Economy
Bipartisan group projects U.S. default as soon as early June, citing ‘quite low’ cash flows
WASHINGTON — The U.S. government could default as soon as next month if Congress and the Biden administration can’t reach a debt limit agreement before then, according to a new analysis from the Bipartisan Policy Center. The updated guidance, which puts the default window between early June and early August, adds pressure to President Joe […]
Fed’s fault-finding on bank failures could lead to stronger regulations
New banking regulations proposed by federal watchdogs don’t go far enough in countering potential problems, but could help lower bank fees and calm financial markets and nerves, leading to a more stable financial system, according to some economists. The Federal Reserve, FDIC and Government Accountability Office recently released reports blaming mismanagement of risk, including overreliance […]
Checks are in the mail to more than 14,000 South Dakotans for TurboTax settlement
More than 14,000 South Dakotans will soon get a check in the mail for their share of a multi-state settlement with Intuit, the owner of the TurboTax online tax preparation service. Eligible South Dakotans are expected to receive about $30 apiece. The state’s total share of the settlement is $444,456.88. The total, nationwide $141 million […]
New thoughts about the impact of old bones in the rural West
The prehistoric past can perk up the present. When woolly mammoth bones were found in my hometown in Wisconsin years ago, they became the centerpiece of one of our local museums. Today, they continue to attract visitors and serve as one of the city’s informal symbols. Unfortunately, the story across much of the fossil-rich West […]
Congressional Roundup: Rounds works across the aisle on housing
EDITOR’S NOTE: This is the latest installment in a series of periodic updates on the activities of South Dakota’s congressional delegation. — Sen. Mike Rounds, R-South Dakota, joined with fellow Senate Banking Committee member Tina Smith, D-Minnesota, to introduce legislation this week that would “improve rural housing programs, cut red tape and increase the accessibility […]
‘It’s about property rights’: Some farmers resent ethanol industry’s push for carbon pipelines
ABERDEEN — Craig Schaunaman, who farms thousands of acres, has been invested in the ethanol industry since its early days and even served on the board of an ethanol plant. But a carbon-capture pipeline supported by dozens of ethanol plants would cross his land, and he’s against it, even though ethanol officials say the pipeline […]
Most out-of-state worker recruitment cash goes unspent
A few years ago, an economic development office in Yankton asked for and received access to $100,000 from the state to train local employees and recruit out-of-state workers. The funding helped pull in a manufacturing quality manager, two professors, a vice president of enrollment, an accountant and a fire chief from states including Illinois, Nebraska, […]
Tardiness in recognizing water needs could lead to ‘unacceptable consequences’
As recently as nine years ago, I thought Rapid City had enough water for decades to come. I got that idea from covering an event in 2014 where then-Mayor Sam Kooiker spoke. “Unlike many other cities in the West, Rapid City does not have a water supply problem,” he said, adding that the city of […]
Rural lenders, crop insurance agents push for bolstered safety net at farm bill hearing
WASHINGTON — Rural bank executives and crop insurance agents testified at a Thursday Senate hearing in support of a modernized crop insurance market that helps upstart producers manage growing risks, and supports food security. The witnesses told the Senate Committee on Agriculture, Nutrition, and Forestry that crop insurance represents one of the most important financial […]
U.S. default could begin June 8 without agreement, top economist tells Congress
WASHINGTON — Unless Congress can strike a deal, the U.S. Treasury will likely default on the nation’s bills starting June 8, triggering major consequences for the economy, according to Mark Zandi of Moody’s Analytics. The risk assessment organization’s chief economist testified before the U.S. Senate Committee on the Budget Thursday and urged lawmakers to suspend […]
Bernie Sanders unveils push for $17-an-hour federal minimum wage, citing state increases
WASHINGTON — U.S. Sen. Bernie Sanders on Thursday announced Democrats’ plans to mark up legislation to increase the federal minimum wage to $17 an hour, pointing to an increase in the cost of living. Outside the U.S. Capitol, Sanders, a Vermont independent and chairman of the Health, Education, Labor and Pensions Committee, said the panel […]
Grants could add 2,400 openings at child care centers
Money from the federal government could soon help add about 2,400 openings for kids at new and expanding child care centers in South Dakota. The money comes from the $1.9 trillion American Rescue Plan Act, which Congress passed and President Joe Biden signed into law in 2021. The legislation was a response to the economic […]