pensions

State Of Illinois’ Unpaid Bills Could Spike To $15 Billion By July

Bad news about the State of Illinois’ finances keeps rolling in. Monique Garcia reported on the website of the Chicago Tribune this morning:

The state has a record stack of unpaid bills that’s expected to hit $15 billion by July if nothing is done, and it must fork over interest when it’s late paying them. Putting a hard dollar figure on those interest costs is difficult, however…

The potential price tag is high enough that Senate leaders from both parties are pushing a plan to borrow billions of dollars to help whittle down the bill backlog and limit interest payments…

Under the plan being pushed by Democratic and Republican leaders in the Senate, Illinois would borrow $7 billion over seven years to pay down the bill backlog and bring the payment cycle closer to 30 days…

(Editor’s note: Bold added for emphasis)

The Tribune article comes after Governor Bruce Rauner pointed out in his State of the State address last Wednesday:

We haven’t had a full year budget of some kind in a year-and-a-half- and we haven’t had a state budget that is truly balanced in decades. We have more than $11 billion in unpaid bills, a $130 billion unfunded pension liability, and the worst credit rating in the nation. We have the 5th highest overall tax burden and one of the lowest rates of job creation of any state

(Editor’s note: Bold added for emphasis)

Garcia’s piece took a close look at the interest payments associated with the bill backlog debacle, which you can read about here on the Tribune site.

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

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Monday, January 30th, 2017 Borrowing, Business, Credit, Debt Crisis, Fiscal Policy, Government, Political Parties, Spending, Taxes Comments Off on State Of Illinois’ Unpaid Bills Could Spike To $15 Billion By July

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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Monday, January 16th, 2017 Bankruptcy, Bonds, Debt Crisis, Education, Entitlements, Fiscal Policy, Government, Taxes Comments Off on Moody’s On Chicago Public Schools Crisis: Consider Tax Levy, Pension Contribution Stoppage, Or Bankruptcy

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

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

City Of Chicago’s Total Unfunded Liabilities Grew To Nearly $24 Billion In 2015

It’s been a while since I last blogged about the Illinois Policy Institute, a Chicago-based non-partisan research organization “generating public policy solutions aimed at promoting personal freedom and prosperity in Illinois.” Yet earlier this week, Ted Dabrowski and John Klingner published a sobering piece on the Institute’s website about Chicago’s mounting financial woes that just needs to be disseminated. From their article:

Chicago property owners concerned about their future property-tax bills have had plenty to worry about over the past year- but a new report on the city’s crumbling finances has all but ensured that property-tax hikes will continue to be a painful reality for local homeowners.

The city already passed a $700 million hike in October 2015 to help plug the hole in police and firefighter pensions, and the city is expected to raise property taxes by another $250 million to fund ailing Chicago Public Schools, or CPS, pensions. And with billions more in other health care and pension shortfalls still unfunded, more hikes are on the way.

But the newest debt numbers in the city’s 2015 Comprehensive Annual Financial Report, or CAFR, show that without massive pension reforms, the city’s tax hikes are just beginning. The report found that the total city debt Chicagoans are on the hook for has more than tripled since 2014.

Chicago’s total unfunded liabilities have jumped by over $17 billion, growing to nearly $24 billion in 2015 from $6.5 billion in 2014. The increase is mostly due to new accounting standards and the fact that in March the Illinois Supreme Court struck down the city’s recent attempt to reform its broken municipal-workers and laborers pension funds.

Add to that their share of sister-government and Cook County pension and health care costs and long-term debt, and Chicagoans are on the hook for over $65 billion

(Editor’s note: Bold added for emphasis)

Disturbing stuff. But that’s reality for you.

You know, last week I read an “interesting” anonymous comment on the popular Chicago police blog Second City Cop. From the July 7 post entitled “And There it is….”:

Millennials as they are called are falling over themselves to move here. Look at Ukrainian village, Buck town south loop West loop, Lincoln Park. The city is becoming gentrified. Major companies are moving their headquarters here. City is on the upswing like it or not.

“City is on the upswing like it or not.”

Never mind its financial cancer that’s bound to metastasize in due time…

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

Sources:

Dabrowski, Ted and Klingner, John. “Chicago’s Total Debt More Than Triples To Over $24B In 2015.” Illinois Policy Institute. 11 July 2016. (https://www.illinoispolicy.org/chicagos-total-debt-more-than-triples-to-over-24b-in-2015/). 14 July 2016.

