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Update on personal income, consumer spending and saving rates during the Covid-19 recession

Here are updates of two charts I have previously posted regarding income and consumer spending during the Covid-19 recession, including new numbers for January and revisions to numbers for prior months. As a result of the $900 billion federal relief package enacted in late December, personal income rose 10.0% from December to January. Consumer spending […]

In Washington 14,043 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 19,476 initial claims for unemployment insurance during the week ending February 20. Of this total, 14,043 initial claims were filed under the regular state unemployment insurance program; 2,277 claims were under the federal pandemic […]

In Washington 13,607 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 19,792 initial claims for unemployment insurance during the week ending February 13. Of this total, 13,607 initial claims were filed under the regular state unemployment insurance program; 2,638 claims were under the federal pandemic […]

Washington’s revenue growth since the pre-Great Recession peak is now second highest in the nation

In our policy brief about how Washington does not have a budget shortfall, we showed how state revenues have continued to increase through the current recession. We also noted that our revenue growth compares favorably to other states. Pew has now released new data that shows that Washington’s tax revenue growth from the pre-Great Recession […]

State tax collections again exceed forecast

Today’s monthly report from the state’s Economic and Revenue Forecast Council (ERFC) on general fund revenue collections once again brought good news. For the sales tax, the use tax, the business and occupation tax, the public utility tax, the tobacco products tax, and penalties and interest (collectively the Revenue Act receipts), this report covers payments […]

In Washington 15,644 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 22,784 initial claims for unemployment insurance during the week ending February 6. Of this total, 15,644 initial claims were filed under the regular state unemployment insurance program; 3,150 claims were under the federal pandemic […]

A wealth tax for all?

A bill has been introduced in the state house of representatives that would impose a 1 percent wealth tax on financial assets held by the state’s wealthiest residents. This bill, house bill 1406, received a hearing before the house finance committee on Tuesday. The text of the bill is here. The fiscal note for the […]

In Washington 16,102 filed initial claims for regular unemployment insurance last week

This morning the state Employment Security Department (ESD) gave its weekly report on unemployment insurance claims. ESD reported a total of 26,316 initial claims for unemployment insurance during the week ending January 30. Of this total, 16,102 initial claims were filed under the regular state unemployment insurance program; 3,623 claims were under the federal pandemic […]

There’s no need to raise taxes (especially if there’s no need to use the rainy day fund)

Geekwire reports that in a hearing this week on the proposed wealth tax, Gravity Payments CEO Dan Price said, of the wealth tax, “We have a $3.3 billion budget deficit that needs to be closed. There’s an easy way to close it.” Washington does not have a $3.3 billion budget deficit. The Economic and Revenue […]

Proposed covered lives tax would fund public health, but not until 2023

One of the new taxes in Gov. Inslee’s operating budget proposal is a “covered lives assessment.” This charge on health insurers would fund “new and ongoing investments in foundational public health services.” The tax has been introduced as SB 5149, and the bill was heard by the Senate Committee on Health & Long Term Care […]