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‘Beach House Bailout’ Would Benefit Hedge Funds, Russian Oligarchs

With Sen. Bill Nelson (D-FL) expected any day now to reintroduce his proposal to have federal taxpayers backstop the risk of state catastrophe funds, it bears examining just who it is that would benefit from the cheaper property insurance rates his legislation promises. Proponents of the legislation have floated a study suggesting it would save homeowners some $11.8 billion in premiums. Notably, ClimateWire today reported that one of the study’s authors claims a major hurricane could cost the...

Illinois Credit Ratings Sink as Worst-In-Nation Pension Problems Persist

Illinois has an unfunded pension liability of nearly $100 billion—the worst in the nation, according to official government numbers. The problem grows by $21 million every day lawmakers fail to enact reform. This debt growth, coupled with the fact that the quickly growing pension payments continue to crowd out resources for core government services, should have been reason enough for lawmakers to enact reform during the recent spring legislative session. Instead, political leadership punted on...

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