Debt Crisis

Illinois ‘Grand Bargain’ Legislation Includes 32 Percent Personal Income Tax Hike

Illinois taxpayers may get hit with a significant income tax hike pretty soon. John O’Connor of the Associated Press reported Sunday on The State Journal-Register website:

If last week’s action is any indication, the Democratic and Republican leaders of the Illinois Senate are serious about attempting to bust the state’s 18-month budget deadlock – quickly…

Promising to act on a package by month’s end, they introduced 13 measures Wednesday that included non-budget-related sweeteners for both sides. By Thursday, they had been rapidly assigned public committee hearings…

Here’s a look at other major pieces of the legislation some in the Capitol have nicknamed the “grand bargain”:

* Income tax increase: The personal income tax would jump from 3.75 percent to 4.95 percent, a plan to generate $4.1 billion a year. With spending cuts, Democrats argue, that could eliminate what the governor’s office estimates will be a $5.3 billion deficit on the June 30 end of the fiscal year…

(Editor’s note: Bold added for emphasis)

The proposed 32 percent income tax hike is not a sure thing, as O’Connor noted:

The outstanding question is if a Senate-approved deal would ultimately pass muster with Democratic House Speaker Michael Madigan, who has refused to entertain Rauner’s pro-business agenda as part of budget talks…

Six years ago, the 3 percent personal income tax rate jumped to 5 percent until 2015, when the rate rolled back to the current 3.75 percent.

Like I just suggested to Chicago taxpayers in the previous post, Illinois taxpayers might want to take heed of what’s potentially coming down the pipeline.

Other pieces of legislation include $7 billion more borrowing to pay off overdue bills (now at $10.7 billion), which you can read about on the The State Journal-Register site here.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Moody’s On Chicago Public Schools Crisis: Consider Tax Levy, Pension Contribution Stoppage, Or Bankruptcy

“Chicago and New York rank at the bottom of a new analysis of fiscal strength based primarily on data from 2015 financial reports issued by the cities themselves. The analysis includes 116 U.S. cities with populations greater than 200,000.

Chicago’s position at the bottom of the ranking is no surprise to anyone who follows municipal finance. The Windy City has become a poster child for financial mismanagement, having suffered a series of ratings downgrades in recent years. Aside from having thin reserves and large volumes of outstanding debt, Chicago is notorious for its underfunded pension plans…”

The Fiscal Times, January 9, 2107

Moody’s Investors Service recently weighed in on Chicago’s well-publicized financial crisis. Last Thursday its Global Credit Research division published the following on the Moody’s website:

While unfunded pension liabilities will continue weighing on the City of Chicago’s (Ba1 negative) credit profile, plans to significantly increase contributions with higher taxes is a favorable departure from prior funding practices. However, the liquidity crisis at Chicago Public Schools (CPS — B3 negative) is worsening amid a continued budget impasse at the state level, Moody’s Investors Service says in two new research reports released today…

In “City of Chicago: Frequently Asked Questions,” Moody’s says despite the city’s expanding economy, revenue growth, and healthy liquidity, its pension burden is likely to remain among the highest of any rated, major local government for many years.

“While Chicago’s recent tax increases will provide revenue to significantly increase pension funding, the city’s unfunded pension liabilities exceed seven times its revenue and are projected to grow for at least 15 more years,” says Matt Butler, Vice President of Moody’s…

(Editor’s note: Bold added for emphasis)

The well-known credit rating agency added this about the city’s public school system:

In a separate report, “Chicago Public Schools: Frequently Asked Questions,” Moody’s states CPS’ fiscal pressures are intensifying due to depletion of reserves following years of imbalanced operations, unrealistic budget assumptions, and escalating pension costs…

Moody’s says CPS could consider more difficult options to address its finances should the State of Illinois (Baa2 negative) be unable or unwilling to provide additional relief: levy for debt service on GO alternate revenue bonds, stop making employer pension contributions, or seek state authorization to file for Chapter 9 bankruptcy…

(Editor’s note: Bold added for emphasis)

MarketWatch news editor Rachel Koning Beals expanded on Moody’s suggestions for dealing with the CPS situation. She wrote Saturday:

Moody’s has a revised shortlist of painful fixes for the public school system in Chicago.

One idea is to approve another increasingly politically unpopular property-tax levy to pay off debt, as the nation’s third-largest school district just issued another batch of high-interest bonds.

The second idea from the credit-ratings agency is to skip a pension payment to the Chicago Teachers’ Pension Fund, which would come just months after the district and its teacher‘s union hammered out an 11th-hour contract to avoid a second labor strike in a span of four years.

