WASHINGTON — The U.S. economy shrank at a 4.8% annual rate last quarter as the coronavirus pandemic shut down much of the country and began triggering a recession that will end the longest expansion on record. Yet the drop in the January-March quarter will be only a precursor of a...
US Pending Home Sales Trended Higher Before Virus Outbreak
BALTIMORE — Americans signed more contracts in February to buy homes, but the gains are likely relics of a moment before the coronavirus outbreak sent the U.S. economy spiraling into a likely recession. The National Association of Realtors said Monday that its pending home sales index, which measures the numbers...
The Achievement Gap: California’s Disparities in Education Explained
Few goals in education have been as frustrating and urgent as the effort to fix the deep, generational disparity in achievement between the haves and the have-nots in California schools. It is an article of faith in the K-12 school system that every student — regardless of race, creed, wealth or color...
Walters: More Entitlements as Economy Slows?
Gov. Gavin Newsom is tiptoeing into a political region that predecessor Jerry Brown purposely skirted — expanding expensive services and benefits that are difficult, and perhaps impossible, to shrink if California’s economy turns sour. They are called “entitlements” and Newsom’s own proclivities and pressure from a very liberal Legislature are...
Trump Says He'll Sign First-Step China Trade Deal on Jan. 15
WEST PALM BEACH, Fla. — The first phase of a U.S.-China trade agreement will be inked at the White House in mid-January, President Donald Trump announced Tuesday, adding that he will visit Beijing at a later date to open another round of talks aimed at resolving other sticking points in...
Is Your City Ready for California’s Next Recession?
By Judy Lin and Elizabeth Castillo CalMatters California might be enjoying a historic economic expansion, but pockets of the state could be devastated in the next recession and at least 18 cities are even now at high risk of fiscal distress, according to a first-in-the-nation dashboard released Thursday by State Auditor Elaine...
California’s Pension Debt Cannot Be Ignored
A decade ago, at Gov. Arnold Schwarzenegger’s request, I supervised a graduate student team that performed a comprehensive analysis of public pensions in California. The goal was to calculate California’s pension debt, the difference between assets and liabilities. The team’s conclusions: the unfunded liability was over $500 billion—seven times the number officially...
What the Fed's Rate Cut Means for You
The Federal Reserve has cut its benchmark interest rate again, big news for the U.S. economy but something that will likely have a muted impact on Americans' personal finances, experts say. That's because the reduction doesn't offset the increases of recent years. And as the key rate creeps closer to...
Yes, Stocks Are Up Again. No, Recession Worries Aren’t Gone
NEW YORK — The U.S. economy is sending some worrying signals about a possible recession, yet the stock market has gone on a what-me-worry ride toward record heights. What gives? Put simply, while the stock market watches the economy, the two don't always move in lockstep. If investors see that...
Survey: US Services Sector Expands at Faster Pace in August
WASHINGTON — U.S. services expanded at a stronger pace in August, driven by an uptick in business activity and new orders. The Institute for Supply Management, an association of purchasing managers, said Thursday that its non-manufacturing index rose to 56.4 from 53.7 in July after two months of cooler growth....