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

Study finds New York lacking in patriotic spirit

Fresh
7323556

The study by WalletHub puts New York dead last on a list of how patriotic states in the U.S. are.

in Local

Cayuga-Seneca canal closed to boat traffic due to high water levels

Local_News41-620x400

Heavy rain over the past few weeks has caused high water levels on the lakes.

in Local

AAA projects 41.9 million will be travelling Fourth of July weekend

driving

The organization's travel forecast says this may be the most traveled July Fourth holiday in five years.

in Local

Escaped murderers did a “dry run” before prison break

sweat matt

More details are being released about David Sweat and Richard Matt's big escape.

in Local

Commons next milestone set for end of July

commons spring

With about a month to go before a date for substantial completion, officials say work in downtown Ithaca is progressing.