And last resort? Just declare bankruptcy already

(Editor’s note: Bold added for emphasis)

Who’s the say the City will act on any of these suggestions (at least, right away)? That being said, Chicago taxpayers and CPS employees/retirees might want to take heed of all this.

Head on over to the Moody’s Investors Service website here to read the entire release from the Global Credit Research division. It ain’t pretty.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Source:

Koning Beals, Rachel. “Maybe Chicago schools should declare bankruptcy and get it over with, says Moody’s.” MarketWatch. 14 Jan. 2017. (http://www.marketwatch.com/story/maybe-chicago-schools-should-declare-bankruptcy-and-get-it-over-with-says-moodys-2017-01-13). 16 Jan. 2017.

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Chicago Tribune Letter: ‘Chicago, And Its Surrounding Areas, Have Become Hell on Earth’

This morning I headed over to the Chicago Tribune website to see what’s cooking locally. On their homepage was a “story” link with the following headline:

“Letter: I’m leaving Chicago and I’m never coming back”

Figuring this should make some “entertaining” reading while I finished my coffee, I checked out the proclamation. The author sure didn’t pull any punches. Here’s a snippet:

I’ve come to understand that Chicago, and its surrounding areas, have become Hell on Earth for any thinking person with a modicum of self-respect.

The caustic combination of corrupt politicians with nothing but contempt for the public; a police force so broken down in spirit it visibly resents interaction with even law-abiding citizens; a criminal underclass empowered by the incessant drone of liberal rhetoric wandering the streets posing clear and present danger to everyone around them; and the enablers, who are everywhere, to say nothing of the ugly, decaying infrastructure, poor economy and joyless entertainment and leisure opportunities – it is for these reasons I have made the decision to disconnect forever…

(Editor’s note: Bold added for emphasis)

As regular readers of Survival And Prosperity know, I am one of those who left Chicago (Northwest Side) only three-and-a-half years ago due to concerns over increasing government mismanagement, crime, and costs of living- in no particular order. Besides, even though I really liked the neighborhood I had lived in for eight years, it was time for a new pad and home prices were just too damn high!

My girlfriend and I did what was right for us at the time and in advance of what we suspect lies ahead. But Chicago is still a great city with fantastic people (minus the criminal element), so much so not only do I understand why one might still choose to reside there, but even I won’t go so far as to proclaim “I’m never coming back.”

I remain optimistic about the long-term prospects for the “Windy City.” That being said, I do believe conditions in the city will erode before improving again. For those dead set on remaining in town, please do yourself a favor and take a good, hard look at your financial and personal safety capabilities for successfully navigating any “storm” that may lie ahead. For example, how do your finances look with the real prospect of future tax hits down the road?

More later. And to read that entire letter sent to the Chicago Tribune, head on over to their website here.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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Jim Rickards: ‘We’re Going To Go Into A Recession Or The Stock Market Is Going To Have A Very Severe Correction’

Marc Faber isn’t the only “crash prophet” who realizes the financial environment U.S. President-elect Donald Trump could inherit is significantly different than what Ronald Reagan encountered in 1981. Back on December 5 I blogged about James (Jim) Rickards, an American lawyer, economist, investment banker, and best-selling author, who was on RTÉ Radio 1 (Ireland) the prior week informing listeners of the following:

Less regulation, lower taxes, and a lot more infrastructure spending. This was Ronald Reagan’s playbook. This is what Ronald Reagan did in 1981 with a lot of success. But there are big differences, reasons to believe Trump will not be as successful. Namely because when Reagan came in, the U.S. debt-to-GDP ratio- the amount of debt relative to our economy- was 35 percent. Today it’s almost 105 percent. Reagan had inflation of 20 percent. Trump has it close to zero. In other words, Reagan had a lot of tailwinds– inflation had to come down, interest rates had to come down, he had fiscal space to run up the debt. Trump has headwinds

(Editor’s note: Bold added for emphasis)

Last Tuesday, Rickards appeared on CNBC TV’s Squawk Box (Asia) and made this prediction about Trump’s first term in the Oval Office:

I definitely see a stock market correction, perhaps a disorderly one Martin. I’m not sure the Fed is ready to cut rates yet. But I expect it will raise rates in March. I think that’s on track. But beyond that, we’re going to go into a recession or the stock market is going to have a very severe correction. Either one of those will cause the Fed to back-pedal.

