In most cases, borrowers in bankruptcy don't even ask for help because they figure a discharge of debt is so rare. In one study of 170,000 student loan debtors who filed for bankruptcy protection in 2007, only 51 won full discharges of their debt and 30 received partial discharges.
“The trend, I think, is that you have judges looking more closely at procedures used by the municipalities that may be motivated more by raising revenue than for public safety,” said Josh Engel, an attorney for motorists in both the New Miami and the Elmwood Place lawsuits. In those cases, the judges said separately that the administrative systems made it difficult for motorists to challenge the tickets. Butler County Common Pleas Judge Michael J. Sage expressed “great concerns about due process.”
An aging population that's expanding the Medicare rolls and Obama's push to cover uninsured workers and their families are helping to drive the long-term trend of greater government spending on health care.
However, the White House projects a 6.7 percent unemployment rate for 2015. While that's the same level as in the Blue Chip Consensus – an average of about 50 private-sector forecasts- it is more optimistic than the Congressional Budget Office, which projects 2015 unemployment at 7.1 percent.
Three prominent Popular Democratic Party senators – Antonio Fas Alzamora, Angel Rosa and Ramón Luis Nieves – have called for renegotiating long-term debt with the island's creditors, something the government has said is not being planned. They said that keeping current on debt payments and operating within a balanced budget will require a $1 billion spending cut for the upcoming fiscal year.
Total outstanding public debt is now at $17.41 trillion, according to the U.S. Treasury Department's latest daily statement. That's almost $1 trillion over last year's debt ceiling limit of $16.69 trillion.
“It’s a big number, and we don’t have the money,” Wharton said last week of his administration’s estimate of a $709 million unfunded pension liability compared to an estimate of $300 million from municipal union leaders.
Mayor Dayne Walling called for a $70 million war on blight to tear down nearly 6,000 buildings during his annual State of the City address Monday, March 3.
The blueprint for fiscal 2015, which begins Oct. 1, is laden with populist proposals designed to fortify those goals. It includes new spending for pre-school education and job training, expanded tax credits for 13.5 million low-income workers without children and more than $1 trillion in higher taxes over the next decade, mostly for the wealthiest Americans.
Health insurers such as WellPoint Inc. (WLP) and Humana Inc. (HUM) stand to gain $5.5 billion from the government next year to cover losses from Obamacare in a program the law’s opponents label a bailout.
The digital “Bitcoin” has bit the dust at Mt. Gox Bitcoin Exchange; over $400 million US has evaporated, or perhaps moved into someone’s pocket. The news is all over the Internet these days.
“Digital money” is accepted world-wide. There exists only a remnant of fiat paper money which is increasingly and deliberately made more difficult to use and transport physically. The reason being, that digital transactions leave a trail of information which governments use to control the behavior of their subjects (we can hardly call them “citizens” any longer) whereas citizens using paper money in their dealings leave no trail.
Mike Maloney Reads Atlas Shrugged. (Video)
Recently, Mike mentioned to me that he was going to read a section from his favorite book of all time – Ayn Rand’s ‘Atlas Shrugged’. Whoa. This was obviously not going to be a normal company meeting. Having just started to scrape the surface of explaining the dangers of socialism in Episode 5 of Hidden Secrets Of Money, it was obvious that this reading would make for an excellent video.
“You really have to take Chinese GDP today – if you adjusted it for the write-off of the wasted investments – it wouldn’t even have been as high as it has been. That adjustment is coming, so I’m looking for a rapid decline in Chinese growth.”
“They’ve [China] set themselves up through wasted infrastructure investment, opaque financial products and Ponzi financing. They’ve set themselves up for a collapse.”
The Marcellus Shale will continue to be the country’s biggest driver in the growth of natural gas production, according to a new report from Morningstar. The report, “Shale Shock,” concludes that despite years of phenomenal shale gas production, the Marcellus Shale is not slowing down. “The emergence of the Marcellus Shale—the vast gas-bearing rock formation in the northeastern United States—is a game-changer for the U.S. energy industry,” Mark Hanson, Morningstar’s strategist for energy equity research, said.
IF ANY energy source is worthy of the name "steampunk", it is surely ocean thermal energy conversion. Victorian-era science fiction? Check: Jules Verne mused about its potential in Twenty Thousand Leagues Under the Sea in 1870. Mechanical, vaguely 19th-century technology? Check. Compelling candidate for renewable energy in a post-apocalyptic future? Tick that box as well.
Claims for it have certainly been grandiose. In theory, ocean thermal energy conversion (OTEC) could provide 4000 times the world's energy needs in any given year, with neither pollution nor greenhouse gases to show for it. In the real world, however, it has long been written off as impractical.
President Obama released his fiscal year 2015 budget on March 4, a $3.9 trillion package that includes a range of wish-list items in an election year. Among other things, the budget calls for the elimination of a range of tax breaks that benefit oil, natural gas, and coal companies. The tax breaks amount to $4 billion annually, and eliminating them is request that the President has called for multiple times over several years. Over ten years, if enacted, cutting the tax breaks would save $48.8 billion over ten years.
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