Econ Piggy

The Census Bureau released data from its Annual Survey of Public Pensions today, which provides a financial overview of state- and locally-administered defined benefit pension systems. The report found that earnings on investments for those pension systems increased from $382.2 billion in 2013 to $537.5 billion in 2014 – a 38.6 percent jump. In 2012, earnings totaled just $96 billion.

Crowdfunding has been used to finance a vast assortment of projects in the last few years, but federal regulators have been slow to implement the sections of the JOBS act that allow most individuals to invest in startups financed by equity crowdfunding. In response, states have passed laws allowing companies to create crowdfunding platforms that cater to investors and entrepreneurs within the same state.

The crowdfunding industry in the United States has expanded rapidly in the last few years, growing from $2.7 billion in 2012 to an estimated $34.4 billion in 2015.  This growth has been driven by the expansion of online crowdfunding platforms that facilitate interaction between companies and potential investors.  Although the US JOBS act sought to regulate crowdfunding in 2012,...

The U.S. Department of Labor has published a notice in the Federal Register proposing a new rule that could extend overtime protections to almost 5 million additional workers as early as 2016. Current law requires employers pay overtime for non-salaried workers. Salaried employees are defined by a set of criteria, including job duties and a salary threshold. The proposed new rule would more than double the salary threshold and tie it to inflation, which means more workers would qualify for overtime protections. The number of workers that would be affected by the changes varies by age, education level and state; middle-aged, educated workers would see the biggest impact.

A 2014 report by the Williams Institute at the UCLA School of Law predicts that the legalization of same-sex marriage could have a combined economic impact across all states of $2.6 billion during the first three years, primarily due to increased spending on weddings by same-sex resident couples and their out-of-state guests. In addition, the report estimates that legalization will boost state and local sales tax revenue by $184.7 million and support more than 13,000 jobs. The potential economic and fiscal impact varies across states.

As consumers continue to use the Internet to acquire goods, members of Congress are attempting to solve a quirk in tax law that is preventing states from collecting potential sales tax revenue. Bills in both the House and Senate aim to give states the authority to require out-of-state businesses selling online or through catalogs to collect taxes already owed under state law the same way local businesses do. Similar legislation failed to reach President Obama’s desk last Congress, but proponents are moving swiftly to ensure the bills remain at the top of the Congressional agenda.

During a recent CSG eCademy webcast, “Rideshare Companies: Insurance and Regulatory Issues for States,” Staking discussed insurance coverage and the risks associated with rideshare services, which he also referred to as transportation network companies. The webcast was part of a collaboration between CSG and The Griffith Insurance Education Foundation.

The Department of Labor published a notice in the Federal Register today proposing a new rule that could extend overtime protections to almost 5 million additional workers as early as 2016. The law requires that employers pay overtime for non-salaried workers. Salaried employees are defined by a set of criteria, including job duties and a salary threshold. The new rules would more than double the salary threshold and tie it to inflation, which means more workers would qualify for overtime protections. 

The Department of Labor published a notice in the Federal Register today proposing a new rule that could extend overtime protections to almost 5 million additional workers as early as 2016. The law requires that employers pay overtime for non-salaried workers. Salaried employees are defined by a set of criteria, including job duties and a salary threshold. The new rules would more than double the salary threshold and tie it to inflation, which means more workers would qualify for overtime protections. 

Economics webcast

In the aftermath of the Great Recession, an increasing number of states, including several in the SLC region, are focused on increasing accountability and transparency in the disbursement of taxpayer dollars. Performance-based budgeting—which focuses on efficiency and effectiveness in outcomes—has emerged as a viable tool for states looking for an alternative to routinely funding government operations on a pro forma basis. This webinar provided an overview of performance-based budgeting and highlighted measures initiated in Oklahoma and Mississippi to implement this spending strategy.

 

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