Memphis mayor Willie Herenton told the City Council's executive committee this afternoon that the budget he plans to present April 21st will include no property tax increase, no layoffs, and a three percent raise for city employees.
"If you have any anxieties about our budget next year, I hope I can relax some of those anxieties," Herenton told council members.
Herenton recently attended the national conference of mayors and said he heard about horrible budget woes other cities were facing.
"I ask you not to look at Memphis in isolation, look at Memphis in the global economy," he said. "I felt good being the mayor of Memphis as compared to ... Atlanta or Philadelphia."
In the last two weeks, Herenton has been meeting with the city's bargaining unions; he has already assured those groups that there will be no city employee layoffs.
"We're not closing fire stations; we're filling police classes," he said. "This is a strong city, even in a declining fiscal condition."
Council member Barbara Swearengen Ware called the news "a sigh of relief."
Showing posts with label economy. Show all posts
Showing posts with label economy. Show all posts
Tuesday, April 7, 2009
Reuse Round-Up
Some things to bide the time, if you're interested:
Slate has an piece by Michael Levi about the green jobs program's chance at saving the economy and how he thinks it would be better to focus on each piece individually. (I'm not convinced; without the economic component, quite frankly, I'm not sure the green component would be addressed at all.)
The NYTimes is asking about "The Economy's 'Green Shoots,' Real or Imagined" — and at least one of its experts uses the term "suckers' rallies" — as well as uses for abandoned malls. Not that we have any of those here or anything.
Slate has an piece by Michael Levi about the green jobs program's chance at saving the economy and how he thinks it would be better to focus on each piece individually. (I'm not convinced; without the economic component, quite frankly, I'm not sure the green component would be addressed at all.)
The NYTimes is asking about "The Economy's 'Green Shoots,' Real or Imagined" — and at least one of its experts uses the term "suckers' rallies" — as well as uses for abandoned malls. Not that we have any of those here or anything.
Wednesday, March 11, 2009
Center City
This won't be surprising to anyone here (tho you should keep reading, just in case).
A new government report finds that a substantial amount of new housing shifted from suburbia back to the center city in the past 15 years.
From USAToday:
"In more than half of the 50 most populous metropolitan areas, communities at the urban core have captured a significantly larger share of their region's new residential building permits since 2002 than in the first half of the 1990s, according to an analysis by the Environmental Protection Agency."
A large amount of residential construction still occurs on former farmland, but there was a consistent increase in new urban housing from 2002 to 2007. Analysts attribute the change to demographics, high gas prices, and congested roads. The change may also reflect the investment cities have made in public transit systems.
Of course, the housing collapse and the overall economy mean that most housing developments are struggling, no matter if they are in the city or the suburbs. But it is an interesting trend, one that gives me hope for less sprawl in the future. But we'll just have to see where people want to live once the economy picks back up.
A new government report finds that a substantial amount of new housing shifted from suburbia back to the center city in the past 15 years.
From USAToday:
"In more than half of the 50 most populous metropolitan areas, communities at the urban core have captured a significantly larger share of their region's new residential building permits since 2002 than in the first half of the 1990s, according to an analysis by the Environmental Protection Agency."
A large amount of residential construction still occurs on former farmland, but there was a consistent increase in new urban housing from 2002 to 2007. Analysts attribute the change to demographics, high gas prices, and congested roads. The change may also reflect the investment cities have made in public transit systems.
Of course, the housing collapse and the overall economy mean that most housing developments are struggling, no matter if they are in the city or the suburbs. But it is an interesting trend, one that gives me hope for less sprawl in the future. But we'll just have to see where people want to live once the economy picks back up.
Van Jones Not Green Jobs Czar ...
But not far off.
Green for All founder Van Jones sent out an email yesterday to dispel some of the rumors and introduce Green for All's new leader, Phaedra Ellis-Lamkins.
Jones is headed to Washington as a member of the White House Council on Environmental Quality.
"My job will be to help shape the administration's energy and climate policy, so that climate solutions produce jobs and justice for all Americans," he writes. "I am going to be the Special Advisor for Green Jobs, Enterprise, and Innovation."
He goes on: "I am not going to be any kind of 'Czar.' If anyone were to be the 'Green Jobs Czar' (a position that does not exist), it would and should be Secretary of Labor Hilda Solis. She was an original sponsor of the Green Jobs Act of 2007. Obama appointed her as the first Latina — and first green leader — to head the Department of Labor. Can anyone say 'Green Jobs Czarina'?
Also, rumors that I will be handing out big piles of Recovery Act cash are utterly false. Unfortunately. :)"
But that's okay. Even though Jones will not be handing out the money, he notes that the green aspects of the recovery package will put billions of dollars toward the economy and restoring the environment and that his move to the White House constitutes a "dramatic" leap forward for the green economy.
Green for All founder Van Jones sent out an email yesterday to dispel some of the rumors and introduce Green for All's new leader, Phaedra Ellis-Lamkins.
Jones is headed to Washington as a member of the White House Council on Environmental Quality.
"My job will be to help shape the administration's energy and climate policy, so that climate solutions produce jobs and justice for all Americans," he writes. "I am going to be the Special Advisor for Green Jobs, Enterprise, and Innovation."
He goes on: "I am not going to be any kind of 'Czar.' If anyone were to be the 'Green Jobs Czar' (a position that does not exist), it would and should be Secretary of Labor Hilda Solis. She was an original sponsor of the Green Jobs Act of 2007. Obama appointed her as the first Latina — and first green leader — to head the Department of Labor. Can anyone say 'Green Jobs Czarina'?
