IT spending – Infogima Wed, 22 Sep 2021 10:13:28 +0000 en-US hourly 1 IT spending – Infogima 32 32 Our point of view: Expenses | Don’t play politics with the debt ceiling | Editorials Wed, 22 Sep 2021 10:00:00 +0000

Once again, Congress is playing a dangerous game with raising the US debt ceiling.

We all know this is inevitable, as we all want to fund our favorite programs, be it military spending or the social safety net. But the continual threat of not increasing the debt when we all benefit from it is pointless.

Senate Minority Leader Mitch McConnell, R-Ky., Is the latest tax bomb thrower, saying Republicans will not support raising the debt ceiling. That requires 60 votes in the chamber, which means 10 Republicans are expected to sign.

The House passed the measure on Tuesday night in a party line vote. The Senate seems to be a more difficult obstacle,

McConnell says he opposes the $ 3.5 trillion spending plan the Democrats have proposed in their broader plan, though many Republicans have signed on to the bipartisan $ 1,000 billion infrastructure bill who is now in the House. We have to remember that the COVID relief plan that Republicans backed late last year added $ 900 billion in spending.

And while Republicans did not back the $ 1.9 trillion COVID relief bill that Congressional Democrats and President Joe Biden backed earlier this year that brought relief to working families, they passed a $ 1.5 trillion tax bill that provided generous tax breaks for businesses and the wealthy in 2017.

So let’s just call the spending “excessive” even with both parties.

Democrats have now introduced a bill that keeps government spending at current levels through the end of the year, provides some hurricane relief, and extends the debt ceiling. It’s a reasonable approach, similar to the approaches Republicans have taken in the past when they needed Democrat support. Democrats say they expect some Republicans to support their efforts like they have supported their counterparts in the past. It seems fair.

Without an increase in the debt ceiling, the US Treasury would have to start paying US debt with funds as they arrive and could default on some of its obligations.

“It would likely precipitate a historic financial crisis,” Treasury Secretary Janet Yellen recently wrote in the Wall Street Journal.

Approving a high debt ceiling should not be a partisan issue. It is necessary to help the United States to pay the obligations arising from the expenses financed by the two parties.

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“More spending, more deficits, duller GDP growth”: reaction to election results Tue, 21 Sep 2021 17:03:57 +0000

It was a federal election that put Prime Minister Justin Trudeau back to where he left, more than a month and millions and millions of dollars in the works: another minority government.

With just one more seat for the Liberals after this election than the last in 2019, a new cabinet is expected to be announced in the coming days.

So where does that leave the turbulent state of Canada’s finances?

Here’s how economists and business leaders are reacting to the announcement of another term for Trudeau after election day:

Ryan Lewenza, Senior Vice President and Portfolio Manager at Turner Investments

I don’t see the Liberals getting out of this debt problem: portfolio manager

Ryan Lewenza, senior vice president and portfolio manager at Turner Investments, joins BNN Bloomberg to discuss the 2021 federal election results. He says he doesn’t see the government coming out of its debt problem, adding: “I think Canada will be in the same boat in 5 to 10 years as it was in the 90s.”

We now have exactly the same thing that we already had before this election. So for us it’s more spending, more deficits, duller GDP growth and probably, more taxes on the way.

What are the drivers of long-term economic growth? Population growth and productivity gains. We have no problem with population growth, which is what makes Canada possibly one of the largest countries in the world. But on the productivity side, that’s where I have concerns. Productivity continues to decline for a variety of reasons, one of which is investment. We continue to see a lack of long-term investment in Canada.

I think we’re going to be in the same boat in five to 10 years that we were in the 90s, when one party was Justin’s dad. [Pierre Trudeau] had spent so much money in the 70s and 80s that we had so much debt… It was unbearable.

When it comes to housing, it’s a question of supply and demand. And the demand is very robust, in part because of the population growth I mentioned. So supply is the problem. Obviously, we need to build more houses.

And a major problem here is that of interest rates. Historically, low central bank interest rates have contributed to the problem. Where in history have you seen a 20 percent year-over-year increase in national home prices, during the most difficult recession in nearly a century?

Kevin Page, former Parliamentary Budget Officer

There will be more pressure to increase the deficit in the years to come: former PBO

Kevin Page, President of the Institute of Public Finance and Democracy at the University of Ottawa and former Parliamentary Budget Officer, joins BNN Bloomberg to discuss his outlook for Canada’s financial outlook following the Party’s victory liberal in national elections. He notes that the government needs to start thinking about what investments Canada needs to boost confidence and growth in the economy.

