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![]() Bureau of Labor Statistics.īut opponents to the wage hikes say they can be detrimental to small businesses, which already took a major hit during the coronavirus pandemic.Ĭindy Lee, the owner of a bowling alley in Endicott, New York, said she’s struggling to pay off loans taken out during the pandemic that kept her business afloat. Inflation has meant that something that cost $15 in 2012 - when labor activists adopted the “Fight for $15” slogan in a push for wage hikes - would probably cost almost $20 today, according to the U.S. It is vital for lawmakers to take action on the growing debt to ensure a stable economic future.New York, California and Massachusetts are among states where pro-labor forces are now pushing proposals that, if approved, would boost minimum wages to $20 or more in the coming years. Congresses and Presidents of both parties, over many years, have avoided making hard choices about our budget and failed to put it on a sustainable path. Furthermore, as interest rates rise and the nation’s debt grows, it will become even more expensive to borrow in the future. Significant borrowing was necessary to respond to the COVID-19 pandemic however, the structural imbalance between spending and revenues that existed before the pandemic is still large and will grow rapidly in the future. The long-term fiscal challenges facing the United States are serious. CBO estimates that by 2053, interest costs are projected to be nearly three times what the federal government has historically spent on R&D, nondefense infrastructure, and education, combined. Interest costs would also become the largest “program” over the next few decades - surpassing defense spending in 2029, Medicare in 2044, and Social Security in 2050.īallooning interest costs threaten to crowd out important public investments that can fuel economic growth in the future. ![]() According to CBO’s projections, interest payments would total around $74 trillion over the next 30 years and would take up nearly 40 percent of all federal revenues by 2053. The growth in interest costs presents a significant challenge in the long-term as well. However, if inflation is higher than CBO’s projections and if the Fed raises interest rates by larger amounts than the agency projected, such costs may rise even faster than anticipated. In February, the Congressional Budget Office (CBO) projected that annual net interest costs would total $640 billion in 2023 and double over the upcoming decade, soaring from $739 billion in 2024 to $1.4 trillion in 2033 and summing to $10.5 trillion over that period. Expectations about short-term rates and inflation have already pushed up longer-term rates as well. However, as the Federal Reserve increases the federal funds rate, short-term rates on Treasury securities will rise as well - making some federal borrowing more expensive. ![]() The United States was able to borrow cheaply to respond to the pandemic because interest rates were historically low. Treasury securities rise, so too will the federal government’s borrowing costs. ![]() Expectations about the short-term rates, combined with other factors, may also affect longer-term rates that are applied to business investment loans and consumer borrowing such as mortgages and car loans. Adjusting the rate is an important tool for the Federal Reserve to help achieve their statutory mandate, which is to promote the goals of maximum employment, stable prices, and moderate long-term interest rates. The federal funds rate is the benchmark for Treasury bills and other short-term securities. It reflects the second time the central bank has raised rates this year (following seven raises in 2022 after holding them close to zero since the onset of the pandemic). The Fed’s move will set the target range for the federal funds rate to between 4.75 and 5.0 percent - a 16-year high. The increase in that rate, which is the interest rate at which commercial banks lend to one another overnight, is meant to help tame rising inflation however, the increase also has implications for the federal government’s borrowing costs and therefore the nation’s fiscal picture. Today, the Federal Reserve announced a 0.25 percentage point increase in the target for the federal funds rate. The multi-generational group, ranging from Gen Z activists to septuagenarian community members, called to boycott MOCA for “promoting displacement and racism” against Chinatown residents. Last week, a coalition of activists and community members staged a protest during the museum’s reopening after more than a year of closure. A protest that followed the press event culminated in shouting matches between the protesters and the museum’s facilities manager, Jeff Reynolds, who attempted to interrupt their speeches. In a press conference outside the museum yesterday, July 18, protesters called for the resignation of the museum’s director Nancy Yao Maasbach, accusing her of making “blatant racist and ageist insults” against seniors from the neighborhood. She was a 2010/2011 Fulbright Scholar in Colombia and is a graduate of Oberlin College.Tensions between the Museum of Chinese in America (MOCA) and members of the New York Chinatown community reached a new height this weekend. Lukov cut her teeth working with Jeffrey Deitch at MOCA Los Angeles and with Franklin Sirmans on Prospect 3, the New Orleans biennial. ![]() Lukov’s independent curatorial projects such as Fair, an alternative all women non-commercial art fair that took place within a shopping mall, and Holy Water, have been widely lauded in the press and across creative communities. She is also a founding board member of Desert X, the nonprofit site-specific exhibition based in California, and recently produced a documentary about Desert X 2021 which premiered at the Getty Museum, aired on PBS, and was featured in the Palm Springs International Film Festival, the Riviera International Film Festival and nominated for an Emmy award. Previously, as chief curator of Faena Art in Miami Beach and Buenos Aires, Lukov organized the first Faena Festival in 2018, its follow up in 2019, in addition to major solo exhibitions by internationally recognized artists throughout the Faena Districts. Additionally, she is a board member of The Marshall Project, Pioneer Works, Ghetto Film School, and the progressive American political organization, Run for Something.Ĭurator, Emmy-nominated producer, and writer Zoe Lukov develops non-traditional, experimental exhibitions that engage and respond to pressing issues in real time. Her film credits include Emily Cohn’s “CRSHD,” which premiered at the 2019 Tribeca Film Festival and was released in virtual theaters May 2020, “When Jeff Tried to Save the World” starring Maya Erskine, and Erica Rose’s “Girl Talk” which premiered at Outfest in 2018. Prior to producing under the Gertie banner, Pucker produced and launched Madison Wells' Chicago-based immersive art experience, Nevermore Park, based on Hebru Brantley's Flyboy. As Mass Moca’s inaugural Creative Producer in Residence, Abby is working in partnership with Moca’s new Executive Director Kristy Edmunds on a festival in North Adams that aims to show the ways in which the creative economy and artists can work in partnership with local businesses and the community to spur economic development for the city as a whole. The second project from the Gertie platform is (A)Part Chicago - a guidebook and cookbook to the city through 26 civic leaders who have helped build the arts and culture ecosystem in Chicago. To this end, most recently, Abby produced Skin in the Game, a 50 artist exhibition in Chicago's Fulton Market neighborhood in partnership with Jeff Shapack and Alec and Jennifer Litowitz. Gertie provides membership access to programming in partnership with Chicago’s most exciting institutions, artists and cultural movers & shakers – the ones you know and the ones you should get to know. Gertie is a community platform made up of culturally curious young professionals who engage with the city and each other in new ways. ![]() Abby is particularly focused on Chicago and just launched a Chicago-based platform called Gertie. She is interested in leveraging the collective power and resources of this next generation of wealth and creative talent to find more sustainable solutions to building a just and equitable creative economy. Abby is a cultural producer who builds initiatives sitting at the nexus of the creative economy and civic engagement. |