polls

An article in the Buffalo News this morning takes a look at an economic forecast that sees a further worsening of the nation's economy throughout this year with an upswing due to start in 2010 and gain momentum in 2011.

From the article:

The economy is expected to remain feeble this year - even with new efforts by the administration and Congress to provide relief.

Just over the past few weeks, a $787 billion recovery package of increased government spending and tax cuts was signed into law, the president unveiled a $75 billion plan to stem home foreclosures and Treasury Secretary Timothy Geithner said as much as $2 trillion could be plowed into the financial system to jump-start lending.

In terms of lost economic activity in 2009, the biggest hit will come in the first six months, forecasters said.

And...

Even in the best-case scenario, with the recession ending sometime in the second half of this year, employment conditions will be tough.

Some of the forecasters said the nation's unemployment rate could rise as high as 9 percent for all of 2009 and hit 10 percent next year. In 2008, the jobless rate averaged 5.8 percent, the highest since 2003. The survey's median forecast - or middle point - called for the unemployment rate to rise to 8.4 percent this year and 8.8 percent next year.

Companies touching every part of the economy have announced thousands of layoffs already this year and more cuts came last week. Goodyear Tire & Rubber Co., said it will cut nearly 5,000 jobs, or almost 7 percent of its work force, this year, following the elimination of about 4,000 jobs in the second half of last year. General Motors Corp. and Chrysler, which are asking the government for billions more in aid to remain viable, announced plans to cut 50,000 more jobs, 47,000 of which would be at GM.

What do you think? Will we start to pull out of this at the end of this year? Or will the vicious cycle suck us further down?

Earlier today, we reported that the city of Batavia may not release the salaries of its city employees until after the City Council has already voted on the budget. Several individuals have come to us to express concern over the choice by Council to institute raises for city officials when unemployment is on the rise and every week seems to bear the news of another downtown business closing shop.

Is it just? Should city officials and department heads get raises just because all other city employees are guaranteed a raise under their union contract?

An article in the Democrat & Chronicle this morning reports that Rochester's Fox affiliate will cut off its analog signal at midnight tonight. They will be the only Rochester-based station to shut down before the new switch date of June 12.

Feb. 17 was the original deadline for stations to switch from analog to digital, but earlier this month Congress voted to allow stations to postpone the move until June 12, giving households with rabbit-ear antennas more time to obtain a digital converter box. An estimated 15 percent of Rochester-area homes needed the converter boxes. Those that do not have a converter box will not be able to get WUHF after midnight.

Are you ready for the switch?

Earlier this week, we picked up an article from Forbes magazine that dubbed Buffalo the 8th most miserable city in the nation. Just or unjust, we thought that may have touched on a few of the less desirable aspects of living in this part of the country. Sure, we've got much to boast about here in Western New York—the people, the history, the landscapes, the fresh water—but surely they are a few things about our region that we would get rid of if we could.

So, what would you scrap if you could?

The New York Times reports this morning that there are plans to institute a $500,000 salary cap for executives whose companies will receive large amounts in the proposed bailout. From that article:

The new rules would be far tougher than any restrictions imposed during the Bush administration, and they could force executives to accept deep reductions in their current pay. They come amid rising public fury about huge pay packages for executives at financial companies being propped up by federal tax dollars.

Executives at companies that have already received money from the Treasury Department would not have to make any changes. But analysts and administration officials are bracing for a huge wave of new losses, largely because of the deepening recession, and many companies that have already received federal money may well be coming back.

What are your thoughts?

Punxsutawney Phil climbed out of his burrow on Gobbler's Knob yesterday to find his shadow and thus predict for us another six weeks of winter. From the Washington Post:

According to legend, if a hibernating animal wakes up and casts a shadow on Feb. 2, winter will last six more weeks. If there is no shadow, spring will supposedly come early.

Early American farmers relied on groundhogs, though there is no scientific evidence that the animal has any weather-predicting skills.

What do you think?

Meteorologists are holding true to their winter storm watch, still expecting the massive system now sweeping up from Ohio to hit hard tonight—check out our post from this morning. Although, initial predictions of up to a foot of snow for the region have already been eased. We're know expecting between five and eight inches of snowfall. Still, looking at this thing, there seems a chance that it could just sail right by us, never lifting north enough to cause any damage.

Last year, if I remember correctly, there were about a half dozen "major" snow storms that were predicted that never came to pass. Are we looking at another flop, or should be all be picking up our shovels?

Later tonight, Batavia's City Council will vote to cease its funding and operation of the county-wide ambulance service managed by the city fire department. Discussion among members of Council was had at a recent budget meeting, and Council President Charlie Mallow has assured us that they are essentially all in agreement and that tonight's vote is merely the formal act on what has already been decided.

Seventeen of the 18 other municipalities in the county that benefit from the ambulance service have expressed their desire to continue with the city-run service. So we may see a few speakers at tonight's meeting. The vote will follow the Council's conference meeting, which begins at 7:00pm at City Hall.