Because we are reviewing a minority, every finance bill will again be a vote of confidence. The Liberals went through this for a few years and I am sure there will be many more.

It will take a few weeks for the dust to settle around the election. Immediately the transition will begin with a public service – they will prepare a speech from the throne. I think we can expect something like that from the end of October, when they will set the agenda for the next parliamentary session.

We will see many of the initiatives highlighted in the [election] platform and how they will go forward with it. I think we’ll see a mini-budget or fall update probably in November. I think the Liberals learned a lesson that, you know, a lot of people are wondering why we had this election. So I think they can’t afford to wait to move forward with these early initiatives.

There will be a lot of spending and a higher deficit than the PBO predicted a few months ago… How we cut these subsidies and budget support programs will really depend on our progress to actually reduce the number of infections. to COVID-19.

I think the Liberals can borrow some of the ideas from the Conservatives to start thinking about some of the investments we need to boost confidence and growth.

John Aiken, Research Manager for Canada at Barclays Bank

Banks were not the only sector to profit from it throughout the pandemic: analyst

John Aiken, Head of Research (Canada) at Barclays, joins BNN Bloomberg to discuss the impact of the liberal tax proposal on the financial sector. He notes that the targeted approach on Canadian banks and insurers is a shot at the sector that other sectors of the economy are not facing despite the profits being made amid the pandemic.

The proposed liberal surtax on Canadian banks has the initial reaction that it is negative, that it is a drag on bank profits.

The three percent tax is pretty significant, depending on how it all fits. At this time, we believe it will only apply to Canadian earnings. However, there are not enough details… We don’t know how it will be applied, we don’t know if it will be on profits, on capital, or how it will be distributed on financials.

Granted, there are a lot of spending initiatives in the Liberals’ platform, they must have paid for them somewhere, but we actually find it quite surprising that they target finance in particular, not just some of the other areas that did very well during the pandemic.

John Manley, Senior Advisor at Bennett Jones, Former Deputy Prime Minister and Former Minister of Finance

We need to make Canada a welcoming place to invest: John Manley

John Manley, senior adviser at Bennett Jones, former Deputy Prime Minister and former Minister of Finance joins Paul Bagnell in discussing how Canada should handle the amount of debt incurred as a result of the pandemic. He says, “The only way to manage this incredible amount of spending that arose during the pandemic is to see the economy grow, through investment.”

An unfortunate comment from Kim Campbell years ago that election campaigns are not a place to seriously discuss important issues seems to have played into this campaign.

I don’t think we see much appetite to cut spending. So the only way to deal with this incredible amount of spending that occurred during the pandemic is to see the economy grow. We’re going to have to get through this and that means the investment has to follow.

Foreign investment is one side of the coin, but retention of Canadian investment is another. A combination of tax policy and other policies – regulatory, in particular – has prompted many Canadian companies to invest abroad rather than here at home.

We need to turn the tide, we need to make Canada a welcoming place for investment, we need to reward innovation and resilience, and we need to reward success.

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IT Spending in Financial Services Market Size 2021 and Forecast to 2028 Tue, 21 Sep 2021 03:49:24 +0000

New Jersey, United States, The IT Spending in Financial Services market report provides information on the market size, share, trends, growth, cost structure, competitive landscape in the global market, market drivers, challenges and 2026 opportunities, capacity, revenue, and forecast. This report also includes the complete and in-depth study of the IT spending in financial services market with all its aspects influencing the market growth. This report is a comprehensive quantitative analysis of the IT Spending in Financial Services market and provides data to develop strategies to increase market growth and efficiency. The report covers the post-COVID-19 impact on various regions and major countries and on the future development of the industry is highlighted.

In addition, the global IT spending on financial services market is expected to grow at a CAGR of about XX% over the next five years, reach XX billion US $ in 2020, XX billion US $ in 2028

Scope of the report:

The report assesses the growth rate and market value based on market dynamics which are factors that drive growth. In-depth knowledge is based on the latest industry news, opportunities and trends.

Competition analysis

The report examines the marketing details of the global IT spending in financial services and offers a granular analysis of the various factors promoting or hindering the growth of the market. It relies on market-leading explanatory instruments to measure openings by anticipating the players. It also profiles the driving companies that work there and captures information about their earnings. Their item offers are taken into consideration when choosing the advertising department.

