Latest Recessions and depressions News

Political hero's death overshadows Australian campaign

May. 16, 2019 11:44 PM EDT

CANBERRA, Australia (AP) — Australia's opposition leader said he wants to win elections on Saturday for his Australian political hero whose death overshadows the final days of campaigning. The death of former Prime Minister Bob Hawke at his Sydney home on Thursday has turned the national focus to the...

Ex-Australian Prime Minister Bob Hawke dies at age 89

May. 16, 2019 7:54 AM EDT

CANBERRA, Australia (AP) — Bob Hawke, Australia's longest-serving Labor Party prime minister, whose charisma and powers of persuasion earned him near-folk hero status among many Australians, died on Thursday, his wife said. He was 89. The former union leader dedicated much of his political career to trade...

Oregon sees huge windfall in tax revenue

May. 15, 2019 2:51 PM EDT

SALEM, Ore. (AP) — As Oregon continues to rake in historic amounts of revenue, state economists warned Wednesday that budgeters should plan wisely as a recession could be over the horizon. The state will take in nearly $870 million more than what was initially forecasted just three months ago, according to...

Trump faces backlash over plan to dip into Pell reserves

May. 14, 2019 6:43 PM EDT

Education advocates say a Trump administration plan to use federal Pell Grant money to fund space exploration would jeopardize aid for future college students and could trigger a budgeting crisis within just a few years. The plan aims to redirect $1.9 billion from a Pell Grant surplus to jumpstart other projects,...

NC revenue surplus lowered slightly, still largest in years

May. 14, 2019 6:25 PM EDT

RALEIGH, N.C. (AP) — Much of the surge in North Carolina income tax collections this spring can't be counted on to repeat in 2020 and 2021, state government economists said Tuesday. That could limit options on further spending or tax breaks in the upcoming two-year budget. An updated examination of April...

A Sioux Falls recycler flourishes amid struggling industry

May. 13, 2019 1:05 AM EDT

SIOUX FALLS, S.D. (AP) — Jake Anderson kept the house he owned in the Twin Cities when he moved away to start his own recycling business. After working in the industry for a Minnesota-based company, Anderson bought a small recycling company in Sioux Falls that had fallen on hard times and moved into a...

Stocks rebound as hopes rise that trade tensions will ease

May. 10, 2019 5:08 PM EDT

Wall Street capped a turbulent week with a late-day rally Friday after shaking off an early slump triggered by the latest escalation in the trade war between the U.S. and China. The market fell sharply in the early going after the U.S. raised tariffs on $200 billion worth of Chinese goods when negotiators failed...

New budget proposal tackles homelessness in California

May. 9, 2019 8:48 PM EDT

SACRAMENTO, Calif. (AP) — Calling it "a stain on the state of California," Gov. Gavin Newsom on Thursday vowed to use part of a historic budget surplus to tackle homelessness in the nation's most prosperous state. "This homeless issue is out of control," Newsom told reporters on as he unveiled his revised...

Board extends power to cover Puerto Rico's 78 municipalities

May. 9, 2019 12:28 PM EDT

SAN JUAN, Puerto Rico (AP) — A federal control board that oversees Puerto Rico's finances voted on Thursday to extend its power and bring all of the U.S. territory's 78 municipalities under its supervision for the first time. The board announced that it also will require fiscal plans and budgets from 10 of...

California Editorial Rdp

May. 8, 2019 4:21 PM EDT

May 4 Los Angeles Times on restoring slashed Medi-Cal benefits: When the last recession plunged the state government into a multibillion-dollar hole, California lawmakers were forced to cut deeply into numerous valuable programs just to make ends meet. Many of those cuts were penny-wise and pound-foolish,...