PODCAST: Record Dow, Subway card cash cow?
This week, New York subway and bus riders will have to hold onto their Metrocards or face a $1 surcharge for a new one. NYC's transit authority says it costs $10 million a year to produce the cards.
As impacts of the sequester start to take effect around the country, no state is expected to take a bigger economic hit than Virginia. Home of the Pentagon and much of the defense industry, Virginia is bracing for Department of Defense cutbacks that could furlough almost 90,000 employees and reduce work hours by about 20 percent. Those in Virginia's large military population might be physically farther away, many in Iraq or Afghanistan, but they're expected to feel the reverberations of the sequestration as well. Governor of Virginia, Republican Bob McDonnell, spoke with Marketplace Morning Report host Jeremy Hobson about the months ahead and how his state is preparing.
The Dow gained nearly 100 points this morning, topping 14,225 and breaking into record territory. While most economic stories these days lament the sequestration and tepid GDP growth, the markets appear mostly unfazed.
This weekend, New York subway and bus riders were hit with their fourth fare hike in five years. That money is collected with every swipe of a Metrocard -- a piece of technology that was introduced 20-years-ago and becomes more obsolete by the day. Despite the cards slow slide into obsolescence, riders must now pay a dollar surcharge if they lose or discard their card.