Also, rumors that I will be handing out big piles of Recovery Act cash are utterly false. Unfortunately. :)"
But that's okay. Even though Jones will not be handing out the money, he notes that the green aspects of the recovery package will put billions of dollars toward the economy and restoring the environment and that his move to the White House constitutes a "dramatic" leap forward for the green economy.
Monday, March 9, 2009
Green Go To Guy
Looks like Green for All's Van Jones will be heading to Washington.
Jones has reportedly be tapped as the nation's green jobs czar.
A Mid-South native, Jones is a natural choice. The founder of the Ella Baker Center for Human Rights in Oakland, California, he advocates that green jobs can help solve two of the nation's pressing problems: the energy crisis and the economy.
If you're interested in learning more, his The Green Collar Economy came out last year. He also recently testified during government hearings on the national stimulus package.
And he was in Memphis for a conference last April.
Jones has reportedly be tapped as the nation's green jobs czar.
A Mid-South native, Jones is a natural choice. The founder of the Ella Baker Center for Human Rights in Oakland, California, he advocates that green jobs can help solve two of the nation's pressing problems: the energy crisis and the economy.
If you're interested in learning more, his The Green Collar Economy came out last year. He also recently testified during government hearings on the national stimulus package.
And he was in Memphis for a conference last April.
Thursday, March 5, 2009
Wal-mart's Smiling Face
Walmart, beloved by Midwesterners and people who live for blue smocks and value (and, really, in this economy, who doesn't?), is a bright spot in the retail sector.
Retail sales were up 0.7 percent in February compared with sales from that period last year, but it was due to Walmart, the nation's largest (and some would say, most powerful) retailer:
"Without Wal-Mart, overall retail sales would have fallen 4.1 percent. As Ken Perkins, president of Retail Metrics, noted in a report Thursday morning, 'it’s still ugly,' but Wal-Mart 'dressed up' the month nicely."
According to the NYT, the numbers underscore the fact that consumers are still only buying the essentials.
For Wal-mart (and its investors), the numbers translate into a 15 percent increase in the company's dividend, to $1.09 per share.
The economy is continuing to hurt clothing stores, and not just at the high-end. At Neiman Marcus, same-store sales are down, but it's the same story at Dillard's, the Gap, J.C. Penney, Macy's, and Stein Mart.
On a somewhat related note, if you haven't seen it, you have to check out Jon Stewart's rant about Rick Santelli and CNBC re: the economy. He mentions in particular their interview (around minute seven) with Sir Allen Stanford of Stanford Financial.
Retail sales were up 0.7 percent in February compared with sales from that period last year, but it was due to Walmart, the nation's largest (and some would say, most powerful) retailer:
"Without Wal-Mart, overall retail sales would have fallen 4.1 percent. As Ken Perkins, president of Retail Metrics, noted in a report Thursday morning, 'it’s still ugly,' but Wal-Mart 'dressed up' the month nicely."
According to the NYT, the numbers underscore the fact that consumers are still only buying the essentials.
For Wal-mart (and its investors), the numbers translate into a 15 percent increase in the company's dividend, to $1.09 per share.
The economy is continuing to hurt clothing stores, and not just at the high-end. At Neiman Marcus, same-store sales are down, but it's the same story at Dillard's, the Gap, J.C. Penney, Macy's, and Stein Mart.
On a somewhat related note, if you haven't seen it, you have to check out Jon Stewart's rant about Rick Santelli and CNBC re: the economy. He mentions in particular their interview (around minute seven) with Sir Allen Stanford of Stanford Financial.
Tuesday, February 24, 2009
Money Talk
So everyone is waiting to hear what the president will say about the economy tonight. Many hope that he'll say something uplifting, because if he says something too depressing, even if it's the truth, it could make the recession worse.
Economics is not an exact science. It has as much to do with psychology as anything else. We're not on a gold-standard anymore: once people think the economy is in trouble, they start acting like it's in trouble, and those actions stem the flow of money, thus ensuring the economy is in trouble.
I'm not saying it's not bad. It's bad. But, as one economist recently said, a crisis of consumer confidence could become a self-fulfilling prophecy.
Flyer editor Bruce Van Wyngarden wrote an editor's letter to this effect a few months ago and, truth be told, I vacillate between wanting to spend for the common good (or shoes, ahem) and wanting to bury all my money in a pot in my backyard where I know it's safe (which, btw, I have not done, so don't come sniffing around. You'll only dig up the creeping Jennies, and I would hate that.)
The NYT has an "object lesson" about Japan and how its spend-thrift ways have kept it firmly in a recession, one in which it is so dependent on exports that when the world economy falters, it almost collapses:
"The economic malaise that plagued Japan from the 1990s until the early 2000s brought stunted wages and depressed stock prices, turning free-spending consumers into misers and making them dead weight on Japan’s economy.
Today, years after the recovery, even well-off Japanese households use old bath water to do laundry, a popular way to save on utility bills. Sales of whiskey, the favorite drink among moneyed Tokyoites in the booming ’80s, have fallen to a fifth of their peak. And the nation is losing interest in cars; sales have fallen by half since 1990."
I'm not saying everyone should go out and spend carelessly. Not by any means. That's what got us into this mess. But as some point, if we continue on this pessimistic path, the potential end result is a out-of-control race to the bottom. Only there isn't one. (And that doesn't sound scary or pessimistic at all, does it?)
On a related note, a 93-year-old Grandma named Clara has been vlogging Depression-era recipes on YouTube for two years. You can learn how to cook pasta with peas, egg drop soup, and what's called the "poorman's meal."
