Daily Digest

Daily Digest 11/2 - Over 55 And Desperate For A Job, Homeless In High School, State Retirees Face Health Premium Increases

Wednesday, November 2, 2011, 10:43 AM
  • Surprise unemployment tax on business claims $42 million so far
  • Baby Boom Crisis: Over 55 and Desperate for a Job
  • Greek Prime Minister George Papandreou may be forced to step down at any moment
  • City Council hears about homeless cuts
  • Gregoire 'Concerned' About Deep Budget Cuts
  • Police: 2 men in custody for stealing metal urns
  • Bold thieves steal copper from KC police tower
  • Yen Extends Slide on Prospects of Sustained Japan Intervention
  • IMF May Create 6-Month Credit Line for Countries Facing Shocks
  • Homeless In High School: Meet Jake
  • Tuition increase eyed at 3 RI public colleges
  • Seattle lowers revenue forecast by $4.3 million
  • State retirees face increases in health premiums
  • Survey: Food prices to eat into holiday spending
  • San Diego board member wants to slash teacher pay
  • Official: MF Global admitted using client money

Learn how to protect your wealth against the Three E forces using our 'What Should I Do?' guide

Economy

Surprise unemployment tax on business claims $42 million so far (Wisconsin)

Many Wisconsin businesses were surprised this past summer when they were hit with a special tax to help the state make interest payments on its unemployment insurance debt to the federal government, and some observers, including the author of a new national study, think the assessment could have a significantly negative impact on job creation at a time when job creation is already weak. The surprise arrived in June, when the Wisconsin Department of Workforce Development sent letters to the state's employers telling them they would soon receive a bill to pay their share of an outstanding estimated $48 million interest payment to the Federal Unemployment Trust Fund. According to the department, as of June, the state had an outstanding unemployment fund debt balance of $1.3 billion; the Tax Foundation, a nonpartisan national research group, puts the figure at $1.16 billion now.

Baby Boom Crisis: Over 55 and Desperate for a Job

Millions of aging Baby Boomers on the cusp of retirement not only lost their jobs in the Great Recession but also saw their savings eviscerated. Remaining in the labor force longer than planned is their only option for replenishing what they lost. Yet workers in their late 50s and 60s face bleak job prospects.

Greek Prime Minister George Papandreou may be forced to step down at any moment

Greek Prime Minister George Papandreou may be forced to step down at any moment, Channel 4 News is told.Athens-based newspaper journalist Nick Malkoutzis said: "It is likely this government has hours or days left." Mr Malkoutzis, deputy editor of the English language edition of Kathimerini, played down the importance of Mr Papandreou's decision to call a referendum on the bailout deal - saying he was likely to be forced out before it was held, which would make it null and void.

City Council hears about homeless cuts (Chicago)

Because of the decline in state funding, the city also cut 20 percent of its funding for homeless shelters, which had to eliminate 60 beds as a result, Diaz said. There are still about 4,000 beds overall, she said. Diaz spoke after a City Council committee hearing on Mayor Rahm Emanuel’s proposed spending plan for the department. Family and Support Services, which is funded primarily through dwindling state and federal grant funding, would take a 15 percent hit, she said. The 2012 budget for the department would decrease by about $63 million to about $354.2 million. This year, 63 full-time jobs have been eliminated. Next year, the 97 part-timers hired last summer to help with senior citizen programs won’t be on the payroll, and another 36 full-time jobs will be cut, Diaz said.

Gregoire 'Concerned' About Deep Budget Cuts (Washington)

Governor Chris Gregoire says she’s “concerned” about the effects of deep spending cuts she’s proposing to close a state budget shortfall of nearly one-and–a-half billion dollars. Among the budget reductions she has put forward are an elimination of the state’s Basic Health Plan, a 15-percent reduction to higher education and a reduction in how long criminal offenders are supervised after release. Gregoire tells KGMI that the current economy has left her administration few options…

Police: 2 men in custody for stealing metal urns

Chicago police have arrested two people they say stole dozens of funeral vases and plaques worth thousands of dollars from several cemeteries and wanted to sell them. Police in Chicago's 4th District said that they have pulled in the Cook County Sheriff's Department, which apparently has an ongoing investigation into this type of robbery. Outrageous as they may seem, graveyard theft is becoming more common as the price of metals, such as brass and copper, go up.

