Photograph courtesy of Tube Shack

Lake Cowichan has a message for those people looking for a place to party: If you intend on abusing our waterfront residents and those of the surrounding areas, you are not welcome here.

There is growing frustration in Lake Cowichan over the actions of a few that are spoiling the enjoyment of tubing on the Cowichan River for others, as well as the people who live along the river.

The community is encountering problems this summer such as excessive alcohol consumption, verbal abuse and people making toilet stops on riverfront properties.

Acting mayor Tim McGonigle says Lake Cowichan and the local RCMP are working to get a handle on the inappropriate activities of a few unruly visitors.

He says as the town transitions from a resource-based economy it values the tourism opportunities available, but is not willing to sacrifice the liveability of our small Community in the process.

McGonigle adds, If you are looking to come here and rowdily let off steam, so to speak, dont bother.

The local council wants people coming to enjoy the recreation activities available to remember that Lake Cowichan is not the Wild West. All Provincial applicable Laws and Regulations related

to COVID-19 are also enforceable in the town.

Anyone with symptoms of COVID-19 is asked to stay away. The town has concerns regarding its ability to handle the increased number of visitors during at a time that is fraught with the high risk of infection of COVID-19.

Tube Shack owner Aaron Frisby says they have managed to transforming this activity into a family-friendly pastime, but says like many other things, 2020 has changed that.

Frisby says most of problems were on weekends and perhaps it was simply the result of a summer blow-out for people coming out of coronavirus lockdown.

Property owners along the Cowichan River, the Town of Lake Cowichan, and The Tube Shack are all asking would-be tubers who are planning to party on the river this summer to stay away.

Follow this link:

Lake Cowichan says it's Not The Wild West - My Cowichan Valley Now

Editorial Independence

We want to help you make more informed decisions. Some links on our site clearly marked will take you to a partner website and may result in us earning a referral commission. For more information, seeHow We Make Money.

As local economies shut down and the service industry flounders, Americans are saving a greater percentage of their money than ever before, according to new data.

But the high overall U.S. saving rate is hiding a deep inequality.

While many are cutting back on their spending and hoarding cash like never before, poorer Americans are still spending nearly as much of their money as before the pandemic.

The problem in America, in particular, is that theres a very large portion of the population that was living paycheck to paycheck. They couldnt save enough to miss one payment or put $400 aside for an emergency, says Sarah Nadav, a behavioral economist in the World Economic Forums expert network. So, if they were barely able to pay their bills before then they dont have very much room to cut down and save now.

The U.S. personal saving rate the percentage of peoples income remaining each month after taxes and spending skyrocketed to a record 32.2% in April, up from 12.7% in March, according to the U.S. Bureau of Economic Analysis. At the same time, consumer spending fell 12.6% as the economy slowed down and unemployment rose.

Data from the Federal Reserve Bank of St. Louis shows the previous record saving rate was 17.3% in May 1975, at the tail end of a recession spurred by rocketing gas prices, government spending on the Vietnam War, and a Wall Street stock crash. Over the last 10 years, it has hovered in the 6-8% range.

The saving rate usually goes up when theres a decline in general economic activity, but it can quickly fall back down when there are positive signs of growth, according to a 2018 Congressional Research Service report.

In June, the saving rate fell 4.2 percentage points from May to 19%, the Bureau of Economic Analysis said Friday. Thats a sign people started spending more when businesses partially reopened, though the rate could be affected in July by the increase in COVID-19 cases and the end to the extra $600 in federal unemployment benefits.

Note: Saving rates based on Federal Reserve data from 2020.

Americans have historically struggled to save money, for a number of reasons. According to a 2019 report by the Federal Reserve, four out of 10 Americans would be unable to pay an unexpected $400 bill out of their savings.

A typical middle-class lifestyle in the U.S. is 30% more expensive than it was 20 years ago, according to Alissa Quart, executive director of the Economic Hardship Reporting Project and author of Squeezed: Why Our Families Cant Afford America.

And while the pandemic has presented Americans of all income levels with financial challenges, these hardships have been exacerbated for people who have lower incomes.

According to a recent study from a Harvard-based research group, coronavirus is disproportionately harming lower-income Americans. This group is still spending nearly as much as it did pre-pandemic, despite the personal saving rate hitting a record high in April.

The findings reveal that high-income Americans are responsible for most of the reduction in consumer spending, particularly in areas with high rates of COVID-19 infection and in sectors that require physical interaction.

Do some math; take a look at what you owe and what you can do to bring in cash now. Create an emergency version of your budget and stick closely to it to save up what you can during these uncertain times.

High-income households reduced their spending by 17%, whereas low-income households reduced their spending by only 4% as of June 10, according to the study. Almost 70% of low-wage earners working in the highest-rent ZIP codes lost their jobs during the initial shutdown.

Where people have cut their spending during the recession caused by the coronavirus is very different from prior recessions. In previous downturns, people stopped spending on costly items like cars and homes, while still spending on common services. Its the opposite this time around; spending fell most on services that require in-person interaction, such as restaurants and hair salons.