Economics is not an exact science. It has as much to do with psychology as anything else. We're not on a gold-standard anymore: once people think the economy is in trouble, they start acting like it's in trouble, and those actions stem the flow of money, thus ensuring the economy is in trouble.
I'm not saying it's not bad. It's bad. But, as one economist recently said, a crisis of consumer confidence could become a self-fulfilling prophecy.
Flyer editor Bruce Van Wyngarden wrote an editor's letter to this effect a few months ago and, truth be told, I vacillate between wanting to spend for the common good (or shoes, ahem) and wanting to bury all my money in a pot in my backyard where I know it's safe (which, btw, I have not done, so don't come sniffing around. You'll only dig up the creeping Jennies, and I would hate that.)
The NYT has an "object lesson" about Japan and how its spend-thrift ways have kept it firmly in a recession, one in which it is so dependent on exports that when the world economy falters, it almost collapses:
"The economic malaise that plagued Japan from the 1990s until the early 2000s brought stunted wages and depressed stock prices, turning free-spending consumers into misers and making them dead weight on Japan’s economy.
Today, years after the recovery, even well-off Japanese households use old bath water to do laundry, a popular way to save on utility bills. Sales of whiskey, the favorite drink among moneyed Tokyoites in the booming ’80s, have fallen to a fifth of their peak. And the nation is losing interest in cars; sales have fallen by half since 1990."
I'm not saying everyone should go out and spend carelessly. Not by any means. That's what got us into this mess. But as some point, if we continue on this pessimistic path, the potential end result is a out-of-control race to the bottom. Only there isn't one. (And that doesn't sound scary or pessimistic at all, does it?)
On a related note, a 93-year-old Grandma named Clara has been vlogging Depression-era recipes on YouTube for two years. You can learn how to cook pasta with peas, egg drop soup, and what's called the "poorman's meal."
Wednesday, February 11, 2009
Post-Hot Odds and Ends
Now back to our regularly scheduled seriousness ...
Speaking of regular schedules, more than half of U.S. TV stations will shutdown their analog signals February 17th, as originally planned, according to USAToday.
Though President Barack Obama wanted to delay the switch from analog to digital until June, many stations in small and medium sized cities will shut down analog signals in February. The major broadcast networks, mostly in larger cities, have pushed their plans back to June 12th.
On a personal, selfish note, I would love it if they would go ahead and make the switch in February. I've made the switch and though most of my channels come in crystal clear, Channel 5 — yes, Joe Birch, I'm talking to you — generally looks like a cubist painting.
I'm talking blocks of color, maybe you can make out a face or a sitcom set, but mostly not. And I've heard, though I don't have this confirmed, that they're not yet broadcasting their digital signal at full strength.
On a more unselfish note, waiting is probably not a bad idea. It doesn't hurt anyone to wait, and it gives people who aren't ready a little more time to get there. All the funding for the converter box coupon program has been used. I think the boxes cost about $50 and though that's not a huge amount, I could see it being cost-prohibitive, especially now.
Last month, statistics showed that about 5 percent of U.S. households weren't ready for the switch. That doesn't sound like a lot, but it comes to about 5.8 million families.
You could say, TV is a luxury, and that's true. But when you think about how many people get their news from television (I hate to admit it, but it's true), it behooves us to make sure they don't get left behind.
— Here's another interesting story, also from USAToday: A Chinese house-hunting group is looking for the American dream, at a bargain.
"More than 40 affluent house hunters from across China will begin a trip to Boston, New York, San Francisco and Los Angeles on Feb. 24 in search of cheap homes to buy. Their goal: to find investment property and housing their children could use when they go to the USA to study or work. Their budget: $300,000 to $800,000 apiece."
— "Not to freak you out or anything," says a Slate reporter at the beginning of a piece about regenerating — and potentially immortal — jellyfish. Having watched the video, I can say that, yes, it does freak me out. It is freaky!
Did I say we were going back to seriousness? I think I might have lied. Sorry, an immortal jellyfish is too good (bad?) not to share.
Speaking of regular schedules, more than half of U.S. TV stations will shutdown their analog signals February 17th, as originally planned, according to USAToday.
Though President Barack Obama wanted to delay the switch from analog to digital until June, many stations in small and medium sized cities will shut down analog signals in February. The major broadcast networks, mostly in larger cities, have pushed their plans back to June 12th.
On a personal, selfish note, I would love it if they would go ahead and make the switch in February. I've made the switch and though most of my channels come in crystal clear, Channel 5 — yes, Joe Birch, I'm talking to you — generally looks like a cubist painting.
I'm talking blocks of color, maybe you can make out a face or a sitcom set, but mostly not. And I've heard, though I don't have this confirmed, that they're not yet broadcasting their digital signal at full strength.
On a more unselfish note, waiting is probably not a bad idea. It doesn't hurt anyone to wait, and it gives people who aren't ready a little more time to get there. All the funding for the converter box coupon program has been used. I think the boxes cost about $50 and though that's not a huge amount, I could see it being cost-prohibitive, especially now.
Last month, statistics showed that about 5 percent of U.S. households weren't ready for the switch. That doesn't sound like a lot, but it comes to about 5.8 million families.
You could say, TV is a luxury, and that's true. But when you think about how many people get their news from television (I hate to admit it, but it's true), it behooves us to make sure they don't get left behind.
— Here's another interesting story, also from USAToday: A Chinese house-hunting group is looking for the American dream, at a bargain.