The years considered to estimate the market size during this study are as follows:

Year of history: 2015-2018

Baseline year: 2019

The forecast year 2021 to 2028

The main players covered by IT spending in financial services markets:

  • Accent
  • Bomber
  • IBM
  • SAP
  • Altran Technologies
  • Alstom
  • ABB
  • Hitachi
  • Alcatel Lucent
  • Huawei Technologies
  • Infosys
  • Indra Sistemas
  • Capgemini
  • DXC technology
  • Cisco Systems
  • TCS
  • GE Transport
  • CGI
  • Siemens

Market segmentation of IT spending in the financial services market:

IT spending in the financial services market is split by type and by application. For the period 2021-2028, the cross-industry growth provides accurate calculations and sales forecast by type and application in terms of volume and value. This analysis can help you grow your business by targeting qualified niche markets.

IT expenditure in the breakdown of the financial services market by type:

  • Services
  • Software
  • Equipment

IT Spending in Financial Services Market Split by Application:

  • Banks
  • Insurance
  • Other financial services

Scope of IT Spending in Financial Services Market Report

Report attribute Details
Market size available for years 2021 – 2028
Reference year considered 2021
Historical data 2015 – 2019
Forecast period 2021 – 2028
Quantitative units Revenue in millions of USD and CAGR from 2021 to 2027
Covered segments Types, applications, end users, etc.
Cover of the report Revenue forecast, company ranking, competitive landscape, growth factors and trends
Regional scope North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Scope of customization Free customization of the report (equivalent to 8 working days for analysts) with purchase. Add or change the scope of country, region and segment.
Price and purchase options Take advantage of personalized shopping options to meet your exact research needs. Explore purchasing options

Regional Market Analysis IT spending in financial services can be represented as follows:

The report covers a good range of ranges for better global market experiences and industry trends and forecasts. The report covers market models by product types, application regions and major vendors. The market affecting variables such as drivers, orders, and business openings has been carefully detailed during this report. Model review, review and market numbers have been awarded on both oversized scale and micro level. It also gives a general idea of ​​the strategies received by most of the competitors within the company. Other important variables, which act regionally and globally to affect market trends, have been included. These variables having an effect are the socio-political situation, environmental conditions, demography, legal organizations, but also the competitive environment of the region.

Geographically, the global financial services IT spend market segmented as follows:

  • North America includes the United States, Canada and Mexico
  • Europe includes Germany, France, UK, Italy, Spain
  • South America includes Colombia, Argentina, Nigeria and Chile
  • Asia-Pacific includes Japan, China, Korea, India, Saudi Arabia and Southeast Asia

Visualize IT Spending in Financial Services Market Using Verified Market Intelligence: –

Verified Market Intelligence is our BI platform to tell the story of this market. VMI provides in-depth predictive trends and accurate insights into over 20,000 emerging and niche markets to help you make key revenue impact decisions for a bright future.

VMI provides a comprehensive overview and global competitive landscape of regions, countries, and segments, as well as key players in your market. Present your market reports and findings with built-in presentation capabilities, delivering over 70% of time and resources to investors, sales and marketing, R&D and product development. VMI supports data delivery in interactive Excel and PDF formats and provides over 15 key market indicators for your market.

The study thoroughly explores the profiles of the major market players and their main financial aspects. This comprehensive business analysis report is useful for all new entrants and new entrants as they design their business strategies. This report covers the production, revenue, market share and growth rate of the IT Spending in Financial Services market for each key company, and covers the breakdown data (production, consumption, revenue and market share) by regions. , type and applications. Historical breakdown data for IT spending in financial services from 2016 to 2020 and forecast to 2021-2029.

About Us: Market Research Intelligence

Market Research Intellect provides syndicated and personalized research reports to clients across various industries and organizations, in addition to the goal of providing personalized and in-depth research studies.

We talk about solutions for logical research, personalized consulting and data severity analysis across a range of industries including energy, technology, manufacturing and construction, chemicals and materials, food. and drinks. Etc. Our research studies help our clients make more data-driven decisions, admit push predictions, grossly capitalize on opportunities, and maximize efficiency by acting as their belt in crime to adopt a mention precise and indispensable without compromise.

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White House Denies UN Chief’s Claim That “Dysfunctional” US-China Ties – Live | US News Mon, 20 Sep 2021 18:11:35 +0000

… And welcome to our coverage of the day on US politics.

