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Economic Fallout

All articles tagged with #economic fallout

business2 years ago•4 min saved

UPS Workers Vote to Authorize Nationwide Strike Amidst Heat Safety Concerns.

United Parcel Service workers in the US have authorized their union, the International Brotherhood of Teamsters, to call a strike as soon as August 1, after the current contract expires. Negotiations began in April but have yet to resolve pay. A UPS strike could have significant economic fallout, as the company handles about one-quarter of the tens of millions of parcels shipped each day in the US. The two sides have reached tentative agreements on a number of issues since they began negotiating a national contract in April, most recently on heat safety, but have yet to tackle pay increases.

via The New York Times|

#business #contract-negotiations #economic-fallout

politics2 years ago•2 min saved

Yellen warns of potential U.S. cash shortage by June 1.

US Treasury Secretary Janet Yellen has warned Congress that the US could default on its debt as early as June 1 if the debt limit is not raised or suspended. The White House and congressional leaders are set to meet to discuss potential spending cuts in exchange for a debt ceiling hike. President Joe Biden is optimistic about reaching a deal with Republicans, but House Minority Leader Kevin McCarthy has said that they are still far apart. Yellen emphasized the urgency of the situation, warning that waiting until the last minute could cause serious harm to business and consumer confidence and negatively impact the credit rating of the United States.

via CNBC|

#congress #economic-fallout #janet-yellen

economy2 years ago•3 min saved

US Debt Ceiling Standoff Threatens States' Economies and Healthcare Systems

Moody's Analytics chief economist Mark Zandi said that most state economies will be hit hard if there is a debt limit breach, although the economic pain varies. Washington, D.C., where 1 in 4 jobs are tied to the federal government, would be hardest hit, becoming the "poster child" for a financial disaster. States with large federal facilities, such as national laboratories or military bases, would be next in line. Even a short debt ceiling breach, in which the government defaults for less than a week before lawmakers raise the government's borrowing limit, would likely push the economy into a recession, according to Moody's.

via CBS News|

#debt-ceiling #economic-fallout #economy