• 1) Detroit Public Schools’ plan to avoid bankruptcy

“Under the deal, the Detroit Federation of Teachers would not get a pay cut, but $250 pre-tax from most paychecks — or about $150 after taxes — would go into a Termination Incentive Plan (TIP) account. The pretax $10,000 withdrawal would look like a $6,000 take-home reduction. The full $10,000 would be returned when the employee leaves.

The proposed 3-year contract would save the district $62.8 million and there would be no need to declare bankruptcy, according to DPS. The district had a $219-million deficit as of June 30.”

“Johnson warned the union that rejecting the agreement could lead DPS into bankruptcy, which would put the union in danger of losing 1,500 jobs, seniority, longevity pay, yearly increases and other benefits.”

• 2) US property market facing further pressure in 2010, according to leading economist

“Mark Zandi, chief economist at Moody’s Economy.com is predicting that foreclosure sales will pick up again in the New Year and as a result property prices will resume their decline.”

• 3) City may be solvent, but it isn’t a pretty solvency (Houston)

“Across the city, monthly bulk trash pickups are now done every other month. In some places, they may not come at all.

Houston is facing one of the most difficult budget sessions in its history. Five years of deficit spending have largely depleted reserve funds and left the city vulnerable to rising expenses and falling tax revenue.

Controller Annise Parker, who’s also a mayoral candidate, projects spending for the current fiscal year, which ends June 30, will outpace revenue by almost $146 million, while the city’s finance department estimates the gap is closer to $131 million, according to last month’s finance report.”

“Houston won’t solve its budget problems without first solving its pension problems, but that’s a daunting task.

Much of the past progress on pension funding was wiped out by last year’s market declines. As of Oct. 31, the city still had more than $1.8 billion in unfunded pension liabilities benefit costs continue to rise.

Closing the shortfall means making difficult choices: raise revenue, cut spending or both.”

• 4) Potential for major tax impact (PA)

“Taxpayers in the county may want to buckle their seat belts for the 2012-13 school year.

That’s when the Public School Employees Retirement System’s employer contribution rate is projected to soar nearly 25 percent for school districts across the state.

The contribution rate for school districts now is 4.78 percent. It is projected to rise to 29.55 percent in the 2012-13 school year.”

• 5) Nebraska hikes unemployment tax to replenish fund

“Nebraska businesses will be hit with a sharp increase in their tax bills next year to replenish the state’s unemployment fund after a year in which state jobless benefit payments more than doubled to $190 million.”

• 6) Big payroll tax reset weighs on Hawaii business

“Big Island contractor Hinchcliff Drywall Construction will see a more than six-fold increase in its payroll taxes next year, which will soar from the current $18,500 annually to $116,350.

The tax hike is a result of lingering unemployment that’s caused a quicker than anticipated drain on the state’s jobless fund, as well as the legislatively mandated resetting of payroll taxes to pre-recession levels.”

• 7) Unemployment fund payments to double for Texas businesses

“Employers all over Texas, including those in Waco, may want to watch their mail deliveries closely this week. News about how much more they will pay into the state’s unemployment trust fund will be arriving.

Most employers have been paying $23 per employee annually, “but that will at least double,” said Ann Hatchitt, a spokeswoman for the Texas Workforce Commission.

That means a company with 100 employees that has been paying $2,300 into the fund each year will see that figure rise to $4,600 or more. That’s not a huge amount, but every little bit counts during lean economic times.”

• State may tax business to bail out broke jobless fund (Connecticut)

“Business owners could bear the brunt of yet another fiscal problem facing Connecticut, state and community leaders said.

On Oct. 13, the state’s unemployment trust fund, money used to pay benefits to the growing number of laid-off Connecticut workers, went bankrupt. Since then, the state has been borrowing money from the federal government — so far $80 million — to make those unemployment payments.

It’s estimated the state may end up borrowing upwards of $900 million through 2010. The money will have to be repaid, possibly at the expense of the state’s business community through increased unemployment taxes assessed to employers.”

• 9) New Jersey unemployment fund

“The unemployment fund, severely burdened by the dramatic rise in jobless workers, is now desperately underfunded.

Business leaders are concerned that employers will have to contribute more next year so that the fund can pay the required benefits.”

• 10) Ten headlines on page 1 of this Google news search show homeless problem increasing

First-timers cram homeless shelters

City Declares Emergency, Opens Up Additional Homeless Warming Shelters

Morris County shelters see growing number of white-collar professionals …

Funding issues cause concern for homeless shelters

Local Homeless Shelters Fill Up Due To Winter Weather

Homeless shelters expecting overflow

Cold sparks another church to open for homeless

Freezing temps drive homeless shelters to capacity

Packed shelters prepare for cold snap

Long lines for area’s homeless shelters

• 11) U.S. Mint now suspends all one ounce gold coin sales due to shortage of physical gold!

(Reposting after dillonlisa1 posted it earlier)

“Once again the U.S. mint has had to suspend sales of all its one-ounce gold coins, and some fractional ones too, as its supplies of physical gold cannot meet the demand.

Author: Lawrence Williams

Posted: Monday , 07 Dec 2009

LONDON -

“The United States Mint has depleted its inventory of 2009 American Buffalo One Ounce Gold Bullion Coins. … No additional inventory will be made available. As additional information becomes available regarding 2010-dated American Buffalo One Once Gold Bullion Coins, you will be notified.” So said a memorandum issued Friday to authorized purchasers of U.S. Mint gold coins and reported by Jim Sinclair.”

………..On the news gold is down again quite a bit today. Crazy market these days.

Just noticed this one on youtube. Marc Faber has a 7 part presentation from October. The parts that I’ve listened to are quite good. This one is worth your time to listen to.