"More than 40 affluent house hunters from across China will begin a trip to Boston, New York, San Francisco and Los Angeles on Feb. 24 in search of cheap homes to buy. Their goal: to find investment property and housing their children could use when they go to the USA to study or work. Their budget: $300,000 to $800,000 apiece."
— "Not to freak you out or anything," says a Slate reporter at the beginning of a piece about regenerating — and potentially immortal — jellyfish. Having watched the video, I can say that, yes, it does freak me out. It is freaky!
Did I say we were going back to seriousness? I think I might have lied. Sorry, an immortal jellyfish is too good (bad?) not to share.
Thursday, January 29, 2009
Super Bowl
I don't love the Superbowl. Don't get me wrong; I don't hate it. I just don't care. I think I was one of 100 people in America — 75 of them Amish — who missed Janet Jackson's famous nip slip.
I kind of like the ads, but I figure I'll either see them on the internet or on television afterwards without all that football thrown in.
But one ad has already caught my attention.
USAToday is reporting that Cash4Gold — you've seen the ads, I'm sure: late nights, old ladies, gold jewelry — bought a Super Bowl timeslot.
From the story:
"The sour economy has been sweet for the Florida gold-melting service, billed as an alternative to a pawn shop. Cash4Gold transactions more than doubled to about 500,000 in 2008 vs. 2007. How it works: Consumers send in gold items and get paid based on weight and quality within two weeks."
The story said the ad will feature Ed McMahon and MC Hammer, "two celebrities who've had very public real-life financial reversals." It should be interesting.
Maybe Hammer will send this necklace to Cash4Gold.
In a side note, the Consumerist has posted in the past about how you can avoid being ripped off by Cash4Gold.
I kind of like the ads, but I figure I'll either see them on the internet or on television afterwards without all that football thrown in.
But one ad has already caught my attention.
USAToday is reporting that Cash4Gold — you've seen the ads, I'm sure: late nights, old ladies, gold jewelry — bought a Super Bowl timeslot.
From the story:
"The sour economy has been sweet for the Florida gold-melting service, billed as an alternative to a pawn shop. Cash4Gold transactions more than doubled to about 500,000 in 2008 vs. 2007. How it works: Consumers send in gold items and get paid based on weight and quality within two weeks."
The story said the ad will feature Ed McMahon and MC Hammer, "two celebrities who've had very public real-life financial reversals." It should be interesting.
Maybe Hammer will send this necklace to Cash4Gold.
In a side note, the Consumerist has posted in the past about how you can avoid being ripped off by Cash4Gold.
Tuesday, January 13, 2009
Shovel Ready
Local groups are currently compiling a list of "shovel ready" projects for Memphis Mayor Willie Herenton to include in the city's request for economic stimulus funding.
Much of president-elect Barack Obama's focus has been on infrastructure projects that will be ready to go within three to four months of being funded. The stimulus plan is being touted as the largest public works program since the interstate system.
So far, some local projects that might be submitted include sidewalk improvements and trees on portions of Madison and Cooper, and a greenway connecting Overton Park with Overton Square.
The mayor is soliciting projects from the CCC, RDC, the Chamber of Commerce, the University of Memphis, the Bioworks foundation, and Southwest Tennesse Community College, among others.
I'm all for an economic stimulus, believe me, but I think we have to be careful of building things as the answer. City CFO Robert Lipscomb will tell you that when the city builds something with money from its capital fund, it tries to calculate the effect the new facility will have on its operating fund.
On the other hand, I also think there are smart ways to spend the money: renovations to make government buildings more energy efficient, for instance, would mean cost savings in the future (not to mention the example it sets for others).
Much of president-elect Barack Obama's focus has been on infrastructure projects that will be ready to go within three to four months of being funded. The stimulus plan is being touted as the largest public works program since the interstate system.
So far, some local projects that might be submitted include sidewalk improvements and trees on portions of Madison and Cooper, and a greenway connecting Overton Park with Overton Square.
The mayor is soliciting projects from the CCC, RDC, the Chamber of Commerce, the University of Memphis, the Bioworks foundation, and Southwest Tennesse Community College, among others.
I'm all for an economic stimulus, believe me, but I think we have to be careful of building things as the answer. City CFO Robert Lipscomb will tell you that when the city builds something with money from its capital fund, it tries to calculate the effect the new facility will have on its operating fund.
On the other hand, I also think there are smart ways to spend the money: renovations to make government buildings more energy efficient, for instance, would mean cost savings in the future (not to mention the example it sets for others).
Monday, January 12, 2009
Jobs and Gender
USAToday reports that men are losing jobs at a higher rate than women during the current recession.
Since December 2007, the jobless rate for men rose from 4.4 percent to 7.2 percent while the jobless rate for women rose from 4.3 percent to 5.9 percent during the same time period.
Why?
Because "the types of jobs women hold generally offer more stability, albeit at less pay."
The story says that 75 percent of the workers in health care and education are women, while men dominate the fields of construction and manufacturing.
Women are also more likely to work part-time, making them less vulnerable to cut-backs.
I'm not sure anyone can consider this good news, given the overall increase in joblessness, but the story does point out that the trend is helpful to dual-income households. (And are there many at this point that aren't?)
The story quoted Donna Ginther, director of the Center for Economic and Business Analysis at the University of Kansas:
"It's a kind of built-in insurance. If you lose one of two incomes and you are losing the highest income, it hurts, but it's not as catastrophic as say, losing the only income in a household."
Since December 2007, the jobless rate for men rose from 4.4 percent to 7.2 percent while the jobless rate for women rose from 4.3 percent to 5.9 percent during the same time period.
