Maintaining the status quo of red tape, high taxes, high junk fees and indifference to small business realities guarantees decline and failure. The motto of the most dynamic elements of our economy is: trust the network, not the corporation or the state.The most creative places share three essential characteristics: disorder, diversity and discernment. In other words, the exact opposite of places designed to preserve the privileges of vested interests and a sclerotic status quo.
Wayne State University has proposed adding a three credit hours requirement in diversity to the general education curriculum just days after the university dropped math as a core requirement. "We are proposing the creation of specific ‘Diversity’ courses, with students required to take one course in this designation,” said a document from the General Education Reform Committee, which is recalibrating what the university will expect from all students who earn a degree from the state university.
Millions of Americans and Canadians who are counting on pension benefits to fund their retirements risk being severely disappointed. Ironically, as experts worry about stock, bond and real estate market excesses; the biggest challenge facing government bureaucrats and private fund administrators has nothing to do with paying back pensioners. They have known for some time that would not be possible. Their key challenge, will be to ensure that shortfalls occur on someone else’s watch.
Coming out of bankruptcy in late 2014, Detroit had a new lease on life - it had shed some $7 billion in debt and restructured another $3 billion, and could finally move forward, or so it was thought. Detroit has hit two significant potholes on its recent road to recovery, one being the fact that it was "discovered" that there was an enormous pension shortfall, and now we learn that the Michigan legislature has just narrowly approved a $617 million bailout of Detroit's Public Schools.
It is hard to live the American Dream when the deck is stacked against you. Our politicians stood idly by as millions of good paying jobs were shipped overseas, our economic infrastructure was absolutely gutted and multitudes of small businesses were choked to death by miles of red tape. Now, we are reaping the consequences.
If bondholders were angry with Puerto Rico before, they'll surely be pissed now that there is a reasonable chance that they'll end up with nothing at all as 1 17 member audit commission found some of the nation's debt "unconstitutional." In other words, the government may now just declare the bonds invalid.
Federal investigators revealed another blow to Detroit Public Schools this week. Meet Carolyn StarkeyDarden - the system’s former grant-development director - who has just been charged on suspicion of obtaining nearly $1.3 million by lying about children’s tutoring services. As The Burning Platform's Jim Quinn rages, this is called the “No School Administrator Left Behind” Program.
On December 10, 2014 the city of Detroit exited bankruptcy. It was the largest municipal bankruptcy in US history. The bondholders were totally screwed in favor of the pensioners (not that I generally like bondholders). Regardless, everything was supposed to be fixed. It wasn’t.
New accounting rules show Chicago has understated its pension liabilities by $11.5 billion. At the end of 2015 the stated liability was $7.1 billion. Today it’s $18.6 billion. That’s a jump in net liabilities of 168%. Mayor Rahm Emanuel has hopes pinned on union concessions and help from the state legislature. Neither is likely. Let’s stop pretending there is another solution, because there isn’t.
A small team of U.S. troops was on the ground in Yemen and Navy ships with Marines aboard were offshore to support friendly forces against an al-Qaeda offshoot as the U.S. deepened its involvement in yet another Mideast civil war, the Pentagon admitted Friday.