Their Own Private Europe - NYTimes.com

Economist Krugman replies to Representative Ryan’s  dubious assertions about employment, health care” and its relationship to the Republican view of Europe

Mr. Ryan made highly dubious assertions about employment, health care and moreAmerican conservatives have long had their own private Europe of the imagination — a place of economic stagnation and terrible health care, a collapsing society groaning under the weight of Big Government. The fact that Europe isn’t actually like that — did you know that adults in their prime working years are more likely to be employed in Europe than they are in the United States? —

truth was that in 2006-2007 Ireland was running a budget surplus, and had one of the lowest debt levels in the advanced world. So what went wrong? The answer is: out-of-control banks….

balanced budgets won’t protect you from crisis if you don’t effectively regulate your banks — a point made in the newly released report of the Financial Crisis Inquiry Commission, which concludes that “30 years of deregulation and reliance on self-regulation” helped create our own catastrophe

Click on the following for Mr. Krugman’s editorial:  Their Own Private Europe - NYTimes.com

Irish firm's plans on track for Boone County wind farm - Rockford, IL - Rockford Register Star

More information on the wind project.

Representatives from the Dublin-based Mainstream Renewable Power met Jan. 19 with Boone County officials to speak about their plans for development in the county’s northeast corner. However, research has been under way since 2009.
The company hopes to locate 100 wind turbines on upward of 12,000 acres, and it’s prepared to begin the permitting process in 2012, if not sooner, said Matt Boss of Mainstream Renewable Power.

 

Click on the following for more details:  Irish firm's plans on track for Boone County wind farm - Rockford, IL - Rockford Register Star

Jeb Bush, Newt Gingrich: Allow states to declare bankruptcy - latimes.com

Better off bankrupt

States should have the option of bankruptcy protection to deal with their budget crises.

First, as with municipal bankruptcy, it would have to be completely voluntary. This means that neither the federal government nor state creditors could push an unwilling state into bankruptcy

Second, as with municipal bankruptcy, a new bankruptcy law would allow states in default or in danger of default to reorganize their finances free from their union contractual obligations…The new law could also allow states an opportunity to reform their bloated, broken and underfunded pension systems for current and future workers.

Third, the new law should allow for the restructuring of a state's debt and other contractual obligations.

Fourth, the federal judge reviewing the state's reorganization plan would have the power only to accept the plan as permissible under the federal bankruptcy law, or reject it as inconsistent with that law.

Fifth, the new law should provide for triggering mechanisms to initiate the bankruptcy process that respect the sovereignty of the people of a state.

Click on the following for more details:  Jeb Bush, Newt Gingrich: Allow states to declare bankruptcy - latimes.com

Former tax preparer accused of stealing $400,000 from clients | The Rock River Times

former Boone County income tax preparer faces federal fraud charges for allegedly bilking clients and the government out of approximately $400,000.

Mario Carrillo, 42, was charged this week with 20 counts, including submitting false income tax claims, ….owner of You and Me Tax Service, used his business address, 128 N. State St., Belvidere mail fraud and wire fraud.

alleges Carrillo, from 2004 to 2009, prepared various sets of tax returns for several clients. One set of paperwork indicated clients would receive a small return. Clients were under the impression Carrillo filed their returns with the IRS.

However, Carrillo, according to investigators, did not file actual taxes, but sent false returns to the government and pocketed the inflated refund checks.

Click on the following for more details:  Former tax preparer accused of stealing $400,000 from clients | The Rock River Times

Gov. Jerry Brown Stops California Agencies From Buying New Cars - NYTimes.com

There is a lot of wasteful spending on cars that aren’t even driven,” Mr. Brown said. “And we can’t afford to spend taxpayer money on new cars while California faces such a massive deficit.”

turn in some 48,000 cellphones paid for by the government, saying it would save the state at least $20 million.

Brown said he also wanted to sell off about 5,500 state-owned passenger cars and trucks that are not used for public health or safety.

Click on the following for more details:  Gov. Jerry Brown Stops California Agencies From Buying New Cars - NYTimes.com

Wisconsin firm plans aluminum plant in Illinois | Chicago Breaking Business

 

Gov. Pat Quinn says the American Aluminum Extrusion Co., an aluminum extruder and fabricator based in Beloit, Wis., is investing $7.5 million to open a plant in the Winnebago County town of Roscoe. Quinn says the plant is expected to employ 130 people.

The Illinois Department of Commerce and Economic Opportunity is administering the state’s $748,000 business investment package in the facility.

Click on the following for more details:  Click on the following for more details:  Wisconsin firm plans aluminum plant in Illinois | Chicago Breaking Business

Northwest Herald | End pensions for legislators

After four years in office, legislators get 12 percent of their final salary at age 62, 27 percent of their final salary after eight years starting at age 55, 40 percent after 12 years, with 5 percent increases each additional year, maxing out at 85 percent after 20 years. They also get 3 percent cost-of-living raises on their pensions and don’t pay the state income taxes they just raised 67 percent.

Click on the following for the rest of the NW Herald editorial:  Northwest Herald | End pensions for legislators