Why?
Because "the types of jobs women hold generally offer more stability, albeit at less pay."
The story says that 75 percent of the workers in health care and education are women, while men dominate the fields of construction and manufacturing.
Women are also more likely to work part-time, making them less vulnerable to cut-backs.
I'm not sure anyone can consider this good news, given the overall increase in joblessness, but the story does point out that the trend is helpful to dual-income households. (And are there many at this point that aren't?)
The story quoted Donna Ginther, director of the Center for Economic and Business Analysis at the University of Kansas:
"It's a kind of built-in insurance. If you lose one of two incomes and you are losing the highest income, it hurts, but it's not as catastrophic as say, losing the only income in a household."
Thursday, January 8, 2009
Outsourced Extra
Here's an idea: Be a Bollywood extra.
Apparently, after November's terrorist attack, they are having trouble finding Western extras.
If I wasn't so busy, I would totally try and do this. Because the first thing I do when I wake up in the morning is turn on the radio and dance my Bombay off.
Apparently, after November's terrorist attack, they are having trouble finding Western extras.
If I wasn't so busy, I would totally try and do this. Because the first thing I do when I wake up in the morning is turn on the radio and dance my Bombay off.
Tuesday, December 23, 2008
States in Budget Troubs
BusinessWeek has a slideshow of the 20 States in the Worst Budget Trouble.
Tennessee comes in at a respectable, tho not disastarous, 13th.
Topping the list is Arizona, with a $3.1 billion budget gap. Coming in second is California, with a 30.6 billion budget gap (I think the ranking is done by the percentage gap of the total budget, not the actual dollars of the budget deficit).
About Cali:
"The Golden State is looking a lot less golden these days as it is being forced to hold off on $3.8 billion in financing for road, prisons, school, and other projects because of the current budget shortfall. California, which has been battered by foreclosures, needs the money to pay for immediate needs, including health care and public safety. Democratic and Republican lawmakers have been unable to agree on a compromise. Governor Arnold Schwarzenegger supports new spending cuts and tax increases in addition to previously enacted cuts to the state's health insurance program for the poor and other social service programs."
Tennessee budget gap is $1.2 billion. BusinessWeek notes that the state depends heavily on sales tax and has been hit hard by the drop in consumer spending. So far, the state as cut between 1,500 and 2,000 jobs and reduced funding for higher education.
ps. Happy Birthday, Dad!
Tennessee comes in at a respectable, tho not disastarous, 13th.
Topping the list is Arizona, with a $3.1 billion budget gap. Coming in second is California, with a 30.6 billion budget gap (I think the ranking is done by the percentage gap of the total budget, not the actual dollars of the budget deficit).
About Cali:
"The Golden State is looking a lot less golden these days as it is being forced to hold off on $3.8 billion in financing for road, prisons, school, and other projects because of the current budget shortfall. California, which has been battered by foreclosures, needs the money to pay for immediate needs, including health care and public safety. Democratic and Republican lawmakers have been unable to agree on a compromise. Governor Arnold Schwarzenegger supports new spending cuts and tax increases in addition to previously enacted cuts to the state's health insurance program for the poor and other social service programs."
Tennessee budget gap is $1.2 billion. BusinessWeek notes that the state depends heavily on sales tax and has been hit hard by the drop in consumer spending. So far, the state as cut between 1,500 and 2,000 jobs and reduced funding for higher education.
ps. Happy Birthday, Dad!
Monday, December 15, 2008
Troubled News
There's been a lot of talk about the troubles at large newspapers and magazines, but the NYTimes has a story today about the impending death of a little newspaper in Bristol, Connecticut.
The newspaper, which has been publishing since 1871, will either be sold by mid-January or will close:
"Yes, this is another story about a newspaper in jeopardy, one that may well prompt dismissive responses about Paleolithic business models and pointless mourning over throwaway sheets of paper and ink. In other words: Get over it, hack, your day is done."
It is, at least, a poetic pre-obituary, asking the reader to pause and "appreciate what a small, imperfect daily newspaper means to this small, imperfect city":
"Let us watch, too, as Greg Fradette ... feeds two quarters into a machine and returns with a copy of The Press. In this city where, he says, 'springs are big,' the newspaper matters because it contains the intense coverage of sports at the high school and City Hall level; the listings of births, deaths and potluck suppers. 'The information you take for granted,' Mr. Fradette says."
Obviously, stories like this interest me on a personal level. Here I am, working for a weekly newspaper, writing on the internet for that same organization. (Btw, Chris Davis recently wrote about John Malmo's take on the future of newspapers for memphisflyer.com.)
But I also once interned at a teeny-tiny afternoon daily (in a teeny-tiny town, appropriately) and it really was an integral part of the town. Sure, everyone got the larger daily from the neighboring "metropolis" for regional news, but you had to get the Reporter — good-naturedly called the Repeater — for the police blotter, the news from city hall, and just generally to know what your neighbors were up to.
(And who in a small town doesn't want to know what their neighbors are up to?)
At The Bristol Press, they wonder about the stories that will go untold should they close.
"For now, a heavy-hearted editor will continue to be who he is, and do what he does. And a small band of reporters, working for a small, imperfect newspaper, will record for posterity the challenges facing a wounded soldier; the fire that roared through an animal shelter and the number of cats (30) and dogs (9) saved; the death of an 88-year-old woman named Henrietta; and the birth of a girl named Ava Marie."
