California is facing a budget mess. It’s not alone.
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 12 January 2024
⏱️ 6 minutes
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Summary
California, home of the fifth largest economy in the world, has a budget deficit of between $38 billion and $68 billion, depending on the estimate. But even with the economy doing pretty well across the country, other states have budget woes as well, many of which were papered over by federal pandemic aid. Also on the program: a look at falling wholesale prices and increased oversight of Boeing.
Transcript
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| 0:00.0 | Prices keep falling at the wholesale level. |
| 0:05.0 | From marketplace, I'm Sabrie Beneshore, in for David Brancaccio. |
| 0:08.0 | Prices at the wholesale level fell by a 10% in December. |
| 0:13.3 | That is a continuation of monthly price drops for wholesale producers. |
| 0:16.7 | Prices were down a 10% of a percent in November and 4 tenths percent in October. |
| 0:21.0 | Christopher Lowe is chief economist at FHN financial in New York. |
| 0:25.0 | It's rare for any of the inflation indices to actually drop in a month. |
| 0:31.0 | What it means is that the input costs that go into producing the goods and services |
| 0:37.5 | that we consume are lower and of course if business costs lower, it means less pressure to pass cost increases to us. |
| 0:47.0 | We got the CPI consumer price index yesterday. |
| 0:50.0 | It was not ideal. |
| 0:53.0 | It rose a little bit. |
| 0:54.4 | And we also just saw that oil prices rose |
| 0:57.6 | in the wake of US and British airstrikes in Yemen. |
| 1:00.3 | What does that mean for overall inflation moving forward? |
| 1:03.2 | Yesterday's CPI is still consistent with inflation falling this year. |
| 1:09.2 | It just didn't fall quite as much in December as we would have liked. As for oil prices came in this |
| 1:16.9 | morning and the average oil price in the US is up $3 a barrel. |
| 1:23.4 | Conflict can have a day-to-day impact, |
| 1:26.2 | but the most important thing is that global demand |
| 1:29.3 | is weaker than global supply. |
| 1:32.3 | I think those prices are going to come back down again |
... |
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