It might not be a very good day for Democrats in Washington, from Joe Biden in the White House to leaders, at least, in the House and the Senate. At least it will be very busy.

On Sunday night, the Senate parliamentarian struck a blow to progressives in the party by declaring that they could not include a path to citizenship for undocumented migrants in the gargantuan expense bill that they hope to pass through reconciliation, that is to say by a majority alone in the Senate. Majority leader Chuck Schumer has indicated he will have another thought.

Plus, efforts to keep the party together on this difficult at best $ 3.5 billion spending package appear to be unraveling badly enough. Party figures indicated a promised House vote on a bipartite agreement on infrastructure intended to be associated with the expense bill could be delayed. It would anger progressives, while moderates continue to feel uncomfortable with the larger spending envelope.

In the Senate, Joe Manchin from West Virginia and Kyrsten Sinema from Arizona, two leading moderates in a 50-50 split chamber, have doubts about the spending bill and are said to have expressed them, Manchin to voters and Sinema to Biden, in the Oval Office.

In addition to all this there is 10 days left to settle government funding and avoid a stoppage, while in the Senate, the Republican leader, Mitch McConnell, refuses to play ball raise the debt ceiling, what the United States must do soon. It’s pretty unprecedented, but McConnell is going McConnell – the author of a memoir called The Long Game has his eye on the midpoints in 2022, as well as pushing / appeasing the Trumpist wave in his own party and keeping the reins.

In the midst of it all, Joe Biden has to fly to New York for the United Nations General Assembly, with questions about the rise of China, withdrawal from Afghanistan and of course a lot more buzzing around the large modern building on the banks of the rippling East River.

Expect a busy day. Here’s to set you up for Lauren Gambino’s excellent primer on what all the machinations of Congress could mean for Biden’s legacy and the Democrats’ grip on power:

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Three Chinese astronauts return to Earth after spending 90 days aboard new space station – Technology News, Firstpost Mon, 20 Sep 2021 06:21:31 +0000

A trio of Chinese astronauts returned to Earth on Friday after spending 90 days aboard their country’s first space station on China’s longest mission to date.

Nie Haisheng, Liu Boming and Tang Hongbo landed in the Shenzhou-12 spacecraft just after 1:30 p.m. (05:30 GMT) after undocking from the space station Thursday morning.

State broadcaster CCTV showed footage of the spacecraft parachuted into the Gobi Desert, where it was encountered by helicopters and all-terrain vehicles. A few minutes later, a team of technicians began to open the hatch of the capsule, which appeared to be intact.

In this photo released by Xinhua News Agency, Chinese astronauts Tang Hongbo, Nie Haisheng and Liu Boming greet the Dongfeng landing site in northern China’s Inner Mongolia Autonomous Region on Friday, September 17, 2021. Image Credit: Ju Zhenhua / Xinhua via

The three astronauts emerged about 30 minutes later and were seated in reclining chairs just outside the capsule to give them time to readjust to Earth’s gravity after three months of living in a zero gravity environment. The three men were due to fly to Beijing on Friday.

“With the growing strength of China and the increasing level of Chinese technology, I firmly believe that there will be even more astronauts who will set new records,” mission commander Nie told CCTV.

After the launch on June 17, the three astronauts performed two spacewalks, deployed a 10-meter mechanical arm, and had a video call with Communist Party leader Xi Jinping.

Although few details have been made public by the Chinese military, which manages the space program, trios of astronauts are expected to fly 90-day missions to the station over the next two years to make it fully functional. .

The government has not announced the names of the next series of astronauts or the launch date of the Shenzhou-13.

China has sent 14 astronauts into space since 2003, when it became only the third country after the former Soviet Union and the United States to do so on its own.

The Chinese space program has progressed at a measured pace and largely avoided many of the problems that plagued the US and Russian programs which were locked in intense competition during the heady early days of spaceflight.

This has made it a source of enormous national pride, complementing the country’s rise to economic, technological, military and diplomatic power in recent years under the firm rule of the Communist Party and current leader Xi Jinping.

China launched its own space station program in the 1990s after being banned from the International Space Station, largely due to US objections to China’s space program secrecy and military support.

China simultaneously continued unmanned missions, placing a rover on the unexplored far side of the moon, and in December the Chang’e 5 probe brought moon rocks back to Earth for the first time since the 1970s.

This year, China also landed its Tianwen-1 space probe on Mars, along with its Zhurong rover which ventured in search of evidence of life.

