US Workers Cite Growing Layoff Fear in Philadelphia Fed Survey
Among younger and older cohorts — employees age 18 to 35 and those age 56 to 65 — concern about losing jobs was the highest in at least two years, the Philly Fed's January 2025 Labor, Income, Finances, and Expectations (LIFE) Survey published Wednesday shows. Some 30% of workers said they were concerned about their employer's ability to stay in business.
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Associated Press
2 hours ago
- Associated Press
Biocom California and Los Angeles County Economic Development Corporation Renew Memorandum of Understanding to Advance the Greater Los Angeles Life Science Ecosystem
LOS ANGELES & SAN DIEGO & SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Jul 21, 2025-- Biocom California, the association representing the California life science industry, and the Los Angeles County Economic Development Corporation (LAEDC), a leader in inclusive economic growth, today announced the renewal of a Memorandum of Understanding (MOU) aimed at strengthening the life science ecosystem in the Greater Los Angeles region. 'Greater Los Angeles is home to a thriving life science cluster, powered by world-class research institutions and a diverse, innovation-driven economy,' said Dan Gober, Executive Director, Los Angeles of Biocom California. 'This renewed partnership with LAEDC enables us to double down on the commitment we made when we first opened our Greater LA office in 2015 to address the unique needs of the LA life science community, connect it with complementary regional hubs across Southern California, and ensure that groundbreaking discoveries made here stay and scale here.' Under the MOU, Biocom California and LAEDC will collaborate on strategic programs and initiatives to support growth and innovation in Los Angeles County's bioscience sector. Key objectives include aligning resources and networks to: Los Angeles County is a critical player in the global bioeconomy, bolstered by internationally renowned institutions such as UCLA, USC, Cedars-Sinai Medical Center, Caltech and City of Hope. The region is home to more than 3,966 life science establishments, providing close to 200,000 jobs and generating over $60 billion in economic output. In 2024 alone, the region secured $1.51 billion in federal funding from the NIH and NSF, underscoring its prominence as a center of scientific advancement. 'LAEDC's partnership with Biocom California reflects our shared vision for inclusive and sustainable economic growth driven by innovation,' said Stephen Cheung, president and CEO of LAEDC. 'The life sciences are essential to that vision: delivering transformative health outcomes, creating quality jobs, and strengthening our position in global markets. Together, we will continue to support and elevate this high-impact industry throughout Los Angeles County.' The MOU also outlines collaboration on signature events, joint policy and workforce initiatives, and the implementation of the LA County Bioscience Strategic Plan. Both organizations will engage public and private stakeholders, leveraging their unique assets to accelerate the life sciences sector's impact on local communities and the broader economy. About Biocom California Biocom California is the leader and advocate for California's life science sector. We work on behalf of our members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs and create robust value-driven purchasing programs. Founded in 1995 in San Diego, Biocom California provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to our San Diego headquarters, Biocom California operates core offices in Los Angeles and the San Francisco Bay Area, with satellite offices in Sacramento, Washington, D.C. and Tokyo. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers. For more information on Biocom California, please visit our website at Connect with us on LinkedIn, Facebook and X. View source version on CONTACT: Biocom California Media Contact: Carolyn Hawley Inizio Evoke Comms (619) 849-5382 [email protected] KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA INDUSTRY KEYWORD: HEALTH MEDICAL DEVICES GENETICS OTHER SCIENCE SCIENCE PHARMACEUTICAL BIOTECHNOLOGY SOURCE: Biocom California Copyright Business Wire 2025. PUB: 07/21/2025 02:18 PM/DISC: 07/21/2025 02:18 PM
Yahoo
3 hours ago
- Yahoo
Trump's deportation flip-flop reveals America's dirty economic secret
A small bit of reality seems to have infiltrated President Trump's draconian deportation plan, as it sunk in for him that removing immigrant labor means some businesses will be dramatically hurt. "Our great Farmers and people in the Hotel and Leisure business have been stating that our very aggressive policy on immigration is taking very good, long time workers away from them, with those jobs being almost impossible to replace," Trump wrote June 12 on his Truth Social platform. Ironically, he hit key points of the economic argument against mass deportation: America needs valued workers who are established in their communities ― a description of most of the people in the country illegally. Trump then surprised immigration hardliners, telling Homeland Security to pause 'worksite enforcement' on agriculture, restaurant and hotel operation. While it's unclear that such raids have