Illinois Economy

Business and economic news

The Trump administration's plan to open most U.S. coastal waters to offshore oil and gas drilling is facing stiff opposition from many in the president's own party. On Tuesday, the administration said drilling would no longer be considered off the coast of Florida after pressure from Republican Gov. Rick Scott. And today, South Carolina Gov. Henry McMaster, an early supporter of President Donald Trump, said he's asking for an exemption from the proposal as well. Critics of the plan, including Maryland Gov.

Despite his fondness for Cherry Coke and Oreos, Warren Buffett is fine. At 87, he’s still going strong. He also says he's not going anywhere. Still, Buffett's holding company, Berkshire Hathaway, has promoted two of its executives and put them on the board. That instantly makes them front-runners to succeed Buffett. With that, Berkshire gets points for doing succession right.  

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In the wake of the new tax law, we’ve heard a lot about how richer, generally high-tax and often Democratic-leaning states are going to take a hit. The federal government expects to raise some $600 billion, largely from those states, by limiting the state and local tax deduction.

Now there’s talk at the state level about how to dodge that blow. A few approaches have emerged thus far.

In New York, Gov. Andrew Cuomo is looking at swapping the personal income tax for a business payroll tax, which is still fully deductible at the state level.

President Donald Trump, at a bipartisan meeting on immigration yesterday, voiced support for earmarks – the system, effectively banned by the GOP back in 2010, which allowed members of Congress to attach special language to funding bills to direct money to their pet projects. How did earmarks get such a bad reputation in the first place and why do some folks now want them back?

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01/10/2018: What about me??

Jan 10, 2018

You've probably seen a bit of that televised negotiating session congressional leaders had with President Donald Trump yesterday. Immigration was the headline news out of it, but the president floated something else that hasn't gotten as much attention: bringing back earmarks. They let members of Congress direct money specifically toward their pet projects, and the GOP basically banned the practice in 2010. We'll catch you up on why they left, and why they might be coming back.

The annual award of the "European Capital of Culture" designation puts the spotlight on a European city whose cultural assets have been overlooked.

The award is run by the European Commission, the European Union's executive arm, and that body has decided that since the United Kingdom is heading out of the EU, it will no longer qualify for inclusion. 

Five British cities were in the running for the title for 2023. The fact that they can no longer take part has caused anger and dismay in Britain. 

Mexican truckers get pushback across the US border

Jan 10, 2018

For Mexican truckers, life hauling goods across the border can be tough. That's because they don't get to travel very far across the border with the United States. Though the North American Free Trade Agreement ensures the free travel of goods across the continent, Mexican truckers have faced pushback from American truckers' unions over their ability to drive in the U.S.

Why we're hanging up the power suit

Jan 10, 2018

Power suits are out. That may not come as a shock in the era of hoodie-wearing billionaires, but it doesn't mean suits are gone for good. Millennial men are still buying suits, just not for work. Marketplace host Kai Ryssdal spoke with Robin Givhan, fashion critic for The Washington Post, who wrote about the demise of the once-corner-office staple. 

Artificial demand is driving the electric vehicle market in China

Jan 10, 2018

In China, if you buy an electric vehicle, you'll receive a license plate for free — only one of the benefits the Chinese government is offering in order to rev up the country's EV market. Chinese consumers bought more than double the number of electric cars that the U.S. did in 2016, according to analyst data, and the government has said it wants 11 percent of all cars sold there to be electric by 2020. Marketplace Tech host Molly Wood talked with Marketplace's China correspondent Jennifer Pak about the supply and demand of the Chinese electric vehicle industry.

(Markets Edition) 2018 could be a strong year for economic growth around the world, particularly for one South American country. On today's show, we'll discuss at why Brazil is expected to see big gains. Afterwards, we'll look at how some San Diego workers are deciding to commute from Tijuana, Mexico, so they can save on rent.

SAN SEBASTIAN SALITRILLO, El Salvador (AP) — Every two weeks, Flor Tovar receives a lifeline in the form of cash wired from her husband living in the United States.

The money pays the $50 rent for her modest two-bedroom home in a low-income housing development about an hour northwest of El Salvador’s capital. It also covers school transportation for their two sons, the electricity, water and cable television.

The number of vehicles imported to the United States from Mexico reached an all-time high last year. Mexico’s auto industry exported 2.3 million vehicles, which is nearly a 10 percent increase from the year before.

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In Southern California, rental prices have been skyrocketing in recent years, leaving many residents wondering where to live. But some have found the answer just south of the Mexican border in Tijuana. Cheap rent, hip bars, and a burgeoning artisanal food culture are enticing Americans to move. The Sentri pass, which allows expedited border crossing for prescreened individuals, has helped some Americans commute from Tijuana to their jobs in San Diego in under an hour.

01/10/2018: Closing the race wage gap

Jan 10, 2018

(U.S. Edition) AT&T had planned to carry a phone made by the China-based electronics company Huawei, but they're now pulling out based on national security concerns. On today's show, we'll examine why the end of this deal is a huge blow to Huawei. Afterwards, we'll discuss how the number of vehicles Mexico has imported to the U.S. reached an all-time high last year — despite the Trump administration's threats to renegotiate NAFTA. Then, we'll look at how Bay Area restaurants have started training programs to address the race wage gap.

