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BBA Digest: Every Dog Has Its Day

Some states have begun the reopening process. Politicians and public health experts are sparring over when and how to allow businesses to reopen and Americans to emerge from their homes. Leave it to say, it's complicated. Meanwhile, the Congressional Budget Office said that it expects the federal budget deficit to hit $3.7 trillion for the 2020 fiscal year, its largest size as a share of the economy since World War II. It projected the economy to shrink by 5.6 percent over the course of this year, ending 2020 with an unemployment rate of 12 percent. Every Dog Has Its Day The economic developer wanted me to see his new and improved webpage devoted to buildings and sites. I looked at it and it

BBA Economic Digest: Our Original Sin?

It took only four weeks for the U.S. economy to wipe out nearly all the job gains in the last 11 years. The new jobless filings last week bring the crisis total to just over 22 million, nearly wiping out all the job gains since the Great Recession. Our Original Sin? Certain economic relationships are plain to see: the stores we buy from, our employer that pays our salary, the bank that makes us a home or car loan. "But once you get two or three levels out, it’s really impossible to know with any confidence how those connections work," writes Neil Irwin, economics correspondent for The NYT. It may be a good long while before we truly understand how the current economic crisis has upended and

BBA Economic Digest: Our Pearl Harbor

Our Pearl Harbor There is no way to sugarcoat what has happened to us. The U.S. surgeon general warned Americans to brace for "our Pearl Harbor moment," a surging death toll from the coronavirus. “It’s going to be the hardest moment for many Americans in their entire lives,” Dr. Jerome Adams said. The American economy continues its swift, staggering decline. We learned lat week that another 6.6 million people filed for unemployment, bringing the total number of jobless claims to over 16 million in just the last three weeks. By the end of the month, more than 20 million people may be out of work, pushing the unemployment rate toward 15 percent, several economists have predicted. It’s as if “

BBA Economic Digest: Proof in Action

Proof is in Action As consumers cut back on spending in response to the crisis before us, state and local governments will likely face their steepest sales tax decline ever. I think we're looking at an unprecedented time for state and local budgets, and I predict that some economic development organizations, much dependent of public funding, will not survive as a result. Certain services will be cut and economic development is not, nor should it be, immune. The question that will undoubtedly be asked, "What did you do in response to the crisis?" If an EDO can only point to a resource guide on its website, well, good luck, because that's not nearly enough. If it cannot demonstrate true value

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