Bold thieves steal copper from KC police tower

Kansas City police are looking for thieves who stole an estimated $12,000 worth of copper wiring and other metal items from a department radio tower. The Kansas City Star reports a police officer checking the tower in the south-central part of the city over the weekend found a chain used to keep the gate shut had been cut.

Yen Extends Slide on Prospects of Sustained Japan Intervention

The yen declined for a second day against the greenback and the euro on prospects Japan is ready for sustained intervention to weaken its currency and bolster an export-led recovery. The euro held declines versus the dollar on speculation a report tomorrow will confirm the region's manufacturing shrank for a third month, adding to pressure on the central bank to consider cutting interest rates.

IMF May Create 6-Month Credit Line for Countries Facing Shocks

The International Monetary Fund may create a six-month credit line for countries facing shocks, officials from Group of 20 governments and IMF said, as the European debt crisis rocks global financial markets. The amount would be capped at five times a nation’s contribution to the Washington-based IMF, known as a quota, making the credit line best suited for smaller countries, the people said. It is likely to be endorsed at a meeting of G-20 leaders this week in Cannes, France, where European nations will seek financial support from other members, said the three officials, who declined to be identified because the plan hasn’t been made public. The instrument would be the latest in a set of IMF tools intended to increase liquidity as Europe’s crisis threatens to spread beyond Greece.

Homeless In High School: Meet Jake

When you think of the homelessness, you probably think of it happening in big cities like Milwaukee, Madison, and Racine. Its a growing problem in every Wisconsin city, big and small, especially among families with children.... The high school senior is one close to 100 homeless students enrolled in the district. There are more homeless students than there are kids on the football team. "We have never seen numbers like this." Director of Pupil Services Paul Skofronick blames the economy. "It's hurting all of us without a doubt, but the kids are being affected because they don't know why." The homeless in Tomah are hidden. They don't live on the street; instead they sleep in their cars, at camp ground, or on a friend's couch.

Tuition increase eyed at 3 RI public colleges

Residents could pay 9.5 percent more at the University of Rhode Island, an additional 4 percent at Rhode Island College and 7.5 percent at the Community College of Rhode Island. State funding of higher education has dropped 30 percent in Rhode Island in the last five years and tuition at its three public colleges has jumped as much as 47 percent.

Seattle lowers revenue forecast by $4.3 million

The city of Seattle budget office today lowered its 2011 and 2012 revenue forecasts by $4.3 million, citing continued economic woes at the state and federal level.....Goldberg said a $3.4 million reserve set aside in Mayor Mike McGinn’s proposed 2012 budget would allow the city to absorb the shortfall without additional cuts. But she cautioned that the continuing economic slump would have a ripple effect and that the deficit in 2013 could be almost $40 million plus another $10 million if cuts proposed by Gov. Chris Gregoire in next year’s state budget are adopted.

State retirees face increases in health premiums (Iowa)

The fast-rising costs of health care are biting especially hard on several thousand state retirees, who recently were notified that their insurance premiums are being raised by as much as 71 percent. Kent Renegar of Ankeny is one of nearly 6,000 retirees who received the notices. The premium for him and his wife is set to rise from $608 to $1,040 per month. The policy supplements Medicare coverage, which is the main payer of Renegar’s medical bills. “I was shocked by the size of the increase. If they were going to do this, they could have phased it in over time,” said Renegar, 66, who is a retired administrative law judge.

Survey: Food prices to eat into holiday spending

More than a third of U.S. consumers expect rising food prices to cause them to cut back on holiday spending, a new survey showed Tuesday. A total of 28.4 percent of the 1,000 people surveyed by Americas Research Group said that rising food costs would cause them to cut back on their Christmas shopping "somewhat," while another 7.2 percent said that they would "most definitely" cut back. The question was one in a series posed by Reuters and included in the research group's latest survey. Manufacturers and producers have sharply raised food prices this year to cope with soaring costs for commodities ranging from soybeans and corn to peanuts.

San Diego board member wants to slash teacher pay

A school board member on Monday proposed slashing teacher pay 10 percent in California's second-largest district, the latest salvo in a debate over whether wrenching cuts will be required to prevent insolvency. The San Diego Unified School District is preparing for the possibility that state revenue projections due in December fall short, triggering automatic cuts to schools. Superintendent Bill Kowba raised the prospect of insolvency two weeks ago. Hundreds of other school districts would also face deep cuts.

