» Economy

Posts tagged "Economy"

Report: Boston Economy May Have Lost $250 Million Plus from Lockdown

How much does it cost to shut down a city for an entire day? Bloomberg Business Week reports that price tag is somewhere in the range of $ 250 million to $ 333 million, citing a chief economist at IHS Global Insight. The citywide shelter-in-place order was lifted shortly after 6 p.m. Friday, about 10 hours after the police lockdown was extended to the entire city of Boston. As of 6:30 p.m., police continued to search for the remaining at-large suspect in Monday’s bombing at the Boston Marathon finish line, with heavy activity continuing in the greater Boston community of Watertown. The suspect was identified by authorities as 19-year-old Dzhokhar A. Tsarnaev. While some businesses remained open during the lockdown, many didn’t open at all or closed early, sending employees home several hours after the shelter-in-place was issued, once government officials announced it was OK to leave for home. Dunkin’ Donuts shops in certain areas of the city remained open during the lockdown per direction from the city, the Huffington Post reported. Karen Raskopf, chief communications officer for Dunkin’ Brands, told the news site that the restaurants were asked to remain open “to take care of needs of law enforcement and first responders.” Business Week reports that the Boston metro area is a “$ 1-billion-a-day metropolitan area,” but that some of that economic activity could continue under a lockdown with the aid of telecommuting and technology. Other activities, such as grocery shopping, are simply shifted to another day. But even with some business in the city lost because of the lockdown, the economic expert said he did not expect the event to have a lasting effect on Boston’s economy. He pointed to New York City and Washington, D.C., both of which were able to recover relatively quickly following the attacks on 9/11. South End Patch

GOP Senate Candidates Discuss Economy, Social Security, Immigration in First Debate

The quest to become the “Washington outsider” representing the Republican Party in this year’s Massachusetts special senate election was underway at Stonehill College Tuesday night when GOP candidates met in their first primary debate. “Electing either of the Democratic nominees would be a sign of ‘surrender’ that we have given up,” State Representative Daniel B. Winslow (R-Norfolk) said in his closing statement referring U.S. Congressmen Ed Markey (D-Malden) and Stephen Lynch (D-South Boston). Winslow, former US attorney Michael J. Sullivan, and former Navy SEAL Gabriel E. Gomez discussed a wide-range of issues in the hour-long debate, including Roe vs. Wade, gun control, immigration, social security, and the economy. The debate was sponsored by WickedLocal, WGBH and WCVB and a journalist panel of WGBH’s Adam Reilly, Janet Wu of WCVB, and Chris Burrell of the Patriot Ledger delivered questions. Stonehill professor Peter Ubertaccio moderated The three candidates disagreed on little, with a common theme centering around Washington’s dis-functionality and it’s need to be fixed. The theme rose to the surface when discussing the economy and the recently-enacted sequester, which seemingly had little immediate impact on job growth. “I think sticking with the status-quo is a complete failure on the part of our government,” Sullivan said. “I think we’re far to high too celebrate,” he added, referring to the nation’s 7.7 unemployment rate. Gomez, who criticized “career politicians” and lobbyists during his closing remarks, said little was getting done in Washington because of the “lack of courage.” “We don’t have a lack of ideas down in DC right now, what we have is a lack of courage,” he said while discussing social security. Gomez said it was “sad that Scott Brown lost because he’s the kind of person that we need down in DC recommending the commonwealth of Massachusetts.” All three candidates agreed that Brown’s loss to Sen. Elizabeth Warren in the 2012 election was evident that Republicans weren’t reaching the right people. “We have to be what we are, which is the great opportunity party and have that message – that message of hope – be the message that we reach out to American voters,” Winslow said. In regards to social security, the three candidates believed raising the age of retirement might contribute to the problem surrounding social security, while emphasizing that current seniors should remain unaffected. Winslow, Sullivan and Gomez also put strong emphasis on mental health background checks when discussing gun control. Gomez said an assault weapons ban was ineffective in 1994 and would still be ineffective while Sullivan said any all-out ban would be “completely ineffective.” Winslow said he would consider three things […]