Entries Filed in 'Economy'

FairPoint strikers take action against Hedge Fund Angelo, Gordon in NYC

November 12th, 2014 · No Comments · Economy

The FairPoint strike in northern New England spilled over onto the streets of New York City today. Dozens of union activists descended on a conference attended by officials of Angelo, Gordon, the Wall Street hedge fund that owns the biggest stake in FairPoint, the troubled telecom company.

“The hypocrisy of Angelo, Gordon is appalling,” said Chris Shelton, Vice President of the Communications Workers of America (CWA) for District 1, which includes New England and New York. “They want to make huge profits by investing public employees’ pensions, and then they stand by while FairPoint tries to gut workers’ pensions and end retiree health care. This is a betrayal of their investors and the public and we will expose it at every opportunity.”

The union activists rallied in front of the Union League Club at 37th Street and Park Avenue in Manhattan as the 2014 CIO Leaders in Alternative Investing Summit got under way on Wednesday morning.

Angelo, Gordon owns nearly 20 percent of FairPoint’s shares and has a nominee on the company’s board of directors. The Wall Street hedge fund also manages a portion of the New York State Common Retirement Fund (CRF), the nation’s third largest public pension fund.

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Maine’s bankrupt health policy hurts thousands

November 12th, 2014 · No Comments · Economy, Health Care

Medicaid-bankruptcy-7-3-2014 by Christy Daggett

This year, 1,300 Mainers will be saddled with catastrophic health costs. Here’s how it could have been avoided – while creating thousands of jobs and boosting state GDP.

On 7-3-2014, the White House Council of Economic Advisors (CEA) released a report examining the differences between states that have accepted federal healthcare funds to expand Medicaid and the minority of states – including Maine – which still have not expanded. Fittingly, the report is titled Missed Opportunities: The Consequences of State Decisions Not to Expand Medicaid.

The missed opportunities are manifold. First, rejecting billions of dollars in federal funds has predictable consequences for state economies. The states seizing the opportunity are adding jobs – 79,000 in 2014 alone – and enjoying the attendant impact on state GDP. The CEA estimates expansion states will experience $62 billion in new economic activity by 2017.

Meanwhile, non-expansion states are languishing with higher rates of uncompensated care for the uninsured tearing gaping holes in hospital budgets. In Maine, where tens of thousands of people who would be covered remain uninsured, two-thirds of hospitals are struggling with budget shortfalls and layoffs. In contrast, covering 4.3 million uninsured working poor has shored up hospital budgets in expansion states.

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New steps to reduce corporate tax dodges

September 23rd, 2014 · No Comments · Economy

US. Capitol on the morning of President Barack Obama's Inaugural of 2013. photo by Ramona du Houx

US. Capitol on the morning of President Barack Obama’s Inaugural of 2013. photo by Ramona du Houx

The U.S. Treasury announced major steps on September 22nd to reduce the number of American companies who are dodging taxes by moving their parent companies overseas.

“These transactions erode the U.S. tax base, unfairly placing a larger burden on all other taxpayers, including small businesses and hardworking Americans,” the U.S. Treasury wrote in a statement.

This type of business move — known as an inversion — has been highlighted by President Obama. Recently Burger King announced it was merging with the Canadian chain Tim Hortons, making them based in Canada. The deal would have “inverted” Burger King’s tax bill, saving them from paying their fair of taxes.

Treasury’s new steps will change these corporation practices announced two moves:

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The White House announces $68 Million to boost solar energy and cut greenhouse gases

September 18th, 2014 · No Comments · Economy, Energy Issues, Maine's green energy potential

ReVision worker installing solar panels.

The Obama administration, on September 18th, 2014, announced that it would dedicate nearly $70 million in funding toward bringing more solar power to homes and businesses, and improving energy efficiency in rural areas.

The $68 million in federal funds will go to 540 energy efficiency projects in rural areas across the country, 240 of which will be for solar power. Along with the funding, the White House also announced a slew of executive actions, private and public sector commitments, and initiatives from different federal agencies, including one from the Department of Energy to train at least 50,000 veterans to become solar panel installers in the next six years.