SCC. “And There it is…” Second City Cop. 7 July 2016. (https://www.illinoispolicy.org/chicagos-total-debt-more-than-triples-to-over-24b-in-2015/). 14 July 2016.

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Thursday, July 14th, 2016 Debt Crisis, Education, Entitlements, Fiscal Policy, Government, Health, Housing, Legal, Public Safety, Taxes Comments Off on City Of Chicago’s Total Unfunded Liabilities Grew To Nearly $24 Billion In 2015

Signs Of The Time, Part 108

After blogging back on June 21 about the next round of property tax bills due to hit Cook County, Illinois, residents’ mailboxes in the coming days, I told my girlfriend to pay attention to the local mainstream news outlets as there would be no shortage of pissed-off Chicago homeowners (their hit an average 13 percent higher than last year) airing their grievances.

Sure enough, I was watching Chicago ABC affiliate Channel 7 Tuesday when the following segment appeared near the top of the evening news broadcast:


“Cook County Property Tax Bills Cause Outrage”
ABC Chicago Video

“Higher/new fees, fines, and taxes in conjunction with reduced government services going forward”

Truly a sign of the times for Chicagoans… and an increasing number of other Americans.

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

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Wednesday, July 6th, 2016 Debt Crisis, Entitlements, Fiscal Policy, Government, Housing, Signs Of The Time, Taxes Comments Off on Signs Of The Time, Part 108

More Financial Pain For Many Chicago Homeowners In The Coming Days

When it comes to keeping on top of the latest financial developments coming out Chicago, I’ve been out of the loop lately (no pun intended).

As if that really mattered. Like I’ve been saying for some time now- the writing is on the wall for the “Windy City” concerning its finances.

I’ve also pointed out time and time again Chicagoans should expect higher/new fees, fines, and taxes (in conjunction with less government services) going forward.

Case in point- the next round of property tax bills. Hal Dardick reported on the Chicago Tribune website last week:

Chicago homeowners should brace themselves for sticker shock when they open their mailbox at the end of the month: property tax bills on average 13 percent higher than last year.

The big increase is mostly being driven by the record tax increase Mayor Rahm Emanuel engineered last fall to fix city pension funds for police officers and firefighters.

Cook County Clerk David Orr released tax rate figures Monday, revealing the practical effects of City Hall’s painful decision. The owner of a single-family home with the current average sale price of about $225,000 can expect to see a property tax bill of $3,633, an increase of about $413

(Editor’s note: Bold added for emphasis)

Compare this to an overall 9.3 percent citywide increase over the last three years, according to Dardick.

And just this morning one local TV news broadcast reported that the Chicago Teachers Union is demanding Mayor Emanuel raise taxes even more for school funding.

I think it’s pretty safe to say that more financial pain is heading Chicagoans’ way.

As for the rest of Cook County, the Tribune piece noted:

By comparison, homeowners in suburban Cook County typically can expect more modest increases, averaging 2 percent, although they already are paying substantially more than their city counterparts, according to Orr’s data…

Last I checked County finances weren’t too pretty either, so these suburban homeowners may very well be in the same boat as their city counterparts down the road.

For more information, check out Dardick’s entire article here on the Tribune website.

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

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Tuesday, June 21st, 2016 Debt Crisis, Education, Government, Housing, Main Street, Taxes Comments Off on More Financial Pain For Many Chicago Homeowners In The Coming Days

Martin Armstrong Warns Illinois ‘Taxpayers Are Absolutely Screwed And This Is Not A Place You Want To Own Property’

Speaking of Martin Armstrong, I was reading the economist’s blog early Wednesday morning when I came across the following in his April 4 post entitled “Illinois on the Brink of Bankruptcy”:

The pension crisis is brewing and the one state that appears to be heading toward a complete bankruptcy is Illinois. Clients should not own ANY debt from Illinois, be it city, municipal, or state. Just get out before the curtain falls. The Illinois Constitution plainly states that pension benefits, once granted, “shall not be diminished or impaired.” Thus, taxpayers are absolutely screwed and this is not a place you want to own property

(Editor’s note: Bold added for emphasis)

“Taxpayers are absolutely screwed and this is not a place you want to own property”

“Just get out before the curtain falls”

Regular readers of Survival And Prosperity know this has been a major concern of mine for a couple of years now. I blogged back on November 9, 2012:

Events that have unfolded at the local level on up for some time now have convinced me that my future lies outside of Chicago, Cook County, and Illinois. Which is a shame, because as I’ve mentioned before, my family has deep ties to the area. So much so a number of family members are familiar with the tale of one ancestor who fought courageously to save his tailor shop (at least the contents of it) from the approaching flames of the Great Chicago Fire back in 1871.

