Monthly Archives: May 2021

A famous Supreme Court quip is that the U.S. Constitution isnt a suicide pact, but what about the Illinois constitution? After years of fiscal recklessness, the states credit ratings are a notch above junk. Yet the politicians in Springfield now want to add collective bargaining to the Illinois bill of rights, putting union power on the same footing as due process and religious freedom.

The House passed the idea Wednesday after the Senate approved it last week. The proposed constitutional amendment would guarantee a fundamental right to organize and to bargain collectively, including for better wages, hours, working conditions and a vague catchall of economic welfare. The amendment says that no law would be allowed to block labor agreements from requiring membership in an organization as a condition of employment.

This is meant to head off the right-to-work movement, which has found success in Illinoiss neighborhood. Indiana, Michigan, Wisconsin and Kentucky all have banned coerced unionization during the past decade. Its a bad idea to lock Illinois into an uncompetitive policy for private workers. Whats worse is that the amendment could make it impossible for the state to tweak the public labor rules that are driving its unsustainable finances.

Illinois law is very favorable to government unions. Teachers are able to go on strike, unlike in many other states. The Legislature is also weighing a bill to let Chicagos school principals unionize and strike. Collective bargaining in Illinois isnt tightly limited. Next door in Wisconsin, former Governor Scott Walkers Act 10 law, passed in 2011, generally says that public workers may bargain only over their wages.

Illinois desperately needs that kind of structural reform, but it soon might be unconstitutional if the amendments backers get their way. In that case the states long-term fiscal problems could become essentially unfixable. Public unions would push for higher spending, as they always do, with no possible legal brake. The constitutional amendment Illinois truly needs is one that allows the state to change the public-worker pensions that are bankrupting it.

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Illinoiss Big Labor Bill of Rights - The Wall Street Journal

We keep getting closer to the long overdue return of the cruising industry. Royal Caribbean (NYSE:RCL) announced on Tuesday afternoon that its Freedom of the Seas ship has been approved to begin test sailings out of Miami by late June. It's the first of the country's three major cruise lines to announce a test sailing.

Earlier in the week it was Norwegian Cruise Line Holdings (NYSE:NCLH) getting the green light to begin Alaskan cruises out of Seattle in early August. Royal Caribbean and Carnival(NYSE:CCL) (NYSE:CUK) announced a July restart to their sea voyages to Alaska late last week. Yes, it's finally happening. If you've been waiting for more than a year to get on a cruise ship again the gangplank is going to be there for you soon. If you're just following the news because you're an investor in one of the three major cruise lines you might want to pare back your expectations. The cruise industry is coming back, but this summer -- for all practical purposes -- is essentially shot.

Image source: Getty Images.

It may seem shocking, but all three cruise line stocks are now trading at higher enterprise values than they were 15 months ago when Carnival, Royal Caribbean, and Norwegian Cruise Line were operating at full strength. The sticker prices on the stocks may not be as high as they were when it was smooth sailing for the cruising industry, but between fresh debt and stock sales the enterprise values have ballooned since the lull.

There was hope that the cruise lines would be generating meaningful revenue during the peak summer travel season, but that's not in the cards anymore. Cruises sail year-round, but it's always summer when families with kids in school jump into the mix to bump up demand -- and fares.

How important is summer? Let's take Carnival on for size, as it operates on a November fiscal year, offering us a perfect snapshot of how critical June, July, and August is to the world's largest cruise line. It generated $6.5 billion of the $20.8 billion it reported for fiscal 2019 -- or more than 31% -- in the fiscal third quarter. More importantly for bottom-line watchers, the $1.78 billion it delivered in net income that quarter was nearly 60% of the entire fiscal year's profit.

We may give Royal Caribbean a golf clap when it comps a cruise ship at a little more than 10% capacity on a test sailing in a few weeks, but by the time it's cleared for revenue-generating sailings it will be too late to make a difference. Folks will have booked more reliable getaways. Cruise ships are a lot of fun and an unheralded form of travel, but after seeing all three cruise lines cancel cruises month-after-month for more than a year it's hard to take any restarting line seriously. By the time Alaskan cruises start happening in August the summer travel season will be nearing a close. The summer season that is so pivotal for the success in the industry will consist of a handful of revenue sailings. There's no way that anyone turns a profit during the most profitable period for the industry.

This summer will matter from a historical perspective. It will be the moment when the last segment of the travel and tourism sector to resume operations finally got going. It will be a small step, but how quickly the industry returns to form -- and justifies its elevated valuations -- are the real questions that will take time to answer.

This article represents the opinion of the writer, who may disagree with the official recommendation position of a Motley Fool premium advisory service. Were motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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Carnival, Royal Caribbean, and Norwegian Race Against the Summer - Motley Fool

Midland County Clerk Ann Manary announced this week that 6,000 Midland County residents will be receiving a Juror Qualification Questionnaire in the mail.

Individuals were randomly selected by computer from an index of all Midland County residents holding a Michigan driver's license or Michigan personal ID card.

Receipt of this questionnaire means one is being considered as a potential juror for Midland County for the fiscal year of Oct. 1, 2021 through Sept. 30, 2022.

Those who receive the questionnaire are required by state law to fill it out and return it to the County Clerk no later than 10 days from the date they receive it.

Receipt of the questionnaire does not necessarily mean one will be selected to serve as a juror. Out of the 6,000 recipients, only about half will be summoned to serve.