(Editor’s note: Bold added for emphasis)

CNBC anchor Martin Soong asked his guest, “What is it going to take to cause these two outcomes- what’s the trigger going to be?” Rickards replied:

First of all, it’s already happening. There’s basically a head-long collision coming between perception and reality. So what’s the perception? The market’s rising on the Trump reflation trade. So, Trump wants to cut taxes. Steve Bannon’s talking to his advisors about a trillion dollars of infrastructure spending, cutting regulations. So all these things are viewed to be highly stimulative. So that’s why the market’s going up… But with the Fed, they’re thinking of two things. Number one, they believe in the Phillips Curve… With unemployment at 4.6 percent and that kind of stimulus coming, they know monetary policy acts with a lag- they want to get out ahead of inflation. So they’re on track to raise rates. By the way, they want to raise them anyway independent of this because they’ve got to raise them so they can cut them in the next recession. So the Fed’s on track to raise. The market expects stimulus. But here’s the point. The stimulus is not going to come. Congress has already said tax cuts have to be revenue neutral- that’s going to take away the stimulative effect. They’re going to balk at more spending. We have $20 trillion of debt. A 104 percent debt-to-GDP ratio. So we’re not going to get this trillion dollars of spending. And we’re in the eighth year of an expansion Martin. Keynesian stimulus- if it works at all, it works at the beginning of an expansion or in a recession. Not after 8 years. You don’t get much bang for the buck.


“Fed to reverse course by year-end: Expert”
CNBC Video

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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Jim Rickards: Donald Trump Has Ronald Reagan’s Financial Playbook, But Faces ‘Headwinds’

Marc Faber. Peter Schiff. Now Jim Rickards. Three “crash prophets” who aren’t convinced U.S. President-elect Donald Trump can magically solve America’s economic ills. Rickards, an American lawyer, economist, investment banker, and best-selling author, was on the RTÉ Radio 1 (Ireland) show Today with Sean O’Rourke last Wednesday talking about his new book when he informed listeners of the following:

Less regulation, lower taxes, and a lot more infrastructure spending. This was Ronald Reagan’s playbook. This is what Ronald Reagan did in 1981 with a lot of success. But there are big differences, reasons to believe Trump will not be as successful. Namely because when Reagan came in, the U.S. debt-to-GDP ratio- the amount of debt relative to our economy- was 35 percent. Today it’s almost 105 percent. Reagan had inflation of 20 percent. Trump has it close to zero. In other words, Reagan had a lot of tailwinds– inflation had to come down, interest rates had to come down, he had fiscal space to run up the debt. Trump has headwinds

(Editor’s note: Bold added for emphasis)

The editor of the financial newsletter Jim Rickards’ Strategic Intelligence believes the next economic crisis (2018?) will be worse than the 2008 edition. When asked by O’Rourke what people with a “smaller or medium-size financial nest-egg” might do to prepare for it, Rickards advised:

For savers and investors at any level, modest or wealthier, put 10 percent of your investible assets in physical gold or silver. For smaller amounts, silver might do well…

He added some cash is good too.

You can listen to the entire interview (a little over 13 minutes) on the RTÉ Radio 1 (Ireland) website here.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

Rickards’ new book…

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Monday, December 5th, 2016 Commodities, Crash Prophets, Currencies, Debt Crisis, Fiscal Policy, GDP, Government, Inflation, Infrastructure, Interest Rates, Investing, Precious Metals, Spending, Taxes Comments Off on Jim Rickards: Donald Trump Has Ronald Reagan’s Financial Playbook, But Faces ‘Headwinds’

Peter Schiff Predicts Gold ‘Going A Lot Higher’ As Trump Fed Draws From ‘Well Of QE’

In a post yesterday about Swiss-born investment advisor/money manager Marc Faber, I noted that the the publisher of the monthly investment newsletter The Gloom Boom & Doom Report reportedly told atendees at a recent investment conference that the U.S. economy “is not doing well” and that he predicted U.S. President-elect Donald Trump will be a “Keynesian” and money printer. This reminded me of an appearance last week by fellow “crash prophet” Peter Schiff on the CNBC TV program Futures Now in which the economist, financial broker/dealer, and author talked about a Federal Reserve under a Trump administration. Schiff warned viewers:

