Newspaper Project #2 NV

Newspaper Project #2 NV - Economic Cartoon Summary This...

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Economic Cartoon: Summary: This economic cartoon comes from the USA Today and is from March 18,2008. In the picture there is a massive bear that represents the economy. It looks really mean and disturbed, kind of like our economy is in real life. Next to the bear at the table is an old man clipping the bear’s toenails. The old man is the federal government and the toenail is our countries interest rates. Currently our interest rates are being cut back even though it might not be the best thing for our economy. The bear also looks like he doesn’t like his toenails being cut giving us another reason to assume that it is bad for the economy when our interest rates our low. In Mid-march the feds cut the key interest rate to .75% and they did this to try and avoid a prolonged recession.
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National Economic Issue: High Gas Prices USA Today- April 1, 2008- By James R. Healey Summary: This article discusses the high probability that gas prices will be up to $4.00 a gallon by the end of May. End of May is the start of the heavy driving seasonal and these gas prices are going to hit consumers hard. Barrels of gas usually go for just over a $100 dollars a barrel. If we want gas prices to get lower the price per barrel must go under a hundred dollars but AAA’s gasoline price analysis Geoff Sundstrom thinks this is unlikely to happen. For the first week of April the national average is about $3.29 a gallon, which is 3 cents up from last week. At the moment gas prices on the west coast are higher than the east coast. This week diesel gas prices dropped 2.5 cents but diesel is still about 20% more expensive than regular gas.
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Summary: This article talks about how March was such a bad month in the land of economics. Our country is going into a recession and it is hurting companies pretty bad. Prices are soaring yet people still have to buy their essentials like food, gas and energy. Since they have to spend all their money on those kinds of things there isn’t enough cash to spend on expensive luxury goods like designer purses. Companies that target the middle class are going to do the worst in the next couple months but high-end stores like Neiman Marcus and Nordstrom aren’t doing much better. Home improvement stores aren’t doing so hot either because many home values are slipping and people don’t see the point of doing expensive repairs.
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Local Economic Issue: Greece school taxes Summary: Greece’s school districts are happy to report that for the first time in 10 years there will be no new school taxes for the 2008-09 school year. The approved budget proposal is at $194.1 million dollars and does not make the tax levy or tax rate higher in the community. The town gets to vote on the proposal in May. This new plan is possible because of the $6 million dollars they had extra from last year. For next year 45 new
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Newspaper Project #2 NV - Economic Cartoon Summary This...

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