Official: MF Global admitted using client money

MF Global, the failed securities firm led by former Goldman Sachs chief Jon Corzine, admitted using clients' money as its financial troubles mounted, a federal official says. An MF Global executive admitted that to federal regulators in a phone call early Monday after regulators discovered money missing from clients' accounts, according to an official familiar with the conversation. The official spoke on condition of anonymity because he wasn't authorized to discuss an investigation by federal regulators. Government rules require securities firms to keep clients' money and company money in separate accounts. Violations can result in civil penalties.

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13 Comments

saxplayer00o1's picture
saxplayer00o1
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Poet's picture
Poet
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Oh, The Hypocrisy...

The United States supports freedom and democracy in other countries. Words and images juxtaposed to showcase the hypocrisy.

Poet

rhare's picture
rhare
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Your right, quite the demostration of hypocrisy...
Poet wrote:

The United States supports freedom and democracy in other countries. Words and images juxtaposed to showcase the hypocrisy.

While I agree that the US politicians are quite hypocritical, the video using the staged clip with Robert Stephens is just a bit hypocritical as well. 

 

 

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Poet
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Thanks, Rhare
rhare wrote:
Poet wrote:

The United States supports freedom and democracy in other countries. Words and images juxtaposed to showcase the hypocrisy.

While I agree that the US politicians are quite hypocritical, the video using the staged clip with Robert Stephens is just a bit hypocritical as well. 

Rhare

Thanks for pointing out that part. However, it could very well have been that Robert Stephens himself was the only one complicit - and that everyone else was duped, including the cameraman and the person compiling the video. Not everyone reads The Blaze for the same reason I doubt you check up on the Huffington Post very often.

That said, isn't the rest of the video a very powerful juxtaposition?

Poet

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Poet
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"Farms" Owned By Rich Provide Massive Tax Shelter

"Farms" Owned By Rich Provide Massive Tax Shelter (April 2011)
"Take Michael Dell, founder of Dell Computers and the second-richest Texan, who qualified for an agricultural property tax break on his sprawling 1,757-acre residential ranch in suburban Austin and saved over $1 million simply because his family and friends sometimes use the land as a private hunting preserve to shoot deer. Or take billionaire publisher Steve Forbes, who got more than a 90 percent property tax reduction on hundreds of acres of his multimillion-dollar estate in upscale Bedminister, New Jersey, just by putting a couple of cows out to pasture. They are not alone. All across the country, a huge number of America’s wealthiest are tapping into agricultural tax breaks—and none of them have to do any real farming to qualify."
http://www.thenation.com/article/159943/tax-day-farms-owned-rich-provide...

Poet

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saxplayer00o1
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Poet
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Greek Government Just Sacked All Heads Of Armed Forces

Did this one just slip under the radar?

Greek Military Leadership Changes Spark Opposition Outcry (November 1, 2011)
"In a surprise development, Panos Beglitis, Defence Minister, a close confidante of Mr Papandreou, summoned the chiefs of the army, navy and air-force and announced that they were being replaced by other senior officers. Neither the minister nor any government spokesman offered an explanation for the sudden, sweeping changes, which were scheduled to be considered on November 7 as part of a regular annual review of military leadership retirements and promotions. Usually the annual changes do not affect the entire leadership."
http://www.telegraph.co.uk/finance/financialcrisis/8863728/Greek-militar...

Poet

Johnny Oxygen's picture
Johnny Oxygen
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rhare wrote: Poet wrote: The
rhare wrote:
Poet wrote:

The United States supports freedom and democracy in other countries. Words and images juxtaposed to showcase the hypocrisy.

While I agree that the US politicians are quite hypocritical, the video using the staged clip with Robert Stephens is just a bit hypocritical as well. 

 

 

Really?

You picked on two second video out of the whole presentation to call it hypocritical?

I think you missed the point.

 

Damnthematrix's picture
Damnthematrix
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test of the national Emergency Alert System (EAS)
test of the national Emergency Alert System (EAS)
Sent from FNQ Global

If you have ever wondered about the government's ability to control the civilian airwaves, you will have your answer on November 9th. On that day, federal authorities are going to shut off all television and radio communications simultaneously at 2:00PM EST to complete the first ever test of the national Emergency Alert System (EAS).This isn't a wild conspiracy
theory. The upcoming test is posted on the Public Safety and Homeland Security Bureau website.Only the President has the authority to activate EAS at the national level, and he has delegated that authority to the Director of FEMA.