The White House estimates that all of the new programs will cut carbon pollution by more than 60 million metric tons every year, the equivalent of taking about 12 million cars off the road annually. By 2030, the programs would result in carbon pollution cuts of approximately 300 million metric tons, the equivalent of 63 million cars.

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Wind turbine project will generate $11 million for Hancock County

September 14th, 2014 · No Comments · Business & Innovation, Economy, Energy Issues, Environment, Maine's green energy potential

Wind turbine project approved by Hancock County Commissioners September 12th will generate $11 million in property tax revenue for the county over a 30-year period agreement.

The commission voted 2-1 in approval of a tax increment financing (TIF) district for the project, which will install 17 turbines, at 500 feet tall, with a 3-megawatt capacity in Townships 22 and 16. Of the $11 million in property tax revenue, Hancock County will keep $5.82 million, while the rest will go to Hancock Wind, a First Wind subsidiary.

The agreement allows Hancock Wind to retain 70 percent of its annual tax payments to the county for the next 20 years, but for the last 10 years of the agreement the county will receive 100 percent of the tax revenue.

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Michaud discuses plan for Maine’s Energy Future at E2Tech Forum- LePage missing

September 12th, 2014 · No Comments · Economy, Energy Issues, Environment

Mike Michaud helped secure funds for UMaine's first in the Americas floating wind turbine project, VoltunUS. Photo by Ramona du Houx

Mike Michaud helped secure funds for UMaine’s first in the Americas floating wind turbine project, VoltunUS. Photo by Ramona du Houx

U.S. Rep. Mike Michaud, discussed his plan for creating jobs, reducing energy costs and protecting Maine’s environment by making Maine a leader in alternative energy development today at the E2Tech gubernatorial forum.

Gov. LePage refused to attend the event.

“Maine can and must do more to cut heating costs and energy bills in Maine. My administration will make energy efficiency and clean energy development a top priority,” Michaud said. “I’ve set a goal of cutting the use of home heating oil in half by 2030. It’s an aggressive goal, but I think we can do it by promoting renewable energy in Maine, including wind power, solar, ocean energy and investing in efficiency and weatherization.”

In his MAINE MADE business and investment plan, Michaud proposed several detailed initiatives to make Maine a leader in renewable energy development, including a Maine solar power initiative, the creation of the Maine Ocean Energy Center of Excellence that would partner with the private sector to cement Maine’s place as a leader in off-shore renewable energy production and a commitment to support energy efficiency.

At the event, Michaud praised the work that businesses, organizations and groups like E2Tech are doing in Maine to promote renewable energy and said Gov. LePage has stood in the way of progress for nearly four years.

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Vice President Biden impressed by Maine’s manufacturing history and potential

September 4th, 2014 · No Comments · Business & Innovation, Capitol news, Economy, Labor issues, Speeches

Vice President Biden made a point to try and shake everyone's hand in the audience. Photo by Morgan Rogers

Vice President Biden made a point to try and shake everyone’s hand in the audience. Photo by Morgan Rogers

Vice President Biden toured the Portsmouth Naval Shipyard September 3rd with Maine Congressman and Gubernatorial candidate, Mike Michaud, to highlight the history and future of Maine’s manufacturing innovation.

The tour of the 214-year-old Naval Shipyard gave Michaud a chance to share Maine’s shipbuilding history, manufacturing potential, and University of Maine’s “Bridge-in-a-Backpack” initiative, with Biden.

“I’ve traveled a million miles around the world as vice president and I traveled a million miles before that,” said Biden to more than a 1000 attendees at the shipyard. “And the fact of the matter is you’re the best in the world. It’s true.”

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New living wage report: Maine families struggle to make ends meet

August 26th, 2014 · No Comments · Economy

The latest in a series of reports, authored by the national Alliance for a Just Society, on the divide between what Maine workers need to earn to afford basic necessities and what available jobs in Maine actually pay was released today.

The report finds that a living wage (enough money to cover food, housing, health care, utilities, household expenses and to save for the future) for a single adult with no children working full-time in Maine would be $15.82 an hour. Two adults, both working and with two children, would have to earn $19.49 an hour to make ends meet. The minimum wage in Maine is currently only $7.50 an hour.

