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Vancouver Budget Balances Books Without Tax Hike

Vancouver city council approved a 2026 budget, which includes a freeze on municipal property taxes. Vancouver City Council has approved a new budget that pledges no increase in property taxes, a move welcomed by many residents facing rising living costs. However, the financial plan comes with significant trade-offs: millions of dollars will be cut from arts programs, park services, and other community initiatives. City officials argue the budget reflects a commitment to fiscal responsibility while easing pressure on households. Critics, however, warn that reductions in cultural and recreational funding could erode the city’s vibrancy and limit access to public spaces. The decision highlights the ongoing challenge of balancing affordability with investment in community life. As Vancouver grows, the debate over how to fund essential services without raising taxes is likely to intensify.
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Market Turmoil: U.S. Stocks Plunge Amid Trump Tariff Fears

 

U.S. stocks experienced a significant decline on Friday as concerns over President Donald Trump's tariff policies spread among businesses and consumers. The S&P 500 fell by 1.7%, marking its worst day in two months, while the Dow Jones Industrial Average dropped 748 points, or 1.7%, and the Nasdaq composite tumbled 2.2%.

The losses accelerated throughout the day following several weaker-than-expected economic reports. One report suggested that U.S. business activity is close to stalling, with growth slowing to a 17-month low. The preliminary report from S&P Global indicated that activity unexpectedly shrank for U.S. services businesses, with many in the survey reporting slumping optimism due to concerns about Washington.

Additionally, a separate report revealed that U.S. consumers are preparing for higher inflation, partly due to potential tariffs that could raise prices for various imports. The University of Michigan's survey showed that consumers broadly expect prices to be 4.3% higher 12 months from now, a significant jump from their forecast of 3.3% inflation last month.

The stock market's decline was widespread, with stocks of the smallest companies, whose profits are more closely tied to the strength of the U.S. economy, falling more than the rest of the market. The Russell 2000 index of small stocks dropped by 2.9%. Within the S&P 500 index, three out of every four stocks fell, including Big Tech stocks, airlines, and metals companies.

Despite the recent downturn, the U.S. stock market remains up for the year so far and is not far from its all-time high set earlier this week. However, Friday's reports have raised concerns about the resilience of the economy, and the losses on Wall Street were widespread.


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