Economy

Earlier this year, after two 737 MAX crashes killed 346 souls and led to a worldwide grounding of the important airplane, Boeing disclosed that Chief Executive Dennis Muilenburg had in 2018 been awarded annual compensation of $23.4 million, up from $18.5 million a year earlier. As my colleague Dominic Gates reported, the securities filing showed that when exercises of stock options granted in previous years were factored in, Muilenburg actually received $30 million, up from $24 million a year earlier. The causes of the MAX crashes are still being investigated, but the work of Gates and others indicates that Boeing will have a very hard time eliding over the blunders that contributed to this crisis. In any event, what if Muilenburg would have given back the annual compensation? It would have been the right thing to do. No matter what Boeing’s lawyers and PR people might have cautioned about the “optics” or seeming to admit guilt, refusing the pay would have been … [Read more...] about Runaway executive pay is distorting the economy and aggravating inequality

Newcomers — and there are many — might think that the Puget Sound region’s economy is so hot because of two Big Tech headquarters, along with the “legacy” power of Boeing. It’s understandable. Amazon and Microsoft are two of the five giants that make up America’s technology royalty (Apple, Facebook and Google are in the Bay Area). We’re on the cutting edge of software, cloud computing, artificial intelligence and so much more. Boeing’s operations, especially commercial airliners, anchor one of the world’s top aerospace clusters (the other being Airbus in Toulouse, France). The company is not only the nation’s largest manufacturing exporter, but also, especially with its defense divisions, a strategic asset. Together, the three employ about 166,000 here in well-paid, high-skilled jobs. Boeing is Washington’s largest private employer, with a workforce of 69,830 as of February. It’s hard to think of another … [Read more...] about The Seattle-area economy punches above its weight — and that’s a huge strength

Alberta’s fall legislature sitting began on full boil, with Premier Jason Kenney accusing the former government of trailblazing economic incompetence while NDP Leader Rachel Notley told him to stop throwing tantrums and take the wheel.With Kenney promising spending restraint in the Oct. 24 budget, he told the house during question period that cuts his United Conservative government makes are a result of high-deficit, high-debt bungling of the NDP and its former finance minister Joe Ceci.“Every single dime of spending restraint by this (UCP) government is ultimately the responsibility of that member and his gross fiscal irresponsibility,” Kenney said Tuesday while Ceci sat across from him in the chamber.“The record of that member was the record of the worst finance minister in Alberta history. He drove down business tax revenues. His policies (and) his tax hikes killed tens of thousands of jobs.” Tweet This Story continues below advertisement … [Read more...] about MLAs trade barbs on economy, budget as Alberta legislature resumes

Trevor Lehoux is the owner of Skeleton Park Brewery. His business has been in operation for about three years, but the brewery has only been in its new home on Arlington Park for about a month and a half.As a small business owner, he says licenses and taxes are some of his biggest challenges. “We live in one of the most regulated provinces in one of the most regulated countries on this planet almost. For example, I have to pay six different types of taxes” Lehoux told Global News.Lehoux says navigating the red tape takes time and keeps businesses from becoming operational sooner.That’s why the city and the Kingston Economic Development Corporation (KEDCO) are developing a new partnership to streamline the process. Story continues below advertisement “We’re hoping that this new partnership, with a dedicated business support person at the city, can help businesses navigate all the different municipal departments and make it easier for businesses, … [Read more...] about Kingston’s economy and the upcoming federal election

Without sustained immigration, economic growth will be notably slower. Moody Analytics analyzed the data and estimated that if annual United States immigration stayed at only 200,000 rather than a more normal one million, gross domestic product would be $1 trillion lower a decade from now. In addition, lower immigration portends big problems because the basic American retirement system — Social Security and Medicare — relies on workers to pay for retirees, and the entire expansion of the work force over the next 15 years will come from immigration. Lower immigration rates will mean serious funding shortfalls for older Americans. The final reason the low immigration number is so frightening is not really about population growth at all. It’s that the evidence increasingly says having immigrants here makes workers born in the United States more successful. That’s partly because immigrants start companies at twice the rate of native Americans. Almost half the … [Read more...] about Sharp Cuts in Immigration Threaten U.S. Economy and Innovation