(Global Edition) From the BBC World Service … Higher oil prices and cultural changes are expected to help boost economic growth in developing areas of the world this year. We dive into momentum drivers and looming risks with Franziska Ohnsorge, the author of some new World Bank research. Then, against the backdrop of a strong economy with full employment, steelworkers in Germany are demanding higher wages and more flexible working hours. We’ll tell you what it means for the industry and the nation’s economy. 

It has taken Cory Woods a while to get used to his new position as a waiter at Alta, a fine-dining restaurant in San Francisco.

“I am urban African-American,” Woods said, “I am dealing with a lot of Caucasian people with money, people who I have never been exposed to. Initially it was hard communicating with them.”

Woods started working in restaurants 30 years ago, but like many people of color in the industry, he was always in the kitchen, or back of the house. That is where all the “grunt work” is done, Woods said.

01/10/2018: Would you pay to do a Google search?

Jan 10, 2018

GDPR stands for General Data Protection Regulation. It’s a new privacy regulation that will affect people who live in the European Union beginning in May. It affects any company that serves residents of the EU, and it could make it harder for companies to access their data. So any company that relies on data as a form of currency may have to figure out another revenue stream. Does this mean that European residents might have to pay for Google searches? And could this trickle over to the United States?

The Federal Energy Regulatory Committee voted down a proposal from the Department of Energy offering financial support for power plants that keep a 90-day supply of fuel stock on site (basically coal and nuclear plants). The FERC said the cost to consumers far outweighed any possible grid security benefit of the measure.

The Fed rethinks its inflation target

Jan 9, 2018

The Federal Reserve has two main jobs: maximize employment and keep prices stable. That second piece, stable prices, has meant the Fed tries to keep inflation at 2 percent. Former Fed Chair Ben Bernanke made that target the explicit goal about six years ago, but it's been unofficial far longer than that. Lots of other countries have this 2 percent goal, too. But now there's talk about changing the 2 percent target. Marketplace's Tracey Samuelson and Kai Ryssdal discuss the implications. 

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New York's wealthy balk at the new tax law

Jan 9, 2018

Residents of New York City pay some of the highest taxes in the country. In exchange, they enjoy some of the richest services in America: a $10 billion police force, guaranteed shelter for the homeless, a public health care corporation and 24/7 public transit (when it works).

And the city’s tax system is especially progressive — the richer you are, the more you pay. In fact, NYC’s 1 percent — those people in the top income-earning percentile of the whole city — provide nearly half of the city’s $11 billion in personal income tax revenue.

Diane Gilman is one of them.

Here’s why bond yields are rising

Jan 9, 2018

When you buy 10-year Treasury bonds, you are essentially making a 10-year loan to the government. The returns on those loans are rising every day. There are a couple of reasons for that — and there are a couple of economic messages there as well. 

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How the creator of "The Good Place" found hell in Los Angeles

Jan 9, 2018

For those of us who keep an eye on the good old broadcast television calendar in this age of streaming and on demand, some favorite shows have started coming back from their winter hiatuses. On that list is NBC’s "The Good Place," back to continue its second season.

The sitcom was created by Mike Schur, who you might know from his other work, like "The Office," "Parks and Recreation," and "Brooklyn Nine-Nine."

We talk about the yield of the 10-year T-note a lot on our show. Maybe you're not quite sure what that means. Maybe your eyes glaze over a little bit. Well, it's time to pay attention. We'll tell you everything you need to know to read the tea leaves with us. Then: Residents of New York City pay some of the highest taxes in the country, and in turn they have some of the most expensive public services in in the country. The top 1 percent of the city's economic pyramid pays nearly half of New York's income taxes. So what happens to them under the new federal tax law? We'll talk about it.

Homesteading in the digital age

Jan 9, 2018

My Economy tells the story of the new economic normal through the eyes of people trying to make it, because we know the only numbers that really matter are the ones in your economy.

In Oakland, California, Stephanie Goode, who has no yard, runs a small homestead on her roof. While it's not a money-making operation, her farm provides about a tenth of her monthly groceries. 

49: Gerrymandering, hard-wired brains and the baby under the desk

Jan 9, 2018

Could big data make elections more fair? One of our listeners is looking for answers about gerrymandering, and we got some help this week from Justin Levitt, professor of law at Loyola Law School in Los Angeles. He has something to say about elected officials listening to their constituents.

(Markets Edition) The yield on the 1-year U.S. treasury note moved above 2.5 percent this morning. What are the global implications of this milestone, and what does it means for the U.S. government? Then, fashion brand H&M is under fire for "cultural incompetency" over an advertising misstep. And, how Airbnb may keep French châteaux from becoming ruins.




After the first formal talks between North and South Korea in just over two years, the forthcoming Winter Olympic Games have become the catalyst for some easing of tensions. South Korean Vice Unification Minister Chun Hae-sung told reporters today that the North Korean delegation said it would send an Olympic delegation, including officials, athletes, and cheerleaders, according to the Associated Press.

(U.S. Edition) After the first formal talks between North and South Korea in just over two years, the forthcoming Winter Olympic Games have become the catalyst for some easing of tensions. We speak with BBC's Hyung Kim about what that means for economic sanctions. Plus, Marketplace Tech host Molly Wood gives us the rundown on what to expect from this year's CES.

The next year in oil could be hard to predict

Jan 9, 2018

As the Energy Information Administration forecast looks to 2019, experts see lots of wildcards that could impact the carefully played hands of oil and gas producers.

Click the audio player above to hear the full story. 

France may be home to thousands of castles but many French châteaux and other historic buildings are in such a poor state of repair they risk becoming ruins.