The newspaper, which has been publishing since 1871, will either be sold by mid-January or will close:
"Yes, this is another story about a newspaper in jeopardy, one that may well prompt dismissive responses about Paleolithic business models and pointless mourning over throwaway sheets of paper and ink. In other words: Get over it, hack, your day is done."
It is, at least, a poetic pre-obituary, asking the reader to pause and "appreciate what a small, imperfect daily newspaper means to this small, imperfect city":
"Let us watch, too, as Greg Fradette ... feeds two quarters into a machine and returns with a copy of The Press. In this city where, he says, 'springs are big,' the newspaper matters because it contains the intense coverage of sports at the high school and City Hall level; the listings of births, deaths and potluck suppers. 'The information you take for granted,' Mr. Fradette says."
Obviously, stories like this interest me on a personal level. Here I am, working for a weekly newspaper, writing on the internet for that same organization. (Btw, Chris Davis recently wrote about John Malmo's take on the future of newspapers for memphisflyer.com.)
But I also once interned at a teeny-tiny afternoon daily (in a teeny-tiny town, appropriately) and it really was an integral part of the town. Sure, everyone got the larger daily from the neighboring "metropolis" for regional news, but you had to get the Reporter — good-naturedly called the Repeater — for the police blotter, the news from city hall, and just generally to know what your neighbors were up to.
(And who in a small town doesn't want to know what their neighbors are up to?)
At The Bristol Press, they wonder about the stories that will go untold should they close.
"For now, a heavy-hearted editor will continue to be who he is, and do what he does. And a small band of reporters, working for a small, imperfect newspaper, will record for posterity the challenges facing a wounded soldier; the fire that roared through an animal shelter and the number of cats (30) and dogs (9) saved; the death of an 88-year-old woman named Henrietta; and the birth of a girl named Ava Marie."
HUD Help with Economic Crisis
President-elect Barack Obama says that the department of Housing and Urban Development will play a key role in his plan to create or save 2.5 million jobs.
From USAToday:
"'To end this economic crisis, we must end the mortgage crisis, where it began,' Obama said during his weekly address Saturday. [Housing secrectary pick Shaun] Donovan 'knows that we can put the dream of owning a home within reach for more families so long as we're making loans in the right way.'"
The incoming administration has talked about using some of the $700 billion economic bailout fund to stem foreclosures. In addition, Obama said HUD will focus on keeping homes affordable in the first place.
It will be interesting to see what exactly that means, come January.
In Congressional hearings in June, Donovan, a New York City housing official, said that "cities like us across the country cannot preserve [affordable housing] on our own."
(Closer to home, HCD head Robert Lipscomb has told me several times that they knew foreclosures were a problem in Memphis before the larger mortgage crisis, but they couldn't do anything without backing from the federal government and that it wasn't a priority of the current administration.)
I will say, Obama was on Meet the Press two weeks ago and he drew a great analogy after Tom Brokaw asked him why homeowners who were paying their mortgages but seeing their neighbors "getting bailed out" wouldn't just walk away from their mortgages.
"We don't want what you just described, a moral hazard problem where you have incentive to act irresponsibly," Obama said. "But, you know, if my neighbor's house is on fire, even if they were smoking in the bedroom or leaving the stove on, right now my main incentive is to put out that fire so that it doesn't spread to my house."
From USAToday:
"'To end this economic crisis, we must end the mortgage crisis, where it began,' Obama said during his weekly address Saturday. [Housing secrectary pick Shaun] Donovan 'knows that we can put the dream of owning a home within reach for more families so long as we're making loans in the right way.'"
The incoming administration has talked about using some of the $700 billion economic bailout fund to stem foreclosures. In addition, Obama said HUD will focus on keeping homes affordable in the first place.
It will be interesting to see what exactly that means, come January.
In Congressional hearings in June, Donovan, a New York City housing official, said that "cities like us across the country cannot preserve [affordable housing] on our own."
(Closer to home, HCD head Robert Lipscomb has told me several times that they knew foreclosures were a problem in Memphis before the larger mortgage crisis, but they couldn't do anything without backing from the federal government and that it wasn't a priority of the current administration.)
I will say, Obama was on Meet the Press two weeks ago and he drew a great analogy after Tom Brokaw asked him why homeowners who were paying their mortgages but seeing their neighbors "getting bailed out" wouldn't just walk away from their mortgages.
"We don't want what you just described, a moral hazard problem where you have incentive to act irresponsibly," Obama said. "But, you know, if my neighbor's house is on fire, even if they were smoking in the bedroom or leaving the stove on, right now my main incentive is to put out that fire so that it doesn't spread to my house."
Thursday, December 11, 2008
Dark Days for Midwestern Towns
Forbes has created an interesting slideshow of America's fastest-dying towns.
(Don't worry, Memphis isn't on the list. Then again, the places ranked have a population between 20,000 and 65,000.)
Using data from the U.S. Census Bureau's three-year American Community Survey, Forbes tracked income growth, domestic in-migration, the change in poverty, and the percentage of the population with a bachelor's degree or higher.
Bensenville, Illinois, a town south of Chicago, tops Forbes' list. Other contenders include towns in Missouri, Ohio, Michigan, Indiana, North Carolina, and Georgia.
Here's what Forbes said about Middletown, Ohio, which ranked 10th on the list:
"The town's median household income is $37,000, and its poverty level has jumped from 12% in 2000 to 22% in 2007. And it's not likely to get better anytime soon. With only 12.2% of residents possessing bachelor's degrees or better, the city isn't a prime candidate to attract highly skilled jobs that have lifted some other post-industrial cities."