actually stopped, this is an echo of Trump's back-and-forth rhetoric on tariffs, which has prompted some in the financial sector to coin the acronym 'TACO,' or 'Trump Always Chickens Out.' Where does food come from? TACOs aside, let's think for a moment about your food. Nearly every bite you take is made possible in some way by immigrant labor. Fruits and vegetables are picked, packed and shipped by a workforce dependent on immigrants. Meat and eggs are produced mostly in massive livestock facilities that depend heavily on immigrant labor. Animals are similarly slaughtered and cut into the pieces we find in our grocery stores. After that dirty and bloody work is done at the front end of the food industry, our sustenance is unloaded on supermarket docks and stocked on their shelves by workers who include immigrants. Food served in restaurants very often is prepared and served by immigrants, who also clean up. Wait, there's more Food ― agriculture, retail sales and restaurants ― is but one facet of our daily lives touched by immigrant labor. Drive by a construction site, go to a hotel, notice a landscaping or road crew, call a moving company and you'll readily see that a great deal of our workforce is made up of immigrants. Home builders, short 370,000 workers nationwide, say mass deportations will push home prices higher and hamstring the industry. It's not a secret that some number of these workers are in the country illegally. When I worked as editor-publisher of a small western Colorado news operation roughly halfway between Aspen and Vail, about a third of the workers in the market were immigrants. They were essential for the resorts, restaurants and fancy second homes. It is not possible in daily life ― nor is it relevant ― to know which of these workers has proper documentation. What is important is that the work gets done. Most business leaders and politicians know full well that this is essential to our economic wellbeing, because otherwise, we don't have enough workers. U.S. immigration policy has, for decades, recognized the need for immigrant labor ― in no small part because the United States historically has prospered by exploiting the least expensive labor we can find, from slavery to Chinese laborers building our railroads to farmworkers living in deplorable conditions that improved only after massive protests in the 1960s. Our economy depends on exploitation Ancient history? No. During the COVID-19 pandemic, meatpacking workers, who make roughly 40% less than they did before union-busting in the 1970s, suffered disproportionately high rates of infection and death. Our economy depends on worker exploitation. It's pretty easy to exploit someone who's desperate and lacks power ― such as people who travel thousands of miles to do difficult jobs in a land that is increasingly hostile to them, and where they don't know the language. All of this raises the question: What would happen to our economy if, indeed, we were to deport any meaningful proportion of the estimated 8.3 million workers ― 5.2% of the labor force ― who are not legally authorized to be here? It would risk a deep recession, with businesses unable to fill jobs and unable to grow. I, for one, am confident that legal residents aren't going to be clamoring to fill those restaurant, hotel, landscaping, farm, road crew and packing plant jobs. Small businesses that depend on immigrant labor ― and immigrant spending ― would fold. Right now, the U.S. unemployment rate is 4%. Economists regard that as full employment, a point at which people looking for work is in rough balance with the number of positions available. What the hourly wage would have to be to coax your average coddled American into a slaughterhouse? Who knows. If employers who depend on immigrant labor raised wages sufficiently to fill their jobs after mass deportation, the resulting price increases would supercharge inflation. A self-imposed disaster Mass deportation, setting aside the civil rights and humanitarian catastrophe unfolding before our eyes, also would be a self-imposed economic disaster. Perhaps the economy would crash sufficiently that citizens would grovel for all that hard work. The solution, of course, is for Congress to find agreement on improving enforcement of immigration laws, adequately funding immigration courts and creating a realistic path to legal residency and, ultimately, citizenship for Trump's newly discovered 'very good, long time workers … (who are) almost impossible to replace.' That's what happened in our last meaningful immigration reform. That was in 1986, under Ronald Reagan, when 3 million undocumented immigrants were granted amnesty ― a recognition of their importance to the economy that also was humane. Randy Essex is a retired journalist who covered and edited business and political news, including at the Free Press, where this column first appeared. This article originally appeared on Detroit Free Press: Trump deportation plan would trigger economic disaster | Opinion Solve the daily Crossword
Yahoo
4 hours ago
- Yahoo
Gamblers will pay more taxes in 2026 and beyond when Trump's 'Big, Beautiful Bill' hits
