2. “State treasurer sends warning over U.S. debt default”
Brad Shannon for The Olympian reports:
“Washington state Treasurer Jim McIntire wrote to state congressional leaders Monday, warning that a federal debt deal is needed to avoid crushing a fragile economic recovery. ‘I am writing today to implore you to find a way to avert a national default by passing a balanced, thoughtful and long-lasting budget solution,’ the note begins.
The Democrats letter adds: ‘Failure to act will likely crush a fragile economy, irreparably harm struggling businesses and families, damage responsible state governments, and undermine emerging stability among our community banks. This is a risk we cannot afford to take.’
The treasurer went on to say the states ability to borrow at low cost is at risk and that 18 community banks have already failed [including Venture Bank, formerly with a branch in Yelm], which further reduces access to capital for local governments.”
Covered here Monday was one way this could affect Yelm; the interest cost for the proposed purchase of the Yelm library could drastically increase before a bond is issued.
Read more of Treasurer Jim McIntire’s letter, in its entirety.
3. “Consumer Confidence Falls to a New Two-Year Low”
Rasmussen Reports writes:
“Consumer confidence has fallen to a new two-year low while investor confidence continues to hover just above the lowest levels of 2011.
The Rasmussen Consumer Index, which measures the economic confidence of consumers on a daily basis, fell four points on Wednesday to 63.7…
The Rasmussen Consumer Index reached its highest level ever at 127.0 on January 6, 2004. The all-time low was reached on March 10, 2009 at 54.7.”
4. “Double-dip recession appears to be a reality for middle-class”
The Business Examiner reports:
“At a time when economists continue to debate the likelihood of a double-dip recession, the majority of middle-class Americans think the nation is already in one, according to the First Command Financial Behaviors Index.
Recent findings of the monthly survey reveal that 63 percent of middle-class consumers believe the United States is in a double-dip recession, up sharply from 50 percent last summer.”