimulus plan saying it costs too much.
February 12, 2009
Job prospects in 2009 'alarming'
One in three UK employers plan to make job cut in the first three months of 2009.
February 11, 2009
Chinese Exports Plummet in January
Exports are down 17.5% from last year in China. But experts agree China is fairing better then neighboring countries.
February 9, 2009
French carmakers get 6.5bn euros
France is going to give three automakers money with the stipulation that they keep the French sites opened. The auto industry is one of the biggest employers in France.