Gamblers lost a bit of a tax break in the nearly 900-page mega tax-and-spending bill that President Donald Trump signed into law July 4. If you won $1,000 betting on the Super Bowl in 2025, for example, you still could claim up to $1,000 in gambling losses if you itemize all your deductions when you file your federal income tax return next year. And you wouldn't be taxed on that win in this example. But the game's over when tax rules for gambling change beginning in 2026. What are the tax rules when it comes to gambling? What remains true: You can claim gambling losses up to the amount of your winnings only if you itemize all your deductions. Most people don't itemize these days because they get a better tax break by taking the standard deduction. The amount of losses you can deduct are limited by your winnings. Deductible losses still will not be able to exceed total winnings for the year. How the new tax law changes things for legal gamblers What's changed: Beginning in 2026, the tax law shifts just enough to irk plenty of people who dream big by heading to the casino, betting online, or buying lottery tickets. A $1,000 win in 2026 and afterward will mean that you can only deduct 90% of your losses ‒ or $900 in this example. Someone who wins in this example would pay taxes on $100 in winnings in 2026 when they file that year's tax return. Economic outcomes: Trump's mega tax and spending law will have small economic impact, forecasters say "Instead of gambling losses being deductible to the full extent of gambling winnings, they're going to be limited to 90%," said Tom O'Saben, enrolled agent and director of tax content and government relations for the National Association of Tax Professionals, which has 23,000 members. Make no mistake, the new 90% limit has no impact on the 2025 tax returns that will be filed early next year. It would only apply to winnings and losses that take place in 2026 and after. Casual gamblers cannot deduct expenses related to their lodging, transportation, or food and other incidental expenses during their gambling, Mark Steber, chief tax information officer for Jackson Hewitt Tax Services, told the Detroit Free Press, part of the USA TODAY Network, earlier this year. And that's still true going forward. Yet, he noted, someone who is a professional gambler and considered self-employed would be eligible to deduct travel and lodging expenses while working. The new tax law, though, clarifies that any expense related to carrying on gambling activities ‒ such as travel, admission fees and lodging related to professional gambling ‒ would be treated as a gambling loss and then subject to that 90% cap, O'Saben explained in a presentation on July 9 to tax professionals. As a result, everyone from professional poker players to young gamblers using an app to bet on football is screaming foul and viewing the change as a 10% penalty of sorts. Some already want to see the new tax rule changed On July 7, U.S. Rep. Dina Titus introduced legislation to restore the 100% deduction for gamblers. The Nevada Democrat calls her bill the My FAIR BET Act ‒ which calls for "Fair Accounting for Income Realized from Betting Earnings Taxation." "It gives everyone ‒ from recreational gamblers to high-stakes gamblers ‒ a fair shake," Titus said in a statement. "We should be encouraging players to properly report their winnings and wager using legal operators. The Senate change will only push people to not report their winnings and to use unregulated platforms.' The American Gaming Association applauds Titus for introducing the FAIR BET Act, as the group would like to see congressional leaders and the Trump administration restore the long-standing tax treatment of gaming losses, according to a group spokesperson. The industry group ‒ whose members include DraftKings, MGM Resorts International, Churchill Downs, FireKeepers Casino Hotel, Cherokee Nation Entertainment and other big names ‒ earlier in the spring urged congressional leadership to not only "maintain the deduction for taxpayers who itemize, but ‒ as a matter of fairness ‒ Congress should consider allowing for non-itemizers to net their gambling wins and losses for purposes of reporting adjusted gross income." "Under current policy," according to the letter sent in May to congressional leaders, "most taxpayers do not itemize and many gaming customers are subject to the mismatch of being taxed on the full amount of their gross gaming wins with no ability to net their losses." "As a result, those who are in a losing position at the end of the year are in effect being taxed on income they have not received," according to the letter. Others are speaking out on social media, too. A Nevada-based tax preparer posted on X that high-stakes gamblers will be hurt if this law with the 90% limit stays in place and goes into effect in 2026. "But so will the average gambler who 'gets lucky,' " said Russell Fox, whose profile also proclaims that he's a poker player. "Vegas was built on the dream, and if that dream is removed (or drastically lessened) by a bad law, Vegas will be hurt." I'd imagine the same would be true for casinos in a million other spots where many people choose to legally gamble. Contact personal finance columnist Susan Tompor: stompor@ Follow her on X @tompor. This article originally appeared on Detroit Free Press: Tax break to change for gambling with Trump's 'Big, Beautiful Bill' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
