Local

Economic expert says “a little too late” to avoid debt limit consequences

No matter what happens in Washington, we’ll feel some impacts of this ongoing debt limit and government shutdown situation.

That’s according to Ithaca College Economics Professor Elia Kacapyr, who thinks the U.S. will still find people willing to give the country credit, but at a higher interest rate.

“This higher rate of interest means that when ordinary people go to borrow money to buy a house or to buy a car, they’ve got to compete with this higher rate the government is paying, and they have to pay a higher rate of interest,” Kacapyr said.

And that, he adds, will mean less economic growth moving forward.

“I’m afraid it’s already a little late to suffer no consequences,” Kacapyr said.

He doesn’t believe, however, that worldwide markets will be impacted as much as some have predicted.

 

More Local Headlines

in Local

Police make drug bust at Cortland home

crime2

Christopher Rivera, 27, and Christopher Quinnonez, 27, were arrested on two felony charges.

in Local

Calls for ouster of Sheldon Silver increase

sheldon silver

Silver was arrested Thursday and faces charges that he took nearly $4 million in payoffs and kickbacks.

in Local

Pedestrian killed in accident on Cornell campus was college employee

bus fatal

Accident happened around 7:30 a.m. Monday morning on Jessup Road