Just for a comparison, I checked Memphis' 2005 - 2007 estimated stats with the American Community Survey. The urban area includes parts of Mississippi and Arkansas and has a median household income of $42,239.
About 16 percent of families in Memphis had an income in the past 12 months below the poverty level.
About 16 percent of the residents have bachelor's degrees, as well. Nine percent of residents have a graduate or professional degree.
(Don't worry, Memphis isn't on the list. Then again, the places ranked have a population between 20,000 and 65,000.)
Using data from the U.S. Census Bureau's three-year American Community Survey, Forbes tracked income growth, domestic in-migration, the change in poverty, and the percentage of the population with a bachelor's degree or higher.
Bensenville, Illinois, a town south of Chicago, tops Forbes' list. Other contenders include towns in Missouri, Ohio, Michigan, Indiana, North Carolina, and Georgia.
Here's what Forbes said about Middletown, Ohio, which ranked 10th on the list:
"The town's median household income is $37,000, and its poverty level has jumped from 12% in 2000 to 22% in 2007. And it's not likely to get better anytime soon. With only 12.2% of residents possessing bachelor's degrees or better, the city isn't a prime candidate to attract highly skilled jobs that have lifted some other post-industrial cities."
Just for a comparison, I checked Memphis' 2005 - 2007 estimated stats with the American Community Survey. The urban area includes parts of Mississippi and Arkansas and has a median household income of $42,239.
About 16 percent of families in Memphis had an income in the past 12 months below the poverty level.
About 16 percent of the residents have bachelor's degrees, as well. Nine percent of residents have a graduate or professional degree.
How to Make a Living During the Recession?
YouTube.
The NYTimes had a story yesterday about YouTube partner Michael Buckley — among others — who are benefiting financially from the video sharing site. YouTube places advertising within and around its partners' videos. Though YouTube declines to say how much money its partners are making, Buckley told the paper he makes $100,000 annually.
"Mr. Buckley quit his day job in September after his online profits had greatly surpassed his salary as an administrative assistant for a music promotion company. His thrice-a-week online show 'is silly,' he said, but it has helped him escape his credit-card debt."
Buckley, a former host of a weekly show on a Connecticut public access channel, had minimal upfront costs: $2,000 for a camera, a $6 backdrop, and lights from Home Depot.
Of course, those looking for a get-rich-quick-scheme, the article notes that building an online audience can take time:
"In a time of media industry layoffs, the revenue source — and the prospect of a one-person media company — may be especially appealing to users. But video producers like Lisa Donovan, who posts sketch comedy onto YouTube and attracted attention in the fall for parodies of Gov. Sarah Palin of Alaska, do not make it sound easy. 'For new users, it’s a lot of work,' Ms. Donovan said. 'Everybody’s fighting to be seen online; you have to strategize and market yourself.'"
In related news, the Flyer's cover story this week is "13 Upsides to the Downturn ..." The story cites better public health, no more credit card debt, and a new crop of entrepreneurs as positive aspects of the recession. So, you know, it's not all bad.
The NYTimes had a story yesterday about YouTube partner Michael Buckley — among others — who are benefiting financially from the video sharing site. YouTube places advertising within and around its partners' videos. Though YouTube declines to say how much money its partners are making, Buckley told the paper he makes $100,000 annually.
"Mr. Buckley quit his day job in September after his online profits had greatly surpassed his salary as an administrative assistant for a music promotion company. His thrice-a-week online show 'is silly,' he said, but it has helped him escape his credit-card debt."
Buckley, a former host of a weekly show on a Connecticut public access channel, had minimal upfront costs: $2,000 for a camera, a $6 backdrop, and lights from Home Depot.
Of course, those looking for a get-rich-quick-scheme, the article notes that building an online audience can take time:
"In a time of media industry layoffs, the revenue source — and the prospect of a one-person media company — may be especially appealing to users. But video producers like Lisa Donovan, who posts sketch comedy onto YouTube and attracted attention in the fall for parodies of Gov. Sarah Palin of Alaska, do not make it sound easy. 'For new users, it’s a lot of work,' Ms. Donovan said. 'Everybody’s fighting to be seen online; you have to strategize and market yourself.'"
In related news, the Flyer's cover story this week is "13 Upsides to the Downturn ..." The story cites better public health, no more credit card debt, and a new crop of entrepreneurs as positive aspects of the recession. So, you know, it's not all bad.
Monday, December 1, 2008
Money Talks
Related to today's previous post, Memphis' budget will be the focus of tonight's Neighbor Talk on Comcast channel 18 WYPL.
Hosted by council chair Myron Lowery, the live, call-in program will feature city CAO Keith McGee and city finance director Roland McElrath. Callers can dial 415-2756 to ask Lowery, McGee, and McElrath questions.
From a release about the show:
"The City of Memphis is not immune to the economic challenges being faced across the country. Lowery’s guests will discuss the city’s bottom line and highlight the strategies and plans they recently proposed to the Council to address the shortfalls in revenues and other critical areas of concern that have commanded the attention of the administration and the legislative body. Information presented will be of particular interest to current city employees."
Put like that, I think if I were a city of Memphis employee, I would definitely try to tune in.
Budget hearing for the upcoming fiscal year (which starts in July) typically begin in February. Final budget approval generally occurs in June.
Hosted by council chair Myron Lowery, the live, call-in program will feature city CAO Keith McGee and city finance director Roland McElrath. Callers can dial 415-2756 to ask Lowery, McGee, and McElrath questions.