141 years later, another looming disaster looks to be in store for me and my loved ones if I don’t take action, and soon.

It’s bad enough Chicago, Cook County, and Illinois was already overrun by too many residents that live their lives in pursuit of the Ubi East Mea (“Where’s Mine?”) mentality and politicians who have been quick to pander to these individuals with “free” things in exchange for votes- long before last Tuesday’s election results revealed the rest of America is now marching down this same path.

But combine this with poor financial health, a bleak economic outlook, and growing attacks on the finances and freedoms of productive, law-abiding residents as politicians rob Peter to pay Paul in their attempt to remain in office- and you’ve got one hell of a mess coming to this area of the Midwest in the next few years.

Eventually, I predict the productive residents will split town (this happened before in Chicago in the late 60s-early 70s in some neighborhoods), there will be no more money for “freebies,” and the “Where’s Mine?” brigade will riot. Athens-style.

As I’ve been telling those close to me for some time now, “First you’ll see the strikes. Then the larger protests. Until finally, the riots.”

History shows you don’t want to be in the city when the riots break out.

And I don’t plan on being here in Chicago when the coming civil strife erupts either.

I split town several months after writing all that.

You can read Armstrong’s entire blog post on his company’s website here. Disturbing stuff for citizens of “Madiganistan.”

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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Wednesday, April 6th, 2016 Bankruptcy, Civil Strife, Crash Prophets, Crime, Debt Crisis, Entitlements, Europe, Fiscal Policy, Freedom, Government, Preparedness, Public Safety, Self-Defense, Taxes Comments Off on Martin Armstrong Warns Illinois ‘Taxpayers Are Absolutely Screwed And This Is Not A Place You Want To Own Property’

SP Intel Report- November 11, 2015

Chicagoland

Moody’s Predicts Chicago’s Unfunded Pension Liabilities Could Grow For At Least Another Decade

Regrettably, the City of Chicago’s pension crisis is far from being resolved. From a press release out of Moody’s Global Credit Research division Tuesday:

New York, November 10, 2015 — Today, Moody’s Investors Service released a scenario analysis of the City of Chicago’s (Ba1 negative) possible pension funding paths. The scenarios incorporate the city’s recently adopted property tax increase as well as the outcomes of two key decisions pending with the State of Illinois (Baa1 negative) and the Illinois Supreme Court. The analysis indicates that, despite significantly increasing its contributions to its pension plans, Chicago’s unfunded pension liabilities could grow, at a minimum, for another ten years.

“Chicago’s statutory pension contributions will remain insufficient to arrest growth in unfunded pension liabilities for many years under each scenario,” Moody’s AVP-Analyst Matthew Butler says in the new report, “Chicago’s Pension Roadmap: A Scenario Analysis.”

(Editor’s note: Bold added for empashis)

You can read the entire press release on Moody’s website here.

National

U.S. Adults Over 30 Are Less Happy Than Their Predecessors

I spotted the following yesterday on the MarketWatch website. Catey Hill reported Monday night:

It all goes downhill after 30 — at least when it comes to happiness.

“Adults over 30 are less happy than their predecessors,” concludes a study published online Thursday in the journal Social Psychology and Personality Science, which examined happiness data from more than 50,000 adults, gleaned from the General Social Survey, carried out by NORC at the University of Chicago, a nonpartisan, independent research organization, which has collected information about American adults since 1972.

From 2010 to 2014, adults over 30 had an average happiness score of just 2.18, compared with 2.24 a decade ago. That’s significant considering happiness scores were measured on a tiny scale from just 1 to 3, with 1 being “not too happy” and 3 being “very happy.” (The data used five-year cohort periods so that single year fluctuations were smoothed out.)