Another program involves collecting samples from an asteroid, an area in which Japan’s rival space program has recently made progress.

China is also planning to send another mission in 2024 to bring back lunar samples and is pursuing a possible crewed mission to the moon and possibly building a science base there, although no timeline has been proposed for such projects. A highly secret space plane is also reportedly in development.

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Fall Budget Must Show Financial Firepower Behind ‘Race to the Top’ | Richard Partington Sun, 19 Sep 2021 17:07:00 +0000

BRitain’s economic recovery from the lockdown has stalled and inflation is on the rise. As fall approaches, prophecies made earlier this year of increased consumer spending appear to have faded, washed away by the wettest summer of the decade.

Everything was supposed to have been so easy for the Chancellor, Rishi Sunak. The lockdown has helped households save over £ 200 billion and has left consumers eager to reopen pubs, bars, restaurants and shops.

With such vital growth ingredients, a tight fall budget to cut back on emergency pandemic support would prove painless to administer.

Reports are creeping in that Sunak is talking about a tough game ahead of the three-year spending review and next month’s fall budget, which will be used to define the post-Covid tax and spending landscape until next general election.

After Boris Johnson’s cabinet reshuffle last week, the Tory election winning machine is on full swing.

Yet when it comes to taxes and spending, the message is completely different. Cabinet ministers are warned of meager spending regulations, with Sunak set to establish new budget rules in the next budget – designed like an iron cage to prevent government spending madness.

It will be music to the ears of Tories who fear Johnson’s lavishness will damage the party’s reputation for prudent management of public finances, after the Prime Minister’s £ 12bn raid on national insurance to fund health care and social care.

Yet this background music comes as the UK economy enters a difficult period. Gone are the reports of rapid growth and pent-up demand for goods and services after the lockdown. Instead, the most severe shortages of workers and materials since the 1970s are holding back growth, while consumer spending has leveled off at best.

Business leaders are increasingly frustrated by the government’s lack of response. Far from being supported, the bosses have been warned of a tax hike that could harm job creation and investment.

Economists say there’s more than a whiff of stagflation sweeping through Britain, reminiscent of five decades ago when blackouts and the three-day week stalled the country’s growth engine.

In this context, Sunak brandishing the specter of severe action on public spending makes sense to budget hawks. The government will remove spoonfuls of demand from the economy next month; end holidays, cut hospitality VAT reductions and cut universal credit benefits as part of social security’s biggest overnight cut.

Treasury sources say inflation is one of the many risks the Chancellor is watching closely, and demonstrates why public finances need to be back on a sustainable footing. Forecasts suggest that a sustained one percentage point rise in inflation and interest rates would add £ 27.8 billion to debt servicing costs by 2025.

Inflation hawks argue that weakening household purchasing power could keep prices from skyrocketing. However, much of the explosion in price pressure is due to rising costs of production, rather than demand – “cost inflation” – fueled by Brexit and the continued disruption of the market. Covid.

Meanwhile, rather than tackling demand, Sunak could consider ways to increase Britain’s production capacity to hedge against inflation.

And here there should be a simple and politically expedient solution: level up. Instead of cutting back to prove a doomed fiscal prudence point, now is the time for the government to finally show that its flagship phrase has some substance. It would be much safer in the long run.

Britain is one of the most imbalanced economies in Europe, with larger regional productivity gaps than in Bulgaria and the Czech Republic. Some economists believe it will take funding on a scale similar to the nearly £ 2 billion spent on German reunification after the fall of the Berlin Wall to close the gap.

Michael Gove has been tasked with solving the UK housing crisis. Photograph: Tayfun Salcı / Zuma Press Wire / Rex / Shutterstock

Despite the costs, the gains would be substantial. Improving regional productivity could add £ 200 billion to the economy over the next decade. Meanwhile, increasing the UK’s supply capacity and reducing companies’ production costs would ease inflationary pressures, raising the economy’s speed limit.

As the budget approaches, there are signs of an increased appetite to focus on the upgrade program.

But government ministers are too fond of saying that they are going to “level the whole of the UK”, completely missing out on their own ill-defined policy. It is about bridging the gaps between communities, and not about adding to the whole economic pie while maintaining deep-rooted inequalities.

By putting Michael Gove as head of the Housing Department, with responsibility for leveling, the government’s intention is to show renewed will.

