Author: Mary Pat Campbell

Detroit police, fire pensioners push back on bankruptcy ruling to extend payments

Mary Pat Campbell

Link:https://www.detroitnews.com/story/news/local/detroit-city/2023/07/11/detroit-police-fire-pensioners-push-back-on-ruling-to-extend-payments/70401452007/

Graphic:

Excerpt:

The Police and Fire Retirement System of Detroit filed on Monday a motion for reconsideration, pushing back on a federal bankruptcy judge’s ruling in favor of the Duggan administration’s plan to extend the city’s pension payment obligations over 30 years rather than 20 years.

The city’s police and fire retirees are continuing litigation that has been ongoing since August when the city administration initially filed suit against the pension system to enforce a 30-year pay-out schedule. On June 26, Judge Thomas Tucker ruled in the city’s favor, stating that a 30-year amortization period is “indeed part of the (bankruptcy) Plan of Adjustment and that the Police Fire Retirement System cannot change it.”

The new motion seeks clarification of the court’s possible imposition of a 6.75% rate of return that was specifically set to expire after 10 years under the Plan of Adjustment, the bankruptcy exit plan. After June 30, the pension fund’s rate of return and its amortization funding policy are within the purview of the Police and Fire Retirement System’s Board of Trustees and Investment Committee, according to the pensioners’ filing.

At the 30-year determined rate, the city will complete its debt obligations in 2054. Police and fire retirees want their pension fund to be made whole sooner.

Author(s): Sarah Rahal

Publication Date: 11 July 2023

Publication Site: The Detroit News

First We Get the Money…:$12 Billion to Fund a Just Chicago

Mary Pat Campbell

Link: https://www.scribd.com/document/645874607/First-We-Get-the-Money-FINAL-v3#

Graphic:

Excerpt:

Reinstitute the big business head tax: Mayor Johnson should reinstitute the big business head tax to make large corporations pay what they owe for benefiting from the city’s public infrastructure. The head tax existed previously in Chicago, until Mayor Rahm Emanuel eliminated it as a handout to corporations.3 Reinstating the head tax at a level of $33 per employee per year would generate $106 million a year in new revenue.4

….

Institute a city income tax on high earners: Mayor Johnson should lobby Springfield to give the city the authority to institute a municipal income tax on high earners who live or work in the city. A 3.5% tax on household income above $100,000 would bring in an estimated $2.1 billion a year in new revenue, of which $1.6 billion would be from high-earning Chicagoans and $490 million from high-earning commuters.16 By way of comparison, New York and Philadelphia both have municipal income taxes with top rates above 3.7%.17 By exempting the first $100,000 of income from the tax, the city could ensure the tax is progressive without a change in the state constitution.

  Institute a luxury apartment vacancy fee: Mayor Johnson should work withstate officials to implement a vacancy fee on large, luxury apartment buildings with units that sit vacant for more than 12 months at a time. Landlords who own more than 20 units and are asking for a monthly rental price that exceeds the 75th percentile in the city (based on the number of bedrooms) must pay a fee equal to the median rental price in the city on each unit that sits vacant for more than 12 consecutive months, if more than three units in the building sit vacant for more than 12 consecutive months. This would encourage luxury developers to charge more affordable rents that can maintain higher occupancy rates. This policy is designed to encourage landlords to lower rents to avoid having to pay the fee; thus, if it works as intended, we hope that it would eventually not produce any revenue for the city but that it would increase affordable housing options.

Author(s): Saqib Bhatti, Gabriela Noa Betancourt

Publication Date: May 2023

Publication Site: Scribd

It’s Easy To Make Oil Companies ESG

Mary Pat Campbell

Link: https://www.bloomberg.com/opinion/articles/2023-07-12/it-s-easy-to-make-oil-companies-esg#xj4y7vzkg

Excerpt:

You can do this with anything! Absolutely anything:

  • Horrible Coal Inc. wants to raise money.
  • It sets up a special purpose vehicle, Hypertechnical Investments Ltd.
  • Horrible Coal issues bonds to Hypertechnical Investments.
  • Hypertechnical issues its own bonds to ESG funds: “We are just a little old investment firm, just two traders and two computers, no carbon emissions here! And our credit is very good, because we have no other liabilities and our assets are all investment-grade bonds. ‘Which investment-grade bonds,’ did you ask? Sorry, I’m not sure I heard you right, you’re breaking up. Anyway we’ll look for your check, bye!”

