Word: america
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Observers say Build America Bonds have lowered borrowing costs for states and other local governments. The bonds have renewed and expanded investor interest in the muni-bond sector. And by getting money into the hands of cash-strapped local governments, the bond program has saved or even boosted jobs, stimulating the economy. Many investors are already lobbying to extend the program, which is not expected to close until...
...Build America Bonds have proved popular, they may also end up being costly. Already, the volume of bonds issued means the federal government is committed to spending a billion dollars in the first year of the program alone. The final price tag may end up reaching $90 billion...
Under the program, the federal government subsidizes the bond payments that local governments make to investors, boosting the yield by 35%. So a typical muni bond that would normally pay 4.5% yields nearly 7% if it is issued through the Build America Bond program. The higher payments don't hurt the finances of the local government, because Uncle Sam is picking up the difference. (See how Americans are spending...
...Build America Bonds are a big subsidy that is costly to the federal government," says Michael Ettlinger, a vice president for economic policy at the liberal think tank Center for American Progress. "At some point we may say this is a subsidy we can't afford, but for now this is a great thing...
What might be the driving factor that lowers holiday retail sales and stalls a much-anticipated economic recovery? Stingy spouses with children. According to a new survey from America's Research Group, a retail-consulting firm, 50.1% of parents plan on cutting back on gifts to each other this year. That figure is up from 44.4% last year, a surprising jump considering that the U.S. was in the depths of the financial crisis during the previous holiday season. "Parents want to maintain gift-spending levels for their kids, so they are showing more willingness to trim on each other," says...