From a release about the show:
"The City of Memphis is not immune to the economic challenges being faced across the country. Lowery’s guests will discuss the city’s bottom line and highlight the strategies and plans they recently proposed to the Council to address the shortfalls in revenues and other critical areas of concern that have commanded the attention of the administration and the legislative body. Information presented will be of particular interest to current city employees."
Put like that, I think if I were a city of Memphis employee, I would definitely try to tune in.
Budget hearing for the upcoming fiscal year (which starts in July) typically begin in February. Final budget approval generally occurs in June.
Tuesday, November 25, 2008
Savings for Any Age
USAToday has a helpful piece today about what you should do with your money and, unlike many similar stories, it customizes its advice depending on whether you are in your 20s, 30s, 40s, 50s, or 60 or older.
I'm not going to make a guess as to how old my average readers is — google analytics only goes so far — but USAToday says experts agree:
"You should do something. The financial meltdown is the most serious since the Great Depression. Nearly $2.1 trillion has evaporated this month alone."
Younger investors can take solace in the fact that they haven't lost as much as older investors; the article says if you're in your 20s, you should be putting 80 percent of your savings in stocks, but you might ignore the old advice that you should put your money into riskier stocks, which can have higher gains ... and losses.
If you're in your 30s, the story says to keep contributing to retirement accounts and try to protect yourself from the risks of unemployment by having at least 6 months of cash squirreled away.
If you're in your 40s, you should be stuffing as much money into your retirement savings plan as possible but stay diversified.
If you're in your 50s, don't do anything rash. Of course, it also says don't overlook any way to boost your savings. If you're in your 50s, I'd read the entire section.
But if you're in your 60s or older, you might skip it: The story suggests over-60s put off Social Security as long as possible, cut back on withdrawals, work part time, and move money to safer investments.
I'm not going to make a guess as to how old my average readers is — google analytics only goes so far — but USAToday says experts agree:
"You should do something. The financial meltdown is the most serious since the Great Depression. Nearly $2.1 trillion has evaporated this month alone."
Younger investors can take solace in the fact that they haven't lost as much as older investors; the article says if you're in your 20s, you should be putting 80 percent of your savings in stocks, but you might ignore the old advice that you should put your money into riskier stocks, which can have higher gains ... and losses.
If you're in your 30s, the story says to keep contributing to retirement accounts and try to protect yourself from the risks of unemployment by having at least 6 months of cash squirreled away.
If you're in your 40s, you should be stuffing as much money into your retirement savings plan as possible but stay diversified.
If you're in your 50s, don't do anything rash. Of course, it also says don't overlook any way to boost your savings. If you're in your 50s, I'd read the entire section.
But if you're in your 60s or older, you might skip it: The story suggests over-60s put off Social Security as long as possible, cut back on withdrawals, work part time, and move money to safer investments.
Monday, November 24, 2008
Neighborhood Stabilization
As I've reported in the past, Memphis and Shelby County are set to receive about $12 million in HUD Neighborhood Stabilization Funds through the Housing and Economic Recovery Act (HERA).
The money has several stipulations: It has to be used in areas hardest hit by foreclosures, for starters. It can be used to buy foreclosed property, renovate or rehab foreclosed property, and create land banks for redevelopment.
But it cannot be used to prevent foreclosures.
And with the credit market in the shape its in, rehabbing foreclosed property for sale or redeveloping property, again, for sale, might not be the most successful solution.
In order to meet the stipulation regarding the hardest hit areas, the city and county used Chandler Report data to find the "top 10" zip codes with the greatest percentage of foreclosures, as well as those zip codes with the highest percentage of homes financed by a subprime mortgage-related loan.
But a recent Op-ed from Planetizen suggests that by concentrating assistance in the hardest-hit areas, few places will be saved.
Charles Buki, a principal at a Virginia-based neighborhood planning firm, says that local governments should focus on the hardest-hit areas, but also those areas where they have the greatest chance for success.
He says:
"HERA requires that resources go to areas with the most foreclosures, thereby attaching dollars to the markets where demand is weakest. Not surprisingly, with some exceptions, these are the weakest areas of the weakest urban centers, and almost precisely the geographies where we community developers have been working so hard to turn things around for so long. ...
"The tools we have with HERA are in actuality little different than those we have been using. The conclusion: same places, same indicators, same constraints, same tools, same outcome."
The money has several stipulations: It has to be used in areas hardest hit by foreclosures, for starters. It can be used to buy foreclosed property, renovate or rehab foreclosed property, and create land banks for redevelopment.
But it cannot be used to prevent foreclosures.
And with the credit market in the shape its in, rehabbing foreclosed property for sale or redeveloping property, again, for sale, might not be the most successful solution.
In order to meet the stipulation regarding the hardest hit areas, the city and county used Chandler Report data to find the "top 10" zip codes with the greatest percentage of foreclosures, as well as those zip codes with the highest percentage of homes financed by a subprime mortgage-related loan.
But a recent Op-ed from Planetizen suggests that by concentrating assistance in the hardest-hit areas, few places will be saved.
Charles Buki, a principal at a Virginia-based neighborhood planning firm, says that local governments should focus on the hardest-hit areas, but also those areas where they have the greatest chance for success.
He says:
"HERA requires that resources go to areas with the most foreclosures, thereby attaching dollars to the markets where demand is weakest. Not surprisingly, with some exceptions, these are the weakest areas of the weakest urban centers, and almost precisely the geographies where we community developers have been working so hard to turn things around for so long. ...
"The tools we have with HERA are in actuality little different than those we have been using. The conclusion: same places, same indicators, same constraints, same tools, same outcome."
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