Is looting covered by insurance? Depends on the business

June 1, 2020 | The Los Angeles Times

Sean Wotherspoon spent Saturday night in his Los Angeles home, watching live as his businesses were destroyed.

Public pensions, public protests, and why it matters

June 1, 2020 | Forbes

What do the protests engulfing the country have to do with public pensions? More than you’d think.

The real looters are the politicians

June 1, 2020 | American Institute for Economic Research

While the vast majority of people in the United States had health insurance before the ACA, the new law is aimed at people who would not or could not buy insurance.

2020 update: Market decline worsens outlook for public plans

June 1, 2020 | Boston College Center for Retirement Research

If markets remain at their current levels until June, most state and local pension plans will end fiscal year 2020 with negative annual investment returns, reduced asset values, lower funded ratios, and higher actuarial costs.

Robert Mujica is calling the shots

June 1, 2020 | City & State (New York)

Good luck keeping up with Robert Mujica. On any given day, the 46-year-old state budget director gets up at 4:30 a.m., jogs five miles, and then races a Ducati 999 street bike 30 miles from his Columbia County home to the driveway outside the governor’s office in the state Capitol. If you had a boss like Gov. Andrew Cuomo, you too might be in a daily race against time. 

What to watch for as NJ lawmakers examine Gov. Phil Murphy’s emergency-borrowing proposal

June 1, 2020 | NJ Spotlight (New Jersey)

Emergency-borrowing legislation that Gov. Phil Murphy wants lawmakers to enact so the state can deal with revenue losses caused by the coronavirus pandemic is scheduled to get its first committee review in the Assembly on Monday.

NJ may have to fire 200,000 public workers, Murphy says

June 1, 2020 | Bloomberg

New Jersey may have to cut half its 400,000 state and local employees if the federal government doesn’t help make up a $10.1 billion revenue shortage through June 2021, Governor Phil Murphy said.

The spread of the debt virus

June 1, 2020 | Newport Daily News (Rhode Island)

The current U.S. budget deficit could soon exceed a record $4 trillion. The massive borrowing is being driven both by prior budget profligacy and a hurried effort by the Donald Trump administration to pump liquidity into a quarantined America.

In rescue effort, Fed has broad stake in corporate America’s fortunes

June 1, 2020 | Hellenic Shipping News

The U.S. central bank now has a stake in the fortunes of a broad swath of corporate America after buying about $1.3 billion (1.06 billion pounds) of bond funds with debt issued by firms in all walks of the world’s biggest economy, from Apple Inc to a clutch of companies in bankruptcy.

Trump vetoes student loan forgiveness bill

June 1, 2020 | Forbes

In a widely expected move, Trump vetoed congressional legislation that would have overturned a key student loan forgiveness rule drafted by the U.S. Education Department under the leadership of Education Secretary Betsy DeVos.

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