Yelena Maleyev, an associate economist at accounting and advisory firm Grant Thornton, says its important to note the correlation between wealthier households and older ones. Baby boomers have the most wealth compared to the other generations.

The wealthier households were already spending more on services than goods. Fast forward to the pandemic, theyre not going to go out to any of these places because theyre closed. Furthermore, theyre more likely to be older, so theyre also more vulnerable to the virus, Maleyev says.

So, while the personal saving rate has risen over the last few months, research and data show that not all Americans are saving more during the pandemic.

Note: Saving rates based on Federal Reserve data from 2000-2020. NextAdvisor calculated the cumulative average saving rate for every year over the last 20 years. The cumulative average may vary more and percentages may not total 100 due to rounding.

Many experts expect that urge to save to stick around for the long haul, while others say its a temporary trend driven by uncertainty.

Pre-pandemic, we were starting to see the rate slowly inch up from the historic lows in the early 2000s, which kind of coincided with the housing boom, Maleyev says. So we already saw this trend; it just got exacerbated by this pandemic and the fact that the recession is a service-driven recession. Its very unique. Weve never seen this before.

Consumer spending accounts for almost 70% of the U.S. economy, so saving at the individual level instead of spendingwhile incredibly beneficialcould also pose a risk to the economys recovery in the long run, experts say.

America, in general, is a consumer-based economy, and thats not really going away without some serious long-term changes. Those are bigger questions that will in turn contribute to some changes in how we spend vs. save, Maleyev says.

With a high percentage of Americans out of work and a tanking economy, you may be wondering how you can even think about saving money during a global health crisis.

In the big picture, people are really afraid. They probably werent saving as much as they couldve or shouldve, Nadav says. When people are afraid, they do start saving money and putting it aside, assuming correctly that theyll need it.

A lot of traditional financial advice doesnt apply in these unprecedented times, but there are ways you can conserve the money that you do havestarting nowregardless of how much it is.

It may be challenging to save right now but its not impossible, and this could be the wake-up call you need to form saving habits that will last beyond the current crisis.

Trying to pay off debt and build your savings at the same time can be frustrating. Pam Capalad, a certified financial planner and founder of Budget and Brunch, recommends prioritizing savings over paying down debt right now.

Its unconventional advice, but its the advice I give to clients regardless. Prioritizing savings over debt means you end up having savings and paying down your debt anyway, Capalad says.

Without some money saved up during these uncertain times, you could simply wind up borrowing and adding more debt to your plate in order to pay your essential bills or any unexpected costs, she says.

Especially now when it comes to prioritizing food, shelter, and sanity, if you have debt that youve been trying to pay down, dont worry about it right now. Whether its student loan debt or credit card debt, the priority right now is putting money in the bank, Capalad says.

You should be making minimum payments on your high-interest debt if you can, but there are numerous types of debt that Capalad says can likely be put off for now, or at least negotiated. That would include credit-card debt, back taxes, and even federal student loans, which are on pause until October 1.

A saving rate can be calculated for an economy as a whole or at the personal level. Knowing how much you bring home relative to what you spend can give you a clearer idea of your financial situation and help you start saving. Heres how you can calculate your own saving rate in five easy steps:

1. Calculate your income for a specific period of time (i.e. one month)

2. Calculate your spending for the same period

3. Subtract your spending from your income

4. Divide the number calculated in step three by your income

5. Multiply by 100.

Keep in mind that your income should be after taxes, or you risk over-estimating your savings.

Now is the time to budget, especially if youre worried about losing your job. Youll need to figure out where you can completely cut out costs or reduce spending if money gets tight, and start tracking all your expensesthat means every coffee, household item, and take-out meal.

In your essentials-only budget, prioritize your important expenses (food, housing, etc.) and look at your discretionary expenses to see where you can cut back. Your lifestyle and discretionary categories will likely offer the most potential relief, but you should also take a hard look at your fixed expenses, including your rent or mortgage.

If you can terminate your rental agreement, you could consider moving back home if youre feeling too much financial pressure. In fact, millions of Americans have moved back in with their parents to save money during the pandemic, a recent Zillow report found. Additionally, make note of any subscription or annual fees you could pause or cut out.

If youre financially struggling, any bill is negotiable. Many credit-card companies, utility providers, and cell phone providers are offering assistance during the pandemic, so call them as soon as possible to see what your options are. Keep in mind most companies are not offering complete forgiveness you will eventually have to pay any bills you skip.

Figure out which calls you need to make and roughly what kind of assistance youd be looking for in dollar amounts. Try to focus on paying your essential expenses like your rent or mortgage if you can.

If you havent already, take advantage of government relief. The extra $600 weekly jobless benefit is about to end, but you can still apply for unemployment insurance through your states individual system. Every state has different requirements and benefits, so use this resource to learn more about your states program. Even if youre just getting the bare minimum of unemployment insurance, anything is better than nothing.

Congress is currently negotiating another aid package that could extend the extra unemployment support, though likely at less than $600. There also may be another coronavirus stimulus check on the way.