I think they’re going to go back to the same monetary stimulus that failed and is the reason that Donald Trump was elected. A lot of people believe that simply electing Donald Trump solves all the economic problems that are the reason that he was elected. But the problems haven’t been solved and they can’t be solved unless we’re willing to bite the bullet and allow a painful economic restructuring that is going to be necessary to pave the way for real economic growth. But I still think we’re going to go back to the “well of QE.” And that we’re going to get more stimulus. We’re going to get another quantitative easing. And I still believe that the Fed might reverse course and start cutting rates again, even as inflation accelerates…


“Huge bond bear market just beginning”
CNBC Video

The CEO of Euro Pacific Capital mentioned earlier in the segment that “inflation is accelerating at a much faster pace than the Fed is nudging up interest rates.” Within such an environment, gold could shine. Schiff added:

Gold benefits from inflation. The only way that you might undermine gold with inflation is if you have a Paul Volcker-style reaction from the Fed where they agressively raise interest rates to try and restrain it. And that’s not even conceivable that we could do that due to the enormity of the debt that we have. So if people understand that yes, we’re going to get more inflation, but there’s nothing the Fed can do about it but make the problem worse, then people see that there’s a lot of reasons to be buying gold. And certainly 1,200 has acted as pretty solid support. So the fact that we pulled back from 1,320-1,330 on the eve of the Trump victory back down to this support I think provides a good buying opportunity for people to buy more gold. Because I do think it’s going a lot higher during the Trump presidency.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. The creator/Editor of this blog is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information contained herein.)

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Thursday, December 1st, 2016 Commodities, Crash Prophets, Debt Crisis, Federal Reserve, Government, Inflation, Interest Rates, Investing, Monetary Policy, Money Supply, Precious Metals, Stimulus Comments Off on Peter Schiff Predicts Gold ‘Going A Lot Higher’ As Trump Fed Draws From ‘Well Of QE’

Taxing Time For Chicagoans

The elections are over. So it’s time for “higher/new fees, fines, and taxes,” as I routinely point out in Survival And Prosperity.

Chicagoans found out yesterday what kind of impact City Hall’s latest “revenue enhancements” will have on their personal finances. Julian Crews, Dan Ponce, and Dana Rebik reported on the WGN-TV Chicago website Wednesday:

The Chicago City Council voted unanimously to pass Mayor Rahm Emanuel’s $8.2 billion 2017 budget Wednesday…

For taxpayers, the hardest pill to swallow in the budget may be a nearly 30 percent increase on water and sewer bills. The hike will be phased in over four years, and is expected to raise nearly $240 million to help shore up the municipal workers pension fund.

But the big impact to taxpayers will come in the form of a tiered increase in property taxes to fund police and fire pensions approved by the Council last year.

Other new fees include:

7-cent fee for all plastic AND paper bags to encourage people to bring reusable bags to the grocery store.
3.5 percent amusement tax for tickets to concerts, sporting events and musicals…

(Editor’s note: Bold added for emphasis)

Crews, Ponce, and Rebik also pointed out coming higher fees with parking rates downtown, around Wrigleyville, and at both Midway and O’Hare airports. More parking meters will be popping up in the Loop and in city neighborhoods as well.

Anyone who’s been paying attention might have observed a disturbing trend lately with Chicago’s fees/fines/hikes. John Byrne and Hal Dardick reported on the Chicago Tribune website this morning:

The average family will pay nearly $1,700 more a year to the city and Chicago Public Schools than they did before the mayor took office in 2011 once all of Emanuel’s tax and fee increases take full effect. There’s been a series of property tax hikes. There was a water and sewer rate increase, plus a new tax on top of that. Not to mention a new garbage hauling fee, 911 phone tax hike, vehicle sticker fee increase and a tax on cable television…

(Editor’s note: Bold added for emphasis)

“$1,700 more a year… than they did before the mayor office in 2011”

Ouch. Byrne and Dardick added:

Even with all of that, taxpayers may be asked for more money in the coming years. Emanuel’s plans for shoring up long-neglected city worker pension funds will require the city to come up with hundreds of millions of dollars more by the early to mid-2020s

(Editor’s note: Bold added for emphasis)

In the meantime, the reporters calculated the “typical” Chicago homeowner ($250,000 residence) can expect to see their tax bill rise another $400 in 2017.

As a former resident of Chicago, I can understand why people would want to live there. That being said, Chicagoans have been required to “pay to play.” And that trend might not be their friend if that Tribune analysis plays out.

For those choosing to remain in the “City By The Lake,” it might be wise for these individuals to take a good, hard look at their finances to figure out if they can keep residing there should the cost of living continue its upwards trajectory.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

Crews, Julian, Ponce, Dan, and Rebik, Dana. “City Council unanimously passes $8.2 billion budget, including new taxes and fees.” WGN-TV Chicago. 16 Nov. 2016. (http://wgntv.com/2016/11/16/chicago-city-council-expected-to-pass-mayors-2017-budget-today/). 17 Nov. 2016.