...So this begs the question: is the first ever national EAS test really a big deal? Probably not. At least, not yet. But there are some troubling factors all coming together right now that could conceivably trigger a real usage of the EAS system in the not too distant future. A European financial collapse could bring down U.S. markets.

What is now the "Occupy" movement could lead to widespread civil unrest. And there are ominous signs that radical groups such as Anonymous will attempt something major on November 5th- Guy Fawke's day. Now we know in the event of a major crisis, the American people will be told with one voice, at the same time, about an emergency. All thats left to determine is who will have control of the EAS when that day comes, and what their message will be.

http://articlesofinterest-kelley.blogspot.com/2011/10/november-9th-communications-shutdown.html

and

http://canadafreepress.com/index.php/article/41613
and

http://ppjg.wordpress.com/2011/10/29/november-9th-communications-shutdown-a-system-reboot-needed-to-activate-new-code/

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Greeks sack Armed Forces heads

It certainly seems to be unnoticed.  Saw that blurb last night and was expecting both mainstream news and a market reaction.  Nada, nothing, zip.   Very strange indeed.

JB

Damnthematrix's picture
Damnthematrix
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Greeks sack Armed Forces heads
jbtbga wrote:

It certainly seems to be unnoticed.  Saw that blurb last night and was expecting both mainstream news and a market reaction.  Nada, nothing, zip.   Very strange indeed.

JB

 

Apparently it's no biggie, the Greeks do this regularly i read somewhere yesterday...

Johnny Oxygen's picture
Johnny Oxygen
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Re: Greeks sack Armed Forces heads
jbtbga wrote:

It certainly seems to be unnoticed.  Saw that blurb last night and was expecting both mainstream news and a market reaction.  Nada, nothing, zip.   Very strange indeed.

JB

 

Here is an update:

Coup de Greece: Papandreou boots military brass

http://rt.com/news/greece-military-dismissal-papandreou-393/

The dismissal of Greece’s top military chiefs has the opposition up in arms. With the Greek crisis worsening by the day, PM George Papandreou has been accused of trying to rein in the armed forces before a potential government collapse.

­Sweeping changes to Greece’s military leadership were approved by Prime Minister George Papandreou during a meeting of the Foreign and Defense Council in Athens today.

The Chief of National Defense, as well as the chiefs of the army, navy and air force, were all replaced, according to a statement released by the Greek Defense Ministry Wednesday.

In addition, a dozen commissioned officers were also relieved of their duties.   

The move came as a surprise to many members of the government and the armed forces, as an annual review of the military leadership was already scheduled for November 7. Moreover, the changes rarely impact the entirety of the top brass.

While officials deny the decision is connected with the political instability that has gripped the country, the opposition says Papandreou is attempting to create a loyal armed forces he will be able to control if the situation in Greece spirals out of control.

However, having incited fury both at home and throughout the eurozone for his decision to call a referendum on the EU bailout package agreed to just last week, the opposition is refusing to confirm any new nominations from Prime Minister Papandreou.

"It is immoral to change the leadership of the armed forces just a few hours before the fall of the government,"
the far-right LAOS party said, as cited by Reuters.  

Parties on both ends of the political spectrum have called on the Papandreou not to proceed with any reshuffle of the military leadership until after elections.  

Although elections are not scheduled to be held until November 2013, Papandreou faces a confidence vote on Friday.  

Ever since the collapse of a seven-year military junta in 1974, successive Greek governments have kept the military on a tight leash, with political loyalties often forming the basis for military appointments.

The recently-dismissed military chiefs had been appointed by the then ruling conservative administration in August 2009, right before Papandreou’s socialist government came to power some two months later.

rhare's picture
rhare
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Exactly why I'm Libertarian...
Poet wrote:

That said, isn't the rest of the video a very powerful juxtaposition?

Yes it was, and it's exactly why I'm such a strong minded Libertarian - any government will eventually abuse it's citizens no matter how benign

Johnny Oxygen wrote:

You picked on two second video out of the whole presentation to call it hypocritical?

I think you missed the point.

Actually it they used it for almost a full minute (out of a 7 minute video).  And yes, it's important because it shows that governments and people will lie to make a point, even if valid.....  Best to always be skeptical...

 

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