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

NY, New Jersey issue stronger Ebola quarantine

plane

Mandatory quarantine for travelers who have had contact with Ebola-infected patients.

in Local

Pair in string of Ithaca burglaries reach plea deals

Phoenix Lovett

Both were taken to jail and are not eligible for bail.

in Local

Astorino begins last leg of campaign with $1M

Astorino

Republican Rob Astorino has raised another $711,000 for his challenge against New York Gov. Andrew Cuomo and is entering the final weeks of the campaign

in Local

Lansing Schools, ICSD named as tops in region

Local_News41-620x400

Two local school districts were ranked in the top ten out of the 54 school districts in a 6 county region.

in Local

Cornell names ILS Dean as interim Provost

CORNELL LOGO

Cornell University President David Skorton has named an interim Provost