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Congressman Mike Michaud: His passion to help people and his economic policies

July 25th, 2014 · No Comments · Community Maine, Creative Economy, Economy, Exclusive Interviews, Issue 41

Mike Michaud helped secure funds for UMaine's first in the Americas floating wind turbine project, VoltunUS. Photo by Ramona du Houx

Mike Michaud helped secure funds for UMaine’s first in the Americas floating wind turbine project, VoltunUS. Photo by Ramona du Houx

Back in 2005 the Federal Government’s Base Realignment and Closure (BRAC) Commission announced that there would be closures of military bases across the country. Maine was targeted at three major facilities: Kittery-Portsmouth Naval Shipyard, Brunswick Naval Air Station (BNAS) and Defense Finance and Accounting Services Center (DFAS) in Limestone.

The State’s Congressional Delegation swung into action along with Gov. John Baldacci, and the communities effected. Press conferences and meetings were held at each threatened facility, sometimes one a day at each location, and Congressman Mike Michaud was at the majority of them, from promoting the attributes of workers in Limestone to rallying shipyard employees in Portsmouth. He fought for the workers and their communities in Portsmouth and BNAS in Maine and D.C., even though those bases were not in his congressional district.

After ten years of reporting on the Congressman’s activities, I’ve learned that there is nothing more important to him that making sure the people of Maine are treated fairly and have good paying jobs with healthcare benefits.

Congressman Mike Michaud gives a shipyard union leader a congratulatory hug for helping to Save the Shipyard from BRAC closure in 2003. Photo by Ramona du Houx

Congressman Mike Michaud gives a shipyard union leader a congratulatory hug for helping to Save the Shipyard from BRAC closure in 2003. Photo by Ramona du Houx

Recently we talked about his economic development plans for Maine.

Q: What is your highest priority?

A:

My biggest priority is building a Maine economy that works for everyone, not just the wealthiest among us. That starts with job creation, but it also means an intense focus on education, starting with early childhood, and continuing through college; it means a higher minimum wage and expanded access to health care for nearly 70,000 Mainers, and 3,000 veterans; and it means empowering business to grow and expand.

Under Gov. LePage and his failed policies, Maine has lagged behind the rest of New England in private-sector job growth. His “open for business” policy is nothing but rhetoric. He’s actually driven hundreds of millions of dollars of private-sector investment out of the state.

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Maine becomes first east coast state to study, plan, and prepare for ocean acidification

July 25th, 2014 · No Comments · Community Maine, Economy, Environment, Issue 41, Science

Ocean acidification, in Maine, could dramatically hurt fisherman's livelihoods. photo by Ramona du Houx

Ocean acidification, in Maine, could dramatically hurt fisherman’s livelihoods. photo by Ramona du Houx

Research tells us the world’s ocean water is becoming more acidic, and that endangers shellfish and other marine animals. Marine scientists are worried and so are businesses that rely on the ocean for their livelihoods. To better understand the problem and to help find solutions the Maine Legislature voted overwhelmingly to form the Maine Ocean Acidification Commission. The 16-member panel was announced on the Portland waterfront with Congresswoman Chellie Pingree. The Congresswoman has introduced a bill that would require federal officials to study the effects of ocean acidification on coastal communities in Maine and around the country.

“Ocean acidification could be a real threat to the fisheries that are the lifeblood of coastal communities. The truth is we don’t fully understand how it would impact a vital industry like the lobster fishery and what the effect would be on Maine,” said Pingree. “We know what’s causing ocean acidification but now we need to better understand how hard it is going to hit coastal economies.”

Under Pingree’s legislation, the Secretary of Commerce would be required to conduct studies to identify which communities are most dependent on ocean resources and how acidification would affect them if valuable industries were impacted.

“Maine is taking the lead on ocean acidification on the Eastern seaboard. We understand that it is a real threat to our marine environment, jobs and way of life,” said Rep. Mick Devin, the House chair of the State Commission and a marine biologist who sponsored the legislation that created the panel.

Lobsterman selling his catch in Belfast, Maine. Photo by Ramona du Houx

Lobsterman selling his catch in Belfast, Maine. Photo by Ramona du Houx

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