Though my made-up names are silly, and in the actual Aramco case one of the not-an-oil-company SPVs is named “GreenSaif Pipelines Bidco.” “Pipelines” is right in the name! The only way you would think that GreenSaif Pipelines Bidco “had no direct links to the fossil-fuel industry” is if (1) you started reading the name but stopped after you got to the “Green” part (plausible!) or (2) you never read the name at all, never thought about it, just looked at the balance sheet and saw only shares of stock, not pipelines or oil wells, and said “ah, stock, well, that’s green enough.”

Author(s): Matt Levine

Publication Date: 12 July 2023

Publication Site: Money Stuff at Bloomberg

Biden Seeks to End Cheaper Obamacare Alternatives, Expect Another Supreme Court Smackdown

Mary Pat Campbell

Link: https://mishtalk.com/economics/biden-seeks-to-end-cheaper-obamacare-alternatives-expect-another-supreme-court-smackdown/

Excerpt:

Biden’s efforts to produce more inflation are nonstop, 24×7. His latest move is a set of regulations to force people into Obamacare despite the fact a District Court already ruled against his proposed regulations.

Biden Attempts to Make Healthcare Even More Expensive

To understand what Biden wants to do, and why the Supreme Court is likely to smack it down, we need to review a District Court ruling from 2020.

On July 24, 2020, CATO reported In a Win for Consumers, a Court Ruling Affirms the Legality of Short‐​Term Health Insurance Plans

….

Jam City, Dateline July 7, 2023

The Wall Street Journal comments on Biden’s Short-Sighted New Health Rule

Behold the President’s plan to limit short-term health insurance plans in order to jam more consumers into the heavily subsidized and regulated ObamaCare exchanges. The Health and Human Services, Labor and Treasury Departments on Friday proposed rules to roll back the Trump Administration’s expansion of short-term, limited-duration insurance (STLDI) plans. Since 2018 these plans have been available in 12-month increments, and consumers have been able to renew them for up to 36 months.

These plans are especially attractive to young people whose employers don’t provide coverage. Why would a healthy 26-year-old want to pay for maternity, pediatric and other services he probably won’t use in the near future?

The Inflation Reduction Act sweetened ObamaCare’s insurance premium tax credits that are tied to income. As a result, a 60-year-old making just above four times the poverty level has to pay only 8.5% of his income toward his insurance premium while the government picks up the rest. If premiums increase, government is on the hook for more.

Author(s): Mike Shedlock

Publication Date: 9 July 2023

Publication Site: Mish Talk

Data Vis Dispatch, July 11

Mary Pat Campbell

Link: https://blog.datawrapper.de/data-vis-dispatch-july-11-2023/

Graphic:

Excerpt:

Welcome back to the 101st edition of Data Vis Dispatch! Every week, we’ll be publishing a collection of the best small and large data visualizations we find, especially from news organizations — to celebrate data journalism, data visualization, simple charts, elaborate maps, and their creators.

Recurring topics this week include pollution, transportation, and high temperatures. Plus: an opportunity to work on the Dispatch yourself as our Werkstudent*in.

Author(s): Rose Mintzer-Sweeney

Publication Date: 11 July 2023

Publication Site: Datawrapper

Suicides rose in Japan among young women and girls during pandemic

Mary Pat Campbell

Link:https://www.japantimes.co.jp/news/2023/06/26/national/female-suicides-increase-pandemic/?utm_source=pianoT5&utm_medium=email&utm_campaign=295&tpcc=take5&pnespid=_uCIiYNau7Ha8vagqxixsvFPuxwV_XNzwhEqAks2oB2VA3_UbhwgFChCladWaMcGiWrj

Excerpt:

Researchers in Japan have found a significant increase in the number of suicides among women and girls between the ages of 10 and 24 during the pandemic, while there was no significant change in the suicide rate for boys and men in the same age group.

The research team analyzed data on suicides by gender across three age groups — 10 to 14, 15 to 19 and 20 to 24 — comparing the number of suicides after July 2020 with the number of suicides before the pandemic began.