Byrne, John and Dardick, Hal. “The tab on Emanuel’s series of tax hikes: $1,700 a year for the average family.” Chicago Tribune. 17 Nov. 2016. (http://www.chicagotribune.com/news/local/politics/ct-rahm-emanuel-chicago-city-council-budget-vote-met-1117-20161116-story.html). 17 Nov. 2016.

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Thursday, November 17th, 2016 Debt Crisis, Education, Entitlements, Essential Reading, Fiscal Policy, Government, Taxes Comments Off on Taxing Time For Chicagoans

Marc Faber Suggests Gold Should Make Up 25 Percent Of Portfolio

Earlier this month, I blogged about how Swiss-born investment advisor/money manager Marc Faber informed CNBC TV viewers he holds physical gold stored in safe deposit boxes.

Last Thursday, the publisher of the monthly investment newsletter The Gloom Boom & Doom Report talked more about the shiny yellow metal at a CFA Institute seminar in Chicago. Gail MarksJarvis reported on the Chicago Tribune website on July 22:

Faber told the investment professionals gathered in Chicago that they shouldn’t be prejudiced against gold. Although the typical investment pro keeps less than 1 percent of his or her portfolio in gold, Faber suggests 25 percent. He sees it as protection from a dangerous combination of tremendous government debt and massive bond-buying by central banks globally trying to fight off recession with near-zero interest rates…

(Editor’s note: Bold added for emphasis)

MarksJarvis also noted that “Doctor Doom,” as he’s often referred to by the financial news media, thinks there may be value in precious metals mining stocks.

This shouldn’t come as a surprise to regular Survival And Prosperity readers. I blogged back on May 24 about Faber’s statement the prior week to a CNBC TV audience that gold shares are one of “the most attractive assets in my view”- the others being oil and gas stocks.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

(Editor’s notes: Info added to “Crash Prophets” page; a qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

Source:

MarksJarvis, Gail. “‘Gloom, Boom & Doom’ economist pushes for gold.” Chicago Tribune. 22 July 2016. (http://www.chicagotribune.com/business/columnists/ct-marksjarvis-column-marc-faber-money-doom-0724-biz-20160722-column.html). 26 July 2016.

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Tuesday, July 26th, 2016 Banking, Bonds, Commodities, Crash Prophets, Debt Crisis, Energy, Fiscal Policy, Government, Interest Rates, Investing, Monetary Policy, Precious Metals, Recession, Stocks Comments Off on Marc Faber Suggests Gold Should Make Up 25 Percent Of Portfolio

Chicago Police Department Manpower Shortage Latest

“Chicago readers take note: The ‘thin blue line’ that exists in the Windy City will likely remain that way for the foreseeable future. Carry on accordingly.”

Survival And Prosperity, October 3, 2011

With the help of the popular Chicago police blog Second City Cop, I became aware several years ago of the manpower shortage going on in the Chicago Police Department.

Subsequently, I started blogging about the situation from time to time.

As shootings in the city march past 2,300 for the year, attention is being drawn to Chicago’s “cop shortage” again. Fran Spielman reported on the Chicago Sun-Times website on July 20:

After three shootings this week in a gang-ridden South Side ward that includes Englewood and Back of the Yards, Ald. Ray Lopez (15th) is demanding that Emanuel finally make good on his 2011 campaign promise to hire 1,000 additional police officers.

In the meantime, Lopez wants Chicago Police officers now working in pairs for their own safety to get reinforcements from the Illinois National Guard, the Illinois State Police, the Cook County Sheriff’s office or all of the above

(Editor’s note: Bold added for emphasis)

No DHS or other federal agencies?

On the subject of paying for more police, Alderman Lopez brought up taxes. Spielman added:

When Lopez was asked where he would find the money to hire 1,000 more police officers, he offered to raise property taxes- again.

That’s on top of the $588 million property tax increase approved last fall for police and fire pensions and school construction and the $250 million increase the Board of Education is about to approve for teacher pensions…

Remember what I’ve been saying for years now about new/higher fees, fines, and taxes for Chicagoans?

