Connect with us

Economics

Florida too may have an abortion referendum in November

Published

on

Listen to this story.
Enjoy more audio and podcasts on iOS or Android.

Your browser does not support the <audio> element.

AS A PROTEST slogan, “Stop Political Interference” does not trip lightly off the tongue. But to abortion-rights activists brandishing signs with the phrase on the steps of Florida’s Supreme Court on February 7th, it cut to the heart of their precarious campaign. Inside the court that morning, judges were debating whether to allow Florida voters to decide a ballot question in November that would codify a right to abortion in the state constitution. Campaigners collected more than a million signatures to qualify the initiative, but it remains uncertain whether voters will be permitted to have a say.

Florida is one of 13 states considering ballot measures related to abortion this year. National attention is likely to turn to those in Arizona and Nevada, where Democrats hope the initiatives will bolster turnout in the swing states. A successful referendum in Florida would have a greater impact on abortion access. Currently, the procedure is legal in the state up to 15 weeks of pregnancy—the most liberal regime in the Deep South. Florida has become a destination for women living in more restrictive nearby states and is now third in the country for number of abortions, according to the Society of Family Planning, a non-profit group.

Florida’s abortion law is likely to change this year, one way or another. Last April, Governor Ron DeSantis signed a law banning abortion after six weeks, stopping access to the procedure before many women know they are pregnant. The law is tied up in the courts, but is expected to take effect at some point this year. A quite different regime would take hold if the proposed ballot initiative were to pass. It would establish a state right to abortion until viability—generally around 23 weeks—and after that time if the life and health of the mother were at stake.

Since June 2022, when the Supreme Court overturned Roe v Wade and ended a federal constitutional right to abortion, seven states have held ballot initiatives on the issue. Each time, abortion rights have won out, including in deep-red Kansas and ruddy Ohio. Florida, however, has one of the most challenging environments for ballot initiatives, says Jonathan Marshfield of the University of Florida’s law school. He compares the process to a freshwater fish in the ocean: it is hard to survive, but “it could be worse and totally out of the water,” since Florida at least allows ballot initiatives, unlike some states.

Collecting the signatures to qualify required 10,000 volunteers as well as paid collectors. Now the ballot language must be approved by the state Supreme Court. It has leeway to decide whether the wording will be sufficiently comprehensible to a typical voter.

Florida’s high court judges are not sympathetic to abortion rights. Mr DeSantis appointed five of the seven who heard the arguments, in no small part because they held dependably pro-life views. One of the other two judges introduced a restrictive abortion law while serving previously in the US House of Representatives.

Florida’s attorney-general, Ashley Moody, argued against the proposed amendment, saying that its language “vastly understates [its] potentially sweeping scope”. The judges seemed sceptical that voters would be misled, with the state’s chief justice, Carlos Muñiz, calling the language, “self-evidently broad”. He added, “The people of Florida aren’t stupid. They can figure this out.” Abortion-rights campaigners are playing it cool, assuring nervous supporters that the language was designed to withstand expected legal challenges. Court watchers are more cautious and give the referendum even odds of appearing on the ballot in November.

If it does go forward, it will require heavy support to prevail. Florida ballot initiatives must earn a 60% supermajority to succeed. Aaron DiPietro of the Florida Family Planning Council, which is campaigning against the amendment, cites this high threshold as the chief difference with earlier anti-abortion amendment campaigns in other states. “No red or purple-leaning state in any of these abortion amendments has received over 60% support,” he points out. Abortion-rights campaigners did come close, however, attracting 59% support in Kansas and just under 57% in Ohio and Michigan.

Florida’s voters have occasionally met the supermajority requirement, including in a ballot initiative that returned voting rights to felons. However, that result was subsequently undermined by a determinedly conservative state government. Former felons now have to pay fees before they can vote, disqualifying nearly 80% of them. Similarly, after medical marijuana was made legal at the ballot box, the state house banned smoking it. Even if the latest initiative is adopted, the struggle over access to abortion in Florida is all but certain to continue. 

Stay on top of American politics with The US in brief, our daily newsletter with fast analysis of the most important electoral stories, and Checks and Balance, a weekly note from our Lexington columnist that examines the state of American democracy and the issues that matter to voters.

Accounting

Business Transaction Recording For Financial Success

Published

on

Business Transaction Recording For Financial Success

In the world of financial management, accurate transaction recording is much more than a routine task—it is the foundation of fiscal integrity, operational transparency, and informed decision-making. By maintaining meticulous records, businesses ensure their financial ecosystem remains robust and reliable. This article explores the essential practices for precise transaction recording and its critical role in driving business success.

The Importance of Detailed Transaction Recording
At the heart of accurate financial management is detailed transaction recording. Each transaction must include not only the monetary amount but also its nature, the parties involved, and the exact date and time. This level of detail creates a comprehensive audit trail that supports financial analysis, regulatory compliance, and future decision-making. Proper documentation also ensures that stakeholders have a clear and trustworthy view of an organization’s financial health.

Establishing a Robust Chart of Accounts
A well-organized chart of accounts is fundamental to accurate transaction recording. This structured framework categorizes financial activities into meaningful groups, enabling businesses to track income, expenses, assets, and liabilities consistently. Regularly reviewing and updating the chart of accounts ensures it stays relevant as the business evolves, allowing for meaningful comparisons and trend analysis over time.