Yet it is also ironic, after the damage done by the former secretary of education to the life chances of low-income families. Gove’s arrival as education secretary in 2010 kicked off a decade when per-pupil spending in England fell 9% in real terms, in a settlement that widened the gaps in regional level.

Bringing in former Bank of England chief economist Andy Haldane is a more cautious move. He was one of the government’s fiercest critics for its rudderless leveling program, warning that the plan would fall flat if it relied too much on infrastructure spending and one-off funding programs controlled by Westminster.

However, he will only lead the new Prime Minister’s Upgrade Task Force for six months. This is hardly ideal and fails one of three key upgrade tests put in place by Haldane in his former role as chairman of the industrial strategy board: longevity.

Rather than displays of short-term commitment, task forces, and new leaders, the substance of the leveling will require financial firepower. In terms of the budget, Sunak needs to ramp up.

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]]> 0 In major change, elections in Canada herald more government spending Sun, 19 Sep 2021 01:50:42 +0000

Canada has spent hundreds of billions of dollars to help workers and keep businesses afloat during the pandemic, causing its national debt to skyrocket. But usually frugal Canadians don’t seem to care.

Monday’s snap election is expected to herald an era of higher spending, with both the usually thrifty Liberals and Conservatives neck and neck pledging more government aid, a monumental change for Canada after decades of tightening the economy. the belt.

“It’s not that I don’t care about the debt, it’s just that I don’t think about it as much as my parents and previous generations who thought it was a huge problem,” AFP told AFP Meg Sweeney, 23, recently graduated from college. .

Canadians aged 65 and over, who will soon make up a quarter of the population, are not afraid of having to repay borrowed funds, while millennials who will likely fall support higher social spending.

“In this election, I am examining issues such as climate change, student loan relief, racial justice and tackling social issues – like others of my generation,” added Sweeney.

Canada entered the pandemic in a strong fiscal position after a long period of frugality, which allowed it to distribute hundreds of billions of dollars in Covid emergency aid.

This, however, cost it its AAA debt rating after Fitch downgraded the country’s rating a notch to AA +.

It also boosted Ottawa’s debt to a projected C $ 1.2 trillion (US $ 960 billion) in fiscal year 2021-2022, with a peak debt-to-GDP ratio of 51.2. % that would only drop slightly by 2025-2026, compared to an average of 31 percent before the pandemic.

Justin Trudeau’s Liberals are proposing C $ 78 billion in new spending.

His main challenger, Conservative leader Erin O’Toole, also believes the government should spend more to pull the country out of recession. O’Toole is proposing C $ 51 billion in new spending to “kick start the economy” and use the resulting income increase to balance the budget in 10 years.

“This election is about those who you think can pull us out of the recession and rebuild the economy,” O’Toole said at the start of the election campaign.

Asked about the debt, Trudeau replied, “It is important to be financially responsible. It is important to live within our means. I think it’s also important to make the right investments so that future generations can prosper.

Trudeau noted that record interest rates have made the cost of borrowing cheap.

But Kevin Page, director of the University of Ottawa’s Institute of Public Finance and Democracy, warned that there is always a risk that rates will rise.

Although economists agree that the debt is sustainable, Page said: “There is a legitimate concern that this is an open bar, with people assuming with low interest rates that we can accumulate debt and that there will be no significant costs. “

– Social inequalities exposed to the pandemic –

Jerry Dias, leader of Canada’s largest private sector union, argued the pandemic has exposed social inequalities that require heaps of new spending to fix.

“It makes perfect sense to fix our social programs to reflect reality,” Dias said. He called for universal pharmacare and affordable child care so that women, who have lost significant incomes while bearing the brunt of unpaid child care in the past 18 months , can return to the labor market.

Ian Lee, a professor at the Sprott School of Business at Carleton University in Ottawa, said he was amazed at the change in people’s mindsets.

“I am surprised that the attitude of Canadians towards debt has changed so drastically during the pandemic, how much people have gotten into debt. “

Lee warned that soaring costs, including on health care, could prompt the government to adopt “very far-reaching tax changes.”

Canada needs more immigration and better productivity, but in this election, Lee laments, the candidates debated “how we are going to redistribute income, without saying much about how we are going to generate income. of wealth ”.

Growing up during the 2008 financial crisis, weather disasters and now the pandemic, University graduate Sweeney says, “The national debt is so back and less, along with everything else.”

