Among many other things, the 550-page bill would allow Chicago’s Board of Education to increase its maximum property tax rate for the Chicago Teachers’ Pension Fund by about 45 percent. That levy, first approved in late 2016, increased taxes by about $272 million this year.
The average lifetime cost of care after a diagnosis of dementia in the U.S. is about $322,000, and families pay about 70 percent of that, new research suggests.
Brown said her goal is to reduce the unfunded liability of the Public Employees Retirement System by $5 billion. The governor is under pressure to find ways to tackle the deficit as she and legislators have been unable to agree on any changes in pension benefits.
The deficit as a proportion of profits recorded for 2016 is higher than at any time since the financial crisis, following a £12bn rise since 2015. The 25% increase came in a second year of comparatively low profit for UK publicly listed companies.
The Chicago Public Schools’ (CPS) budget for the fiscal year that began on July 1 counts on an additional $300 million from Illinois under a new statewide education funding formula that the House and Senate are scheduled to vote on this week. It also includes $269 million in new city dollars that have not been identified.
The reason is pretty simple. Insurers needed to make up shortfalls after the crisis. But in a decade of low interest rates they had to venture beyond their traditional holdings of vanilla bonds. They now own vast amounts of stocks, high-yield debt and a variety of alternative assets — a bucket that can include hard-to-sell stakes in private equity investments, hedge funds and real estate.
The average outstanding balance is now $34,144, up 62 percent over the last 10 years. In addition, the percentage of borrowers who owe $50,000 or more has tripled over the same time period, according to a separate report by the Consumer Financial Protection Bureau.
Banks in China are dealing with an onslaught of non-performing loans that have resulted from poor risk controls and years of loose monetary policy. Investors estimate that China’s stock of bad debt has risen to $3tn this year, in step with a decelerating economy. One prominent analyst said recently that the figure could be as high as $6.8tn.
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