(Editor’s note: Bold added for emphasis)

A graph within the article depicted happiness scores by age over time. Something stood out right away for me looking at the measure for the “30 or older” crowd. Happiness scores rose from around 1993 until 2001- then plummeted ever since. In 1993, I remember older classmates of mine at the University of Illinois at Urbana-Champaign saying the job market was pretty rough (but better than recent years where graduate school was a popular option). Lots of bad economic news as well back in 2001. Hill added later:

What’s perhaps even more interesting is that, for the first time ever, adults ages 18 to 29 were happier than adults over 30

(Editor’s note: Bold added for emphasis)

The authors weren’t sure why “younger adults are happier than older ones for the first time in at least 40 years.” I’d like to offer up one possible explanation for some in that demographic:


“Cartman sends his mother to the store”
YouTube Video

In all seriousness, I come across a lot of miserable stuff on a daily basis while conducting research for this blog and other projects. I try to keep upbeat by remembering:

1. While I still see a financial crash in store for us, I don’t envision the end of the world taking place. Although it could be the end of the world as we know it (TEOTWAWKI).
2. Life ain’t fair. Nobody’s perfect. Just do the best you can.
3. God’s got my back. And I’ll try to be the best Christian I can.

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

Source:

Hill, Catey. “Americans over 30 are more miserable than they’ve ever been.” MarketWatch. 9 Nov. 2015. (http://www.marketwatch.com/story/americans-over-30-are-more-miserable-than-theyve-ever-been-2015-11-09). 11 Nov. 2015.

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Wednesday, November 11th, 2015 Credit, Debt Crisis, Demographics, Entitlements, Fiscal Policy, Government, Health, Legal, Religion, Taxes, TEOTWAWKI Comments Off on SP Intel Report- November 11, 2015

SP Intel Report- November 10, 2015

Chicagoland

Cook County Ammo Tax Ordinance To Be Heard Friday, November 13

Within yesterday’s SP Intel Report, I mentioned that Cook County President Toni Preckwinkle is proposing a tax on ammunition sales in the county. The National Rifle Association’s Institute for Legislative Action reported on its website Monday:

Cook County Board of Commissioners has proposed Ordinance 15-6469, a proposal to impose a tax on ammunition, similar to proposals reported on in the past. This ordinance will be heard on Friday, November 13, at 1:00 p.m., by the Cook County Board of Commissioners Finance Committee.

This proposal would impose a $0.05/cartridge tax on all centerfire ammunition and a $0.01/cartridge tax on all rimfire ammunition, and would therefore penalize law-abiding gun owners for exercising their fundamental right to keep and bear arms. By definition, holders of a valid FOID card are the only persons legally permitted to purchase ammunition in Illinois, and therefore are the only persons subject to this tax – not the criminals responsible for the violence on the streets of Chicago…

That last bit sound familiar to readers of yesterday’s Intel Report? You can read the entire NRA-ILA piece on their website here.

National

Wisconsin Democrats Push To Ban ‘Semiautomatic Assault Weapons’

The push for more gun “control” is alive and well north of the Illinois state line too. From a press release published on the Urban Milwaukee website last Wednesday by Wisconsin State Representative Lisa Subeck (D-Madison):

MADISON –Today, Representative Subeck (D-Madison), along with Representatives Terese Berceau, Melissa Sargent and Chris Taylor, circulated an Assembly bill that would ban the transportation, purchase, possession, or transfer of semiautomatic assault weapons in Wisconsin.

“Our nation has watched as community after community has had to confront the tragedies that occur when weapons designed to kill large numbers of people quickly get into the hands of a dangerous person,” said Representative Lisa Subeck. “No Wisconsin community should ever have to face such a tragedy at the hands of someone armed with a semiautomatic assault weapon.”

Semiautomatic assault weapons are a class of firearms that are designed to kill large numbers of people quickly. They have been used in many high-profile shooting incidents, including the 2012 mass shooting at Sandy Hook Elementary School in Newtown, Connecticut; the 2012 Aurora, Colorado movie theater shooting; the 1999 Columbine High School massacre in that state; and the 1993 office shooting at the 101 California Street building in San Francisco.

