Daily Digest

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Daily Digest 11/28 - IL Hikes Property Taxes To Pay For Pensions, The Insect Apocalypse Is Here

Wednesday, November 28, 2018, 9:22 AM

Economy

Jacksonville City Council votes to raise tax levy

Unsurprisingly, growing pension costs were cited as the main driver of the increase. Pensions were up $364,000 this year. 2.4 percent of the 3.5 percent increase was necessary just to cover the police and fire pensions. New actuarial data has driven up the projected costs of the pensions; and this trend is expected to continue for the next several years.

Norridge hikes property taxes by more than 35 percent to pay for pensions (Illinois)

Norridge is far from the first municipality to see pension costs spike the property tax levy. The small southern Illinois city of Carterville hiked its levy upwards of 30 percent – its largest in history – to keep up with rising public safety pension costs. Peoria, Rockford, Jerome and Chicago all face pension crises.

Pension board seeking to raise teacher retirement age in New Mexico

The changes are just one set of steps that lawmakers will consider in the coming year as they grapple with pension systems that owe billions of dollars in benefits the state currently can’t cover as well as a retiree health care initiative that is underfunded.

10 Cities Where Americans Are Deepest in Debt—but Still Buy Homes!

With the Great Recession receding further in rearview mirrors, Americans are again hitting the gas on spending, pushing household debt levels to a record $13.5 trillion this year, according to the Federal Reserve Bank of New York. And an increasingly big chunk of that is housing debt. After all, with ever-higher home prices come ever-higher mortgages, right?

China to Designate More Institutions as Too-Big-to-Fail

a sign that policy makers are stepping up crisis-prevention efforts as the nation's debt burden and financial risks swell to unprecedented levels

Italy budget: Rome vows to stick to plans, despite EU concerns

Italy's draft budget contains expensive measures for introducing a guaranteed basic monthly income of about €780 (£700) for poor families, and scrapping extensions to the retirement age.

ECB's Draghi: QE will end in Dec. despite data

The central bank has been treading a cautious path in recent months, seeking to start winding down its EUR2.6 trillion bond-buying program, known as quantitative easing or QE, without spooking international investors.

The Federals Are Coming! (thc0655)

But the colonists’ cause was a laudable one, even if they were far outnumbered and not as well-trained or well-armed as the Federals. Under the circumstances, they succeeded because they swallowed their pride, used their wits and, fighting guerilla style, prevailed against a greater opponent.

PG&E-friendly wildfire bill being prepared by state lawmakers in wake of lethal Butte County inferno (thc0655)

That bill created a smoother path for state regulators and PG&E to pass on costs to the company’s customers with higher monthly power bills. SB 901 requires the powerful state Public Utilities Commission to set up a stress test to determine the maximum amount that a utility and its shareholders can bear, without crossing into bankruptcy. SB 901 contained a narrowly worded provision to include the Wine Country firestorms, a number of which have been deemed to be caused by PG&E equipment.

The Insect Apocalypse Is Here (newsbuoy)

To test what had been primarily a loose suspicion of wrongness, Riis and 200 other Danes were spending the month of June roaming their country’s back roads in their outfitted cars. They were part of a study conducted by the Natural History Museum of Denmark, a joint effort of the University of Copenhagen, Aarhus University and North Carolina State University. The nets would stand in for windshields as Riis and the other volunteers drove through various habitats — urban areas, forests, agricultural tracts, uncultivated open land and wetlands — hoping to quantify the disorienting sense that, as one of the study’s designers put it, “something from the past is missing from the present.”

Gold & Silver

Click to read the PM Daily Market Commentary: 11/27/18

Provided daily by the Peak Prosperity Gold & Silver Group

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2 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 4237
Chicago Tribune: Illinois paid $275 million in late interest fee

Chicago Tribune: Illinois paid $275 million in late interest fees to ...

Illinois Policy-2 hours ago
Chicago Tribune: Illinois paid $275 million in late interest fees to private lenders ... Peoria Journal-Star: Peoria gets closer to fixing $6 million budget deficit.

The US economy is strong. Three signs it won't last

KITV Honolulu-45 minutes ago
So where's the bubble that will trigger the next downturn? Housing, like the last time? Corporations up to their gills in debt? Or something else economists ...

 

thc0655's picture
thc0655
Status: Diamond Member (Offline)
Joined: Apr 27 2010
Posts: 1712
Chaos building in Dallas

https://dfw.cbslocal.com/2018/11/27/dallas-officer-slow-response-times/

Dont forget: a couple hundred Dallas cops quickly retired or transferred to other departments before pension cuts could be implemented.

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