According to the health ministry, the number of suicides among women and girls age between 10 and 24 in 2022 was 745, an increase of 233 compared with the 2019 figure. The data also showed that the number of boys and men in that age range who committed suicide was 1,278, an increase of 100 cases from 2019.

The research was led by Nobuyuki Horita from Yokohama City University Hospital and Sho Moriguchi from the Department of Neuroscience at Keio University using data on deaths by suicide from July 2012 to June 2022 provided by the health ministry.

…..

Over the past 10 years, a total of 13,263 young people age 10 to 24 — 9,428 male and 3,835 female — died by suicide.

Author(s): KARIN KANEKO

Publication Date: 26 June 2023

Publication Site: Japan Times

NRT director on team awarded patent for fireball-dropping drones

Mary Pat Campbell

Link:https://nrt.unl.edu/nrt-director-team-awarded-patent-fireball-dropping-drones

Excerpt:

Craig Allen recently accomplished a personal first as an ecology professor by getting listed on a patent for a fireball-dropping drone.

“For me, because I expect that I will probably never have another patent in my life, because I do science that’s generally not patentable and I really don’t have the capacity for that kind of thing, the patent is fully unique and, thus, will have a special place in my heart,” said Allen, director of the National Science Foundation Research Traineeship at Nebraska.

He worked with agronomy professor Dirac Twidwell, computer science professors Sebastian Elbaum and Carrick Detweiler, and former Nebraska students Christian Laney, James Higgins and Evan Michael Beachly in developing IGNIS, the drone product.

….

At first, the three discussed using drones as a less dangerous way to sample invasive species like zebra mussels in Nebraska waters. Then, when a person was injured on an ATV during a prescribed burn, the three professors turned to discussing using drones in prescribed burns.

Allen said about 40,000 acres of rangeland in Nebraska are invaded by trees every year and fire is the best way to control that.

Typically, firefighters on ATVs or in helicopters carry out prescribed burns, but both methods can be dangerous.

Publication Date: accessed 29 Jun 2023

Publication Site: University of Nebraska-Lincoln

Indicted Former Ald. Ed Burke to Start Collecting More Than $96K Annual City Pension, Records Show

Mary Pat Campbell

Link: https://news.wttw.com/2023/06/15/indicted-former-ald-ed-burke-start-collecting-more-96k-annual-city-pension-records-show

Excerpt:

Indicted former Ald. Ed Burke (14th Ward) will collect an annual city taxpayer-funded pension of more than $96,000, even as he awaits trial on federal corruption charges, according to records obtained by WTTW News.

Burke, 79, who did not seek a 15th term on the Chicago City Council, left office after 54 years on May 15.

When he stepped down, Burke was the longest serving member of the City Council, earning more than $120,408 annually.

Burke will start receiving pension payments of $8,027 per month in sometime in August, and they will continue for the rest of his life, according to records obtained by WTTW News from the Municipal Employees’ Annuity and Benefit Fund of Chicago.

….

Burke is set to stand trial on Nov. 6 on 14 counts alleging the powerful politician repeatedly — and brazenly — used his elected office to force those doing business with the city to hire his private law firm. Burke has pleaded not guilty, and used millions of dollars of stockpiled campaign cash to fund his defense.

If Burke is convicted on those charges, he could lose his pension, since his conduct occurred as part of his official duties as an alderperson.

Author(s): Heather Cherone | Jared Rutecki

Publication Date: 15 Jun 2023

Publication Site: WTTW

Understanding the State and Local Tax Deduction (SALT)

Mary Pat Campbell

Link: https://www.cato.org/blog/understanding-salt

Excerpt:


The SALT deduction is still distorting tax policy even in its limited form. For example, the poorly conceived temporary $4,000 bonus deduction proposed in the Tax Cuts for Working Families Act, part of the Republican economic tax package, is the result of SALT politics. The proposal attempts to give additional tax relief to taxpayers concerned by the SALT cap.

As initially proposed by House Republicans in the lead‐​up to 2017, the correct policy is to repeal the SALT deduction entirely. The $10,000 cap was a political compromise necessary to get enough votes for the bill. Raising or lifting the cap significantly reduces revenue, making it harder to extend or expand the tax cuts when they expire at the end of 2025.

Author(s): Adam N. Michel

Publication Date: 22 Jun 2023

Publication Site: Cato