You could also work with a credit counselor who can advise you on your money and debts. Many non-profit credit counselors often offer initial budgeting sessions at no cost. To find a credit counselor, you can try the Financial Counseling Association of America or the National Foundation for Credit Counseling.

If you think you might fall behind on your mortgage payments because of coronavirus, forbearance under the CARES Act may be an option to consider. The U.S. Department of Housing and Urban Development also funds housing counseling agencies throughout the country that provide free advice on renting, defaults, foreclosures, and credit issues. If youre not sure where to start or want to learn more about your options, take a look at this comprehensive list of financial resources.

Originally posted here:

The Pandemic Has Resulted in Record Savings, but Only for Some - NextAdvisor

The resilience and stability of Papua New Guinea is under growing strain as the country navigates what has already been an unprecedented year. Beyond the increase in Covid-19 cases and the effect the virus is having on lives and livelihoods, the government has overcome a court challenge to the election of Prime Minister James Marape and has undertaken some significant law reforms on the mining and anti-corruption fronts.

Ultimately, the issue for PNG on fighting corruption is not the need for more laws, but the need for the enforcement of existing laws. To that end, the long-awaited arrest of former prime minister Peter ONeill in May over alleged corruption was significant. Yet it is not only in fighting allegations of corruption where the need for enforcing the law is paramount.The recent drug bust of more than 500 kilograms of cocaine en route to Australia signals serious transnational criminal activity in the country, challenging the under-resourced law enforcement agencies. The worrying number of gender-based violence cases remains a national issue and highlights the need to change attitudes, too.

These events followed the expectations for some action on the result of last years historic referendum in Bougainville on independence from PNG. On the foreign policy front, the increasing tension between the West and China underscores that a proposed naval base arrangement with Australia on Manus Island looks set to test PNGs non-aligned status.

While scrutiny of the government, especially by the Opposition, is important, both sides need to avoid misinformation and petty politics.

Taken together, this marks a daunting set of challenges for any government. But there is more.

A significant development earlier in the year was the decision of the government not to renew the mining licence of the Canadian-owned Barrick Gold over its operations in Porgera in the Highlands of PNG. Porgera is an established mine that has been critical to the economy since 1990, but it is also marred with controversies around environmental and human rights issues.

Barrick disputes the governments decision and has opted to take PNG to arbitration at the World Banks International Centre for Settlement of Investment Disputes (ICSID). Barrick is also seeking a judicial review in PNG courts. Running the matter concurrently in ICSID, however, has the potential to undermine the judicial process and outcomes in PNG.

While Marapes stance earlier against Americas ExxonMobil and currently with Barrick is assuring to those who are concerned with issues of fairness in the resource sector, some who are reliant on the sector for their livelihood such as employees, contractors and landowner groups have shown concern. However, unless the court decides otherwise, the decision is permitted under the PNG Mining Act, and the government is mindful that reversing it may risk undermining the legal framework.

Further, the debate on the issue is mainly around concerns for losses of investor confidence, employment and revenue for the country. While these are important considerations, they also perpetuate dependency and doubt on any attempt at innovation and economic independence. As a high yield mine, Porgera is likely to attract investors and resume operation, should Barricks bid for reconsideration be unsuccessful.

Mining might be expected to be the dominant controversy. But the virus that has shaken the world economy is now again rattling PNG.

PNG is at the edge of a serious outbreak of Covid-19. The long-neglected health system, the communal way of life and the systemic weaknesses in enforcement mechanisms are some of the challenges to the effective management of any outbreak. In some parts of the country where deaths from diseases are readily linked to supernatural causes, issues such as sorcery-based violence are likely to flare. Clear communication from the government is therefore critical.

While scrutiny of the government, especially by the Opposition, is important, both sides need to avoid misinformation and petty politics that are likely to undermine community preparedness. There must be bipartisanship in managing Covid-19. Politicians who have long neglected to prioritise an effective health system must take responsibility in ensuring their people have the support and leadership to withstand the looming pandemic.

On the foreign policy front, the agreementbetween defence officials in PNG and Australia to establish a naval base at Manus Island appears to stagger under the current government. As Australia joins the US in ramping up its defence posture against China, PNG is wary that having a naval base in Manus will make PNG a direct target of the rapidly advancing Chinese military arsenal. On the other hand, while PNG has long heralded a friends to all and enemy to none posture, PNG has yet to articulate how it will remain unaligned in the event of a conflict, considering it is likely to be caught in some crossfire.

Marapes government has overseen some unprecedented developments in the past 14 months. But the prospect of a vote of no confidence against a sitting government looms again from November, and those affected by Marapes policies are likely to hope for a change. That hope will go beyond just his immediate political rivals and into company boardrooms.

The uncertainties of the coming months will undoubtedly test the resilience of the people, the stability of the country, and demand unprecedented unity and bipartisanship from all local political leaders.

Follow this link:

For all Marape's achievements in PNG, the biggest challenges await - The Interpreter