“I can conceive of no legitimate reason that any citizen should need to own or use a semiautomatic assault weapon,” said Rep. Subeck…

(Editor’s note: Bold added for emphasis)

“Semiautomatic assault weapons.” Haven’t heard of that one before. The word wankers hard at work again. You know, on behalf of gun “safety.” You can read the entire press release on the Urban Milwaukee website here.

Former U.S. Comptroller General David M. Walker Warns Real U.S. Debt Closer To $65 Trillion Than $18 Trillion

It’s been some time since I’ve blogged about former Comptroller General of the United States David M. Walker. Appointed by President Clinton, Walker served as Comptroller General and head of the Government Accountability Office from 1998 to 2008. While at the GAO, Walker warned Americans about the nation’s long-term fiscal challenges as part of the “Fiscal Wake-Up Tour.” Frustrated by Washington’s refusal to confront these challenges, Walker left the public sector on March 12, 2008. I noticed Mr. Walker was back in the headlines this past weekend. Bradford Richardson reported on The Hill website Saturday:

The former U.S. comptroller general says the real U.S. debt is closer to about $65 trillion than the oft-cited figure of $18 trillion.

Dave Walker, who headed the Government Accountability Office (GAO) under Presidents Bill Clinton and George W. Bush, said when you add up all of the nation’s unfunded liabilities, the national debt is more than three times the number generally advertised.

“If you end up adding to that $18.5 trillion the unfunded civilian and military pensions and retiree healthcare, the additional underfunding for Social Security, the additional underfunding for Medicare, various commitments and contingencies that the federal government has, the real number is about $65 trillion rather than $18 trillion, and it’s growing automatically absent reforms,” Walker told host John Catsimatidis on “The Cats Roundtable” on New York’s AM-970 in an interview airing Sunday…

(Editor’s note: Bold added for emphasis)

Whenever the national debt is brought up, I think about all those Pollyannas who go around saying the debt doesn’t matter. Give it a few more years when Washington and the Fed run out of road to kick the can. Then hold on for dear life

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

Sources:

Richardson, Bradford. “Ex-GAO head: US debt is three times more than you think.” The Hill. 7 Nov. 2015. (http://thehill.com/blogs/blog-briefing-room/news/259476-ex-gao-head-us-debt-is-three-times-more-than-you-think). 9 Nov. 2015.

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Tuesday, November 10th, 2015 Ammunition, Debt Crisis, Entitlements, Firearms, Fiscal Policy, Gun Rights, Health, Hunting, Military, Political Parties, Self-Defense, Shooting Sports, SP Intel Report, Taxes Comments Off on SP Intel Report- November 10, 2015
Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

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RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • Degussa Singapore Launches YouTube Channel
    It’s been some time since I last blogged about the first Asian branch of Degussa, a leading international player in the precious metals world. Degussa Singapore opened its doors at 22 Orchard Road in October 2015 and operates a safe deposit box service in addition to selling bullion bars, coins, and precious gifts. Yesterday I […]
  • Nomad Capitalist’s 5 Best Countries For Offshore Gold Storage
    Research related to Monday’s post about precious metals storage in Singapore led me to a piece published last fall by Andrew Henderson over on the Nomad Capitalist website. I’ve mentioned Andrew and his company before on the blog, but for those readers not familiar with them, Henderson is the founder and managing partner of Hong […]
  • Singapore’s ‘Strong’ Precious Metals Storage Infrastructure Anchors Trading Hub Push
    It’s no secret that Singapore has become a global leader in the storage and safekeeping of private wealth. In fact, the last mention of the Southeast Asian city-state on this blog concerned a December 12, 2016, article on the The Business Times (Singapore) website which noted privately-owned precious metals from around the world are finding […]
  • List Of Offshore Private Vaults Updated
    The list of private, non-bank vaults outside the United States (offering safe deposit boxes/lockers at a minimum) located on this blog’s sister site- Offshore Private Vaults- was recently updated. Safe deposit facilities now open for business have been added under the following countries: -Hong Kong (Royal England Safe Deposit Box Ltd.) -Thailand (Magna Carta Law […]
  • Next Degussa Numis Day To Take Place May 4, 5
    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 just posted information about their next Numis Day (first blogged about here) at their Geneva and Zurich showrooms. From their website: The Next Numis Day We appreciate and […]