“I prefer to focus my voting and community engagement on things where I can see a tangible impact now, and we can settle the debt later,” Sweeney said.

amc / md

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Surprise increase in spending by Americans as the delta spreads | New Sat, 18 Sep 2021 12:30:00 +0000

NEW YORK – Americans continued to spend at a sustained pace last month amid rising COVID-19 infections, although much of it was done online and not in restaurants or other sectors of the US economy besieged by the arrival of the delta variant.

Seasonally adjusted retail sales rose 0.7% in August from the previous month, the US Department of Commerce said Thursday. This increase surprised most economists. Consensus estimates predicted a decrease of 0.85%, according to a survey of economists by FactSet.

Online sales soared 5.3% last month, while sales at restaurants and bars, many of whom believed they were going through the worst of the pandemic until the arrival of delta, were flat from month to month. previous.

Earlier this year, as millions of people were vaccinated, restaurants, bars and other crowd-dependent places started to come alive for the first time since early 2020. Then, in July, health officials Americans have recommended that even vaccinated people wear masks when indoors in public due to the delta’s uncontrolled spread, especially in areas of the country with low vaccination rates.

Vaccine reluctance in the United States is cited by economists after the Department of Labor reported this month that employers created just 235,000 jobs in August, well below the roughly one million jobs created in each of the preceding two months.

Back-to-school shopping may have boosted retail sales. Department store sales rose 2.4% last month, according to the Commerce Department, as children returned to class and, perhaps for the first time in over a year, bought new clothes and other supplies.

The retail report released Thursday only covers about a third of overall consumer spending and does not include services such as haircuts, hotel stays and airline tickets. It is clear that spending has declined in some of these industries. Airlines, for example, recently reported declining ticket sales and blame the spread of the delta variant.

Auto sales continued to decline over the past month, likely because fewer cars were produced due to a pandemic-related shortage of chips, which are needed to power displays and other technological features in cars. Auto dealer sales fell 3.9% last month, the Commerce Department said.

Some economists are still hoping for a larger increase in consumer activity this year. The four-week average of jobless claims, which smooths out fluctuations in weekly data, fell for the fifth week in a row, the Labor Department said Thursday. This is the lowest since the start of the pandemic.

More people are finding jobs and many of those who have stayed have saved money during the pandemic and will have more to spend, said Sal Guatieri, senior economist at BMO Capital Markets.

“The surprising recovery in retail sales in August supports this positive message,” Guatieri wrote.

However, it all depends on the ability of the United States to contain the spread of the virus.

The Labor Department also reported Thursday that the number of Americans seeking unemployment benefits rose from a pandemic low last week, a sign that the spread of the delta variant may have increased layoffs slightly.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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Rail service at your fingertips amid spending surge | News, Sports, Jobs Sat, 18 Sep 2021 04:04:43 +0000

State officials raise the prospect of new passenger train lines and expanded service across the state, citing billions of dollars in expected economic benefits.

But their vision could stay exactly that, unless they can muster enough state and federal funds to cover the new services. And while Congressional Democrats are clamoring for tens of billions in new transportation dollars, there’s no guarantee that will become a reality.

“We could make a huge difference for mobility in this region”, Amtrak President Stephen Gardner said last week, touting the hoped-for new lines in northeastern Pennsylvania at a conference with politicians and officials.

The service could add lines connecting Scranton, Allentown and Reading in the busy corridor that already carries travelers along the east coast. Amtrak officials also proposed an additional daily east-west route that would cover Philadelphia, Pittsburgh and many towns and villages in between, as well as an additional line to Cleveland.

“Amtrak is ready to do its part and has created a forward-looking vision for rail service throughout the Northeast,” Governor Tom Wolf said last week, congratulating federal leaders who are ready to fund the work. “A vision that is good for jobs, good for the economy and good for the climate.

There is nothing new about transit agencies and businesses bragging about great future plans, including some that never materialize. But rail advocates have long pushed for some of these changes, and federal funding through Congress could make these projects a reality in the coming years.

Several local officials and congressional representatives joined Amtrak’s appeal last week. And since then, House Democrats have moved to approve more federal money for transportation, even as a $ 1 trillion infrastructure bill comes to an end.

However, even securing the expected funds might be easier said than done.

Last week, the Senate passed the $ 1 trillion bill with the support of the leaders of both parties, paving the way for a major investment in transportation and infrastructure. And while Democrats control the House and would generally support it, they are asking for much more funding first in the form of President Joe Biden’s $ 3.5 trillion infrastructure plan.

