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 voters could see 12 ballot lines for governor

Fresh
vote

New York voters could see as many as 12 parties putting up candidates for governor this fall.

in Local

Forest Home Bridge reopened

Fresh
Local_News41-620x400

The Forest Home Bridge near the Cornell campus is officially open as of the end of last week.

in Local

Cuomo: NY to investigate Time Warner outage

cuomo

New York Gov. Andrew Cuomo says regulators will investigate what caused Time Warner Cable's nationwide Internet outage as the state reviews the company's merger with Comcast Corp.

in Local

Morning outages impact Time Warner Cable internet, cable customers

internet

Outages started around 4:30 a.m. Wednesday, impacting customers around U.S.

in Local

UPDATE: One person in custody after armed home robberies in Dryden, Lansing

Robbery

Suspects took money in both incidents, which occurred late Tuesday night