Washington’s budget forecast and revenue projections. Plus: unemployment benefits, Washignton’s business competitiveness and pension benefits.

November 20, 2008 | Alex Stone

$5 billion budget gap means Washington faces painful cuts: State legislative leaders, stunned by new revenue projections showing a $5 billion hole in the next two-year budget, see deep and painful cuts ahead.

Washington quarterly revenue projection down $1.9 billion: The November revenue forecast for Washington state government shows projected General Fund revenue down a combined $1.9 billion for the remainder of this biennium and the next two-year budget period.

Jobless claims jump unexpectedly to 16-year high: New claims for unemployment benefits jumped last week to a 16-year high, the Labor Department said Thursday, providing more evidence of a rapidly weakening job market expected to get even worse next year.

Congress considering jobless benefits extension; Bush would sign: With weekly jobless claims benefits at a 16-year high, the White House said Thursday that President George W. Bush would quickly sign legislation pending in Congress to provide further unemployment benefits.

Massachusetts, Washington, Maryland, Delaware and New Jersey Are Top Five States Advancing Toward New Economy, Says Kauffman Foundation Report: Five states — Massachusetts, Washington, Maryland, Delaware and New Jersey — are leading the United States’ transformation into a global, entrepreneurial and knowledge- and innovation-based New Economy, according to “The 2008 State New Economy Index,” released today by the Ewing Marion Kauffman Foundation and the Information Technology and Innovation Foundation (ITIF).

After Losses, Pensions Ask For a Change: Some of the nation’s biggest companies want Congress to roll back rules requiring them to put more money into pension funds.

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Posted in Retirement Security, State Economy, Tax and Budget, Work & Family

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