The larger plan is a no-starter for Republicans, but supporters are hoping to narrowly pass it through both houses of Congress using a legislative process called budget reconciliation. As the larger bill moves forward, members of Congress accumulate additional funds, including for rail networks.

In a party line vote on Wednesday, the House transport and infrastructure committee agreed to spend $ 60 billion on the biggest bill. This includes $ 6 billion for “Surface transport” and billions more to reduce carbon emissions and improve transport access in low-income areas.

If both infrastructure bills pass, it would mean a boost for projects like the ones Amtrak is pushing for Pennsylvania. In a written statement Wednesday, the committee chair, Rep. Pete DeFazio, D-Ore. Hailed the benefits that $ 60 billion could bring.

“I look forward to seeing Congress pass this unique law in a generation, because we cannot afford to waste this opportunity,” he said.

The GOP continues its audit

A thorough audit of Pennsylvania voter records – once dismissed as a marginal fixation, even among some Republicans – is brewing with the backing of legislative leaders.

Democrat elected officials have pledged legal challenges to the election audit scheduled for 2020, which Republican lawmakers say is necessary to ensure smooth and secure elections. Republicans loyal to former President Donald Trump have called for audits in many states, echoing unproven allegations of fraud.

This week, a GOP-controlled state Senate committee issued subpoenas demanding detailed election information, including the name, date of birth, address and partial Social Security numbers of each voter. Those supporting the summons included Senator Judy Ward, R-Blair, Senator Doug Mastriano, R-Adams and Senator Jake Corman, R-Center.

Democrats voted against the subpoenas, but lost in a 7-4 committee vote.

“We don’t need personal information to draft a law” Senator Vincent Hughes, D-Philadelphia, said in a press release. “This fact, along with so many others, makes it clear that this so-called investigation represents corruption at every turn.”

House joins CCC renewal campaign

Three Pennsylvanians in Congress are leading a new House effort to revive the Civilian Conservation Corps, the 1930s program that sent unemployed youth to remote job sites to develop and conserve natural resources.

The three – Representative Conor Lamb, D-17th District, Representative Susan Wild, D-7th District, and Representative Dwight Evans, D-3rd District – were among the early sponsors of the so-called Revive the CCC Act, which created a modern equivalent. They are joining a similar effort in the Senate, led by Senator Bob Casey, D-Pa. since July.

The broad federal work programs have been the subject of much discussion in recent years, especially amid discussions of a so-called Green New Deal to address climate change. The original body was part of President Franklin Roosevelt’s New Deal, the government’s sweeping response to the Great Depression.

The revived program would place workers on construction sites across the country, with health benefits and a wage of $ 15 an hour reimbursed by the federal government.

“This legislation will revitalize the CCC and put people to work with well-paying jobs,” Lamb said when announcing the bill.


Ryan Brown covers statewide politics for the Ogden newspapers. He can be contacted at

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Virginia and Maryland in Top 15 for Debt as Credit Card Spending Rises Fri, 17 Sep 2021 13:44:17 +0000 Average second-quarter household credit card debt in Virginia was $ 9,545, ranking in the top 10 among states. In Maryland, it was $ 9,282, which ranked it 15th.

During the lockdown of the 2020 pandemic, many Americans found themselves spending far less of their disposable income, and some of that extra money was spent paying off credit card debt at a record pace in the year. last.

The opposite is happening now.

In the second quarter of 2021, consumers added $ 47.5 billion in new credit card debt, an all-time high quarterly record that nearly wiped out the progress consumers made on their debt in the first quarter. And spending on credit is expected to continue.

“We see a projection that consumers will end the year with a net addition of $ 100 billion in credit card debt. To put that in context, it’s more than double what we typically spend in a year, ”said Jill Gonzalez of Washington-based personal finance site WalletHub, which recently released its Credit Card Debt Study. 2021.

Average second-quarter household credit card debt in Virginia was $ 9,545, ranking in the top 10 among states. In Maryland, it was $ 9,282, which ranked it 15th. DC was not included in the ranking.

Gonzalez said some consumers are making up for lost time.

“Consumers have started to resume bad habits. I think it’s a combination of that, and also just the enthusiasm of consumers to be able to go places and do things and ultimately spend money. And we are certainly spending money that we may not have, ”she said.

The surge in credit card debt has yet to lead to an increase in delinquency. In the second quarter, the credit card debit rate, or balances that lenders consider bad, was 2.54%. This is a decrease of 13.8% compared to the first quarter of 2021.

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