Leveraging Modern Accounting Software
Advanced accounting software has revolutionized how businesses handle transaction recording. These tools automate repetitive tasks like data entry, synchronize transactions in real-time with bank feeds, and perform validation checks to minimize errors. Features such as cloud integration and customizable reports make these platforms invaluable for maintaining accurate, accessible, and up-to-date financial records.

The Power of Double-Entry Bookkeeping
Double-entry bookkeeping remains a cornerstone of precise transaction management. By ensuring every transaction affects at least two accounts, this system inherently checks for errors and maintains balance within the financial records. For example, recording both a debit and a credit ensures that discrepancies are caught early, providing a reliable framework for accurate reporting.

The Role of Timely Documentation
Prompt transaction recording is another critical factor in financial accuracy. Delays in documentation can lead to missing or incorrect entries, which may skew financial reports and complicate decision-making. A culture that prioritizes timely and accurate record-keeping ensures that a company always has real-time insights into its financial position, helping it adapt to changing conditions quickly.

Regular Reconciliation for Financial Integrity
Periodic reconciliations act as a vital checkpoint in transaction recording. Whether conducted daily, weekly, or monthly, these reviews compare recorded transactions with external records, such as bank statements, to identify discrepancies. Early detection of errors ensures that records remain accurate and that the company’s financial statements are trustworthy.

Conclusion
Mastering the art of accurate transaction recording is far more than a compliance requirement—it is a strategic necessity. By implementing detailed recording practices, leveraging advanced technology, and adhering to time-tested principles like double-entry bookkeeping, businesses can ensure financial transparency and operational efficiency. For finance professionals and business leaders, precise transaction recording is the bedrock of informed decision-making, stakeholder confidence, and long-term success.

With these strategies, businesses can build a reliable financial foundation that supports growth, resilience, and the ability to navigate an ever-changing economic landscape.

Continue Reading

Economics

A protest against America’s TikTok ban is mired in contradiction

Published

on

AS A SHUTDOWN looms, TikTok in America has the air of the last day of school. The Brits are saying goodbye to the Americans. Australians are waiting in the wings to replace banished American influencers. And American users are bidding farewell to their fictional Chinese spies—a joke referencing the American government’s accusation that China is using the app (which is owned by ByteDance, a Chinese tech giant) to surveil American citizens.

Continue Reading

Economics

Home insurance costs soar as climate events surge, Treasury Dept. says

Published

on

Firefighters battle flames during the Eaton Fire in Pasadena, California, U.S., Jan. 7, 2025.

Mario Anzuoni | Reuters

Climate-related natural disasters are driving up insurance costs for homeowners in the most-affected regions, according to a Treasury Department report released Thursday.

In a voluminous study covering 2018-22 and including some data beyond that, the department found that there were 84 disasters costing $1 billion or more, excluding floods, and that they caused a combined $609 billion in damages. Floods are not covered under homeowner policies.

During the period, costs for policies across all categories rose 8.7% faster than the rate of inflation. However, the burden went largely to those living in areas most hit by climate-related events.

For consumers living in the 20% of zip codes with the highest expected annual losses, premiums averaged $2,321, or 82% more than those living in the 20% of lowest-risk zip codes.

“Homeowners insurance is becoming more costly and less accessible for consumers as the costs of climate-related events pose growing challenges to both homeowners and insurers alike,” said Nellie Liang, undersecretary of the Treasury for domestic finance.

The report comes as rescue workers continue to battle raging wildfires in the Los Angeles area. At least 25 people have been killed and 180,000 homeowners have been displaced.

Treasury Secretary Janet Yellen said the costs from the fires are still unknown, but noted that the report reflected an ongoing serious problem. During the period studied, there was nearly double the annual total of disasters declared for climate-related events as in the period of 1960-2010 combined.

“Moreover, this [wildfire disaster] does not stand alone as evidence of this impact, with other climate-related events leading to challenges for Americans in finding affordable insurance coverage – from severe storms in the Great Plans to hurricanes in the Southeast,” Yellen said in a statement. “This report identifies alarming trends of rising costs of insurance, all of which threaten the long-term prosperity of American families.”

Both homeowners and insurers in the most-affected areas were paying in other ways as well.

Nonrenewal rates in the highest-risk areas were about 80% higher than those in less-risky areas, while insurers paid average claims of $24,000 in higher-risk areas compared to $19,000 in lowest-risk regions.

In the Southeast, which includes states such as Florida and Louisiana that frequently are slammed by hurricanes, the claim frequency was 20% higher than the national average.

In the Southwest, which includes California, wildfires tore through 3.3 million acres during the time period, with five events causing more than $100 million in damages. The average loss claim was nearly $27,000, or nearly 50% higher than the national average. Nonrenewal rates for insurance were 23.5% higher than the national average.

The Treasury Department released its findings with just three days left in the current administration. Treasury officials said they hope the administration under President-elect Donald Trump uses the report as a springboard for action.

“We certainly are hopeful that our successors stay focused on this issue and continue to produce important research on this issue and think about important and creative ways to address it,” an official said.

Continue Reading

Trending