The Economy
Tax hikes coming
Jul 22nd
Yet another article outlining the de facto tax hikes coming our way in 2011. I’ll say it again: there are a lot of people who continue to repeat the “Bush tax cuts were for the rich” talking point that are going to be both surprised and sorely disappointed next year:
Resurrection of the death tax, however, isn’t the only tax problem that will be ushered in Jan. 1. Many other cuts from the Bush administration are set to disappear and a new set of taxes will materialize. And it’s not just the rich who will pay.
The lowest bracket for the personal income tax, for instance, moves up 50% — to 15% from 10%. The next lowest bracket — 25% — will rise to 28%, and the old 28% bracket will be 31%. At the higher end, the 33% bracket is pushed to 36% and the 35% bracket becomes 39.6%.
Anyone who thinks only the wealthy benefited from the 2001 and 2003 tax cuts—as well as anyone tho thinks health care reform isn’t going to cost us anything—needs to read the entire article.
You’re joking, right?
Jul 16th
I wonder if the president said this with a straight face:
But he also says the midterm congressional elections could come down to “a choice between the policies that got us into this mess and my policies that got us out of this mess.”
We’re out of the mess? Who knew?
I’m not even going to speculate about who or what got us into this mess. I’ll leave that for the politicians to hash out. But we’re a long ways from being out of this mess. Last I checked, unemployment is still sky high with no hopes for significant improvement anytime soon, the housing market is stagnant, the Fed admits that the economy may not fully recover for five or six years, the dollar is still falling, consumer confidence is still dropping and the pace of projected economic growth—already paltry—is being revised downward.
By what definition are we “out of this mess”?
Imagine that
Jul 8th
How the expiration of the Bush tax cuts will affect you:
You may have been led to believe that only individuals in the top two brackets will face higher federal income taxes when the Bush cuts go bye-bye. Not true! Unless Congress takes action and President Obama goes along, rates will go up for everyone — not just a sliver of the wealthiest Americans. The current six rate brackets of 10%, 15%, 25%, 28%, 33% and 35% will be replaced by five new brackets with the higher rates of 15%, 28%, 31%, 36% and 39.6%. Just a few months ago, it seemed like a safe bet that Congress would make a fix to keep the existing 10%, 15%, 25% and 28% rate brackets to help out lower and middle-income folks. That bet is now looking iffy.
So for six years the mainstream media has allowed the “Bush’s tax cuts only benefited the wealthy” mantra to go unchallenged. Now that they’re about to expire we get a, “Hey, guess what? You’re going to be affected, too” story from the MSM. Nice.
There are a lot of people who have repeated the “Bush’s tax cuts for the wealthy” talking points who are going to be very surprised come tax season.
Bank closures in ET?
Jul 1st
Could bank closures be on the horizon for a couple of East Tennessee banks?
A source who works closely with the banking industry says there’s reason to think so.
If it happens, it could be tomorrow. A 3-day holiday weekend is at hand.
A little jobs perspective
Apr 8th
While this morning’s announcement by Gov. Phil Bredesen that up to 150 jobs are to be created in Scott County using stimulus money is certainly a boon for a struggling local economy, reality creates a perspective that is a little more sobering.
The reality is that the jobs situation in Scott County—like other rural counties across the State of Tennessee and the nation—is so bad that this $2 million jobs plan isn’t exactly going to turn around the local economy and put it back on the path to prosperity.
Consider this: The unemployment rate in Scott County is currently 18.3%. There are 1,540 folks in Scott County who are actively seeking employment.
Today’s announcement creates 150 jobs, enough to provide a job for about one in ten of those 1,540.
Meanwhile, in thirty minutes from right now, the afternoon whistle will blow at Armstrong Wood Flooring’s plant in downtown Oneida. When it does, 265 workers will officially be laid off and join the unemployment lines themselves.
“One step forward and two steps back” never seemed more appropriate.
Well this just purely stinks
Mar 30th
Michael Silence has this bit of unfortunate news: Nashville Post political blogger Adam Kleinheider has been bitten by the layoff bug at SouthComm.
It stinks because it’s a reminder that none of us who work in the news business want: None of us—not one—are safe in the current economic climate. (Of course, that could be said for almost any industry, couldn’t it?)
But it also stinks because ACK’s blog was a great source for traditional and new media types alike, as well as your every day political junkies. The Post Politics blog was one of my first stops on the innerweb each morning and drew me back repeatedly throughout the day, especially when the General Assembly is in session each spring. Often, what local representatives in Nashville were up to could be found on the blog before a phone call could be made to the rep’s office or cell phone. Simply put, if it involved politics with a Tennessee flavor, Kleinheider had it.
At the end of the day, the chief reason I enjoyed ACK’s blog so much was because I’ve been following it for years and still don’t know with certainty whether he’s a Republican or a Democrat; a conservative or a liberal. That, perhaps more than any other, is the tell-tale sign of a great journalist.
Oh well. SouthComm’s loss will be someone else’s gain. Because, as Silence says, “He’ll be back. Sooner or later, they all come back.”
It is no more
Mar 25th
York Institute as a state school, that is:
All employees of the Alvin C. York Institute in Jamestown are being laid off as part of the state budget process.
Tennessee Department of Education spokeswoman Amanda Maynord Anderson said the state is handing off the 600-student school to the Fentress County public school system.
Fentress County will now pay the same share for its high school as all other Tennessee counties pay.
No longer at the top
Mar 12th
It isn’t hardly worth cheering, but it’s notable nonetheless: Scott County’s unemployment rate no longer threatens to be the highest such rate in the state…at least for now.
After being announced at a seasonal unadjusted rate of 18.8% in December (2nd-highest in the state), Scott County’s seasonally-adjusted rate dropped all the way to 17.9% in December. That rate rose to 18.3% in January, according to figures released yesterday by the Dept. of Labor & Workforce Development.
At 18.3%, Scott County’s jobless rate is good enough for 8th-highest in the state…and for the first time in over a year, it isn’t the highest unemployment rate in the region. That dubious distinction goes to Pickett County, which has an unemployment rate of 18.7%.
Total unemployment in Scott County rose from 1,550 in December to 1,560 in January.
With major layoffs coming that aren’t factored into that unemployment rate and won’t be for a few more months, our slide down the Top 10 list probably won’t last.
Help on the way?
Feb 26th
Is help on the way for struggling Scott County? Les Winningham thinks so.
Winningham, long-time state representative from Huntsville, says to “expect some announcements” from the state in the coming days about jobs help for Scott County.
“It won’t put everyone back to work and not everyone will have a great job, but there are going to be some opportunities,” Winningham said, as he escorted Democratic gubernatorial candidate Mike McWherter to Oneida.
Another one bites the dust
Feb 19th
Great Dane Trailers laid off 19 workers at its Huntsville plant earlier this month, and now closure of the plant is apparently pending.
Confirming a rumor that had been circulating in recent days, Scott County Mayor Rick Keeton acknowledged earlier this week that his office has received notification from the state Dept. of Labor & Workforce Development that Great Dane has filed notice that it will layoff its remaining work force in Huntsville in March.
The move comes on the heels of an announcement that Armstrong is closing most of its Oneida plant, which will cost the county 260 jobs.
Meanwhile, Armstrong officials aren’t confirming or denying rampant speculation that the remainder of the Oneida plant—representing another 110 jobs—will close in early 2011.
The economic situation in Scott County is quickly going from depressing to downright frightening.
