“Miami-Dade County voters are poised to oust Republican Mayor Carlos Alvarez today after he raised property taxes to help close a deficit. Florida’s most-populous county would become the largest U.S. municipality to recall a top official.
Voters in the county, home to the city of Miami, favor a recall by 67 percent, according to a poll commissioned by the Miami Herald dated March 5. ”
“Staff members had proposed the board reduce the annualized forecast of investment returns from 7.75 percent to 7.5 percent.
Had that been approved, it would have increased payments required from the state and California State University system by roughly $400 million. Most of that amount would have come from California’s general fund, which has a $26.6 billion deficit. Local governments would have been on the hook for tens of millions more.
Board members say governments cannot afford such higher costs at a time of steep budget deficits. ”
“New construction of U.S. housing units plunged in February, erasing a sharp gain in January and coming close to an all-time-low level.
Starts fell 22.5% to a seasonally adjusted annual rate of 479,000, the Commerce Department said. This is just 0.4% above the record low of 477,000 units set in April 2009.
The decline in starts in February was the largest since March 1984.”
…………………….3A) GDP forecasts cut after housing data
- Other News, headlines and opinion:
The End of Oil and Dollar Stability (McAlvany audio…start at 13 minutes into this…a must listen…”Petro Dollar Complex Looking Elsewhere for Protection after US Abandonment”)
Study on pensions ‘shocking’ (San Francisco)
Wave of pension costs to hit OC cities (California)
Morning Update/ Market Thread 3/16 – “It’s Contained” Edition… (Nathan’s Economic Edge…Opinion)
“LONDON (MarketWatch) — The European Union’s energy commissioner on Wednesday warned that “possible catastrophic events” in Japan could be seen in the next few hours, news reports said, knocking U.S. stocks and roiling financial markets. ”
Catastrophic events could unfold in the next few hours at Japan’s damaged nuclear site, the European Union’s top energy official said Wednesday, sending U.S. stocks lower and roiling financial markets.
“The site is effectively out of control,” Energy Commissioner Guenther Oettinger told a European Parliament committee, according to news reports. “In coming hours there could be further catastrophic events which could pose a threat to the lives of people on the island.” ”