With news yesterday that the Fraternal Order of Police is urging its members to turn down all requests for “non-mandatory overtime” over the fast-approaching Labor Day weekend, Second City Cop blogged:

It is most certainly is a message to the administration- “Hire more cops!” seems to be what we’re reading. And that’s a perfectly appropriate message to be sending to the city- the Department is badly understaffed

(Editor’s note: Bold added for emphasis)

It will be interesting to see how this all plays out.

By Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

Spielman, Fran. “Shooting of 6-year-old girl revives demand for 1,000 more cops.” Chicago Sun-Times. 20 July 2016. (http://chicago.suntimes.com/news/shooting-of-six-year-old-resurrects-demands-for-1000-more-cops/). 26 July 2016.

SCC. “OT Boycott Gets Media Coverage.” Second City Cop. 26 July 2016. (http://secondcitycop.blogspot.com/2016/07/ot-boycott-gets-media-coverage.html). 26 July 2016.

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Tuesday, July 26th, 2016 Crime, Debt Crisis, Education, Employment, Entitlements, Government, Public Safety, Self-Defense, Taxes Comments Off on Chicago Police Department Manpower Shortage Latest

Message For Chicago, Cook County, And Illinois Readers

Readers of Survival And Prosperity might get the wrong impression that I’m rooting for Chicago, Cook County, and Illinois to “fail” based on my routine blogging about their financial, crime, and political woes.

Actually, I do this because I care deeply about the region and its residents.

It’s been my experience that Chicagoans and Illinoisans are pretty decent people overall. I’ve found many of them to be down-to-earth and quick to lend a helping hand to neighbors and strangers alike.

It’s my personal opinion that these woes (interconnected in my mind) I speak of will only intensify in the coming years. The trend is not our friend here, and if anything, since many of the people who helped bring about this mess are still in charge, is it reasonable to expect they’ll be the ones to fix it?

In the meantime, I predict many Illinoisans will be subject to varying degrees of financial and physical pain while this debacle plays out.

As this is a plausible scenario, have local readers of Survival And Prosperity contemplated what’s at stake should conditions keep deteriorating? What would be your personal exposure if events play out the way I expect them to? Financial vulnerabilities? Personal safety shortcomings? Individual circumstances will undoubtedly vary.

Are the wheels turning in your head?

Good. That’s what I’m trying to accomplish with such posts.

The intent is not to scare. Rather, it’s rooted in care.

It’s my hope that informing Chicago, Cook County, and Illinois residents of the precarious situation at hand and providing food for thought might aid successful navigation through what will likely be unfamiliar territory for most.

Wishing everyone all the best with that,

Christopher E. Hill
Editor

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Monday, July 18th, 2016 Crime, Debt Crisis, Essential Reading, Fiscal Policy, Government, Main Street, Preparedness, Public Safety, Security, Self-Defense Comments Off on Message For Chicago, Cook County, And Illinois Readers
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    A little housekeeping to start off the blogging week on Offshore Safe Deposit Boxes. I’d like to direct your attention to the following on the blog’s sidebar: Opening An Offshore Private Vault? New Year’s HALF-PRICE Domain Sale Limited Time Only! elitevaults.com $100 offshoreprivatevault.com $500 offshoresafedepositbox.com $500 Inquire Via “Contact” Page Have a great week, Christopher […]
  • Related Reading: Singapore Private Vaults ‘Have Quietly Begun To Bulge With Gold And Silver’
    I recently came across an article on The Business Times (Singapore) website which points out privately-owned precious metals from around the world are finding their way to non-bank vaults in Singapore. Andrea Soh reported on December 12: These are unsettling times. A recession looms. Extremist parties are on the ascent globally. One of the oldest […]
  • Next Degussa Numis Day To Take Place January 26, 27
    Degussa, a leading international player in the precious metals world which also offers safe deposit boxes (for customers) at branches in Germany, Singapore, Spain, and Switzerland, has posted information about the next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website: The Next Numis Day We appreciate and appraise […]
  • Related Reading: Martin Armstrong Covered By Washington’s Blog
    Regular readers of Offshore Safe Deposit Boxes know I bring up economist Martin Armstrong from time to time (case in point, the last entry) due to his views on subjects such as the War on Cash, gold confiscation, and safe deposit boxes. This afternoon Armstrong was the focus of a post published my other blog- […]
  • Martin Armstrong On Proposal To Seize ‘Suspicious’ Gold Entering European Union
    Last Wednesday, I wrote about a recent Reuters.com article which reported: The European Commission proposed tightening controls on cash and precious metals transfers from outside the EU on Wednesday, in a bid to shut down one route for funding of militant attacks on the continent… Authorities will also be able to seize cash or precious […]