The right and privilege to receive a trial by a jury of one's peers is a basic freedom and a constitutional right. Annually, Midland County selects jurors in order to protect this freedom.

The questionnaires will be reviewed by the Midland County Jury Board, which consists of three individuals appointed by the Midland Board of Commissioners upon recommendation of the local circuit court judges. These individuals are appointed for six-year terms and must include a minimum of one person each from both the Republican Party and the Democratic Party.

In several weeks, the Midland Jury Board will meet to begin the evaluation process of the questionnaires. At that time, they remove individuals who have cause for exemption. You are exempt if you are not a United States citizen, if you do not speak or understand English, if you have served as a juror during the past 12 months, if you have been convicted of a felony, or if you have a physical or mental disability that would affect your jury service.

Persons 70 years of age and older may exempt themselves. If an exemption is not claimed on the questionnaire because of age, the questionnaire will be processed accordingly.

Only the Midland Jury Board has access to the information on the questionnaire. Once one is selected to serve on a jury panel, only the prosecutor and the attorneys involved in a trial have access to the second side of the questionnaire.

Once the jury board determines the eligible questionnaires, names may be selected via computer to serve on a jury panel for circuit, district or probate court.

Jurors will be sent a summons from the court notifying them that they have been selected to serve for a specific month well in advance for planning personal and business activities. Panels are on call to serve for a period of one month.

The normal length of a jury trial in Midland County is several days to one week. Sequestration of a jury would be an extreme rarity, having only occurred once in the past decade for the deliberation portion of the trial only.

Jurors are paid $15 for the first half-day and up to $45 for each full day thereafter. Mileage is paid at a rate of 30 cents per mile for one round trip per day from one's home to the Midland County Courthouse.

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Check the mail: Juror questionnaires mailed to thousands of Midlanders - Midland Daily News

The unprecedented coronavirus pandemic was a timely reminder that even black swan eventsextremely rare, unexpected events with severe consequencescan come to pass. The pandemic has demonstrated unequivocally that such unforeseen and unplanned-for events can wreak havoc on economies around the world, creating a ripple effect that impacts each one of us.

One of the lessons of this crisis is the realization that we must all prepare for any such eventuality in the future. You must start by ensuring that you are, at the very least, financially protected against a similar event. The only way to achieve this goal is by creating a financial safety net through long-term planning.

You can start with diligent saving under a carefully-designed financial plan that is monitored regularly. A long-term financial plan has many benefits that extend beyond providing security in times of crisis. However, before you understand the need for long-term planning, you must ensure stable cash flow through savings.

As half of Indias population is under the age of 27 years, any similar crisis in the future has the potential to severely cripple the income streams of this large demographic. The resultant employment losses and financial insecurity can become immediate threats. To combat this, personal savings can prove to be a critical factor in cushioning any fallouts. There is, hence, an urgent need to promote long-term financial planning and retirement savings strategies in all age groups.

Create A Savings Plan: A savings plan is not just about letting your money accumulate in a bank deposit; it has many other benefits. The smart option is to always let this money work for you. A smart investment plan will include an option to facilitate regular cash flow, where you may be able to see partial returns on your investment after a certain period of time. This will allow you to further build your capital and enhance your financial portfolio.

Plan Financial Goals: With sufficient savings, you can plan for your life goals, such as retiring early or investment in long-term assets such as real estate. You can also put aside funds for short-term goals, like buying a car or planning a holiday, without worrying about crippling your long-term portfolio. A suitable nest egg is essential for your financial stability and independence. In a crisis situation like a pandemic, it can help you tide over a sudden job loss or pay cut, and give you greater freedom to scout for new opportunities.

Discipline Yourself: Financial planning helps build fiscal responsibility and self-discipline where you learn to budget, keep track of your liabilities, pay your taxes on time, and eventually increase your savings. Over time you will learn the trick of maintaining a consistent flow of cash, while ensuring a healthy and diverse portfolio.

A long-term financial plan may seem like a daunting prospect, especially if your savings are generally low and spending is high. It may even seem unnecessary if you are still in your 20s. However, the sooner you start, the more you can gain from an investment plan. You can allow more time for your investments to mature, opt for high-risk-high-return investments without worrying about a looming retirement.

Similarly, it is just as important for those in their 40s or 50s. While age may limit the liabilities you can take on, there are plenty of safer options where you can park your money and allow it to grow. In fact, with age a financial plan becomes critical as your retirement comes closer.

Over time you will develop an understanding of the markets and the factors that influence their working.

Diversification here means distributing your investments between different assets that react differently to the same financial event, market, or timeline. For instance, a diversified portfolio will typically include stocks, bonds, mutual funds, money market instruments, commodities, and real estate. When planning a long-term investment plan, diversification is critical.

Asset allocation is the distribution of different asset classes in a portfolio. An ideal asset allocation should balance the risks and rewards in a portfolio. Assets are broadly divided into stocks and bonds.

Your portfolio should contain both to strike a balance between risk and surety. However, the proportion can change according to various factors. The general rule of thumb when calculating asset allocation is to subtract your age from 100, the result being the amount you should invest in stock. So, a 25-year-old can keep the asset allocation at 75% stock and 25% bonds. On the other hand, a 40-year-old could keep the ratio at 60:40.

However, this is just a rough guide. Today we have plenty of other options to choose from, such as:

The question here is how to distribute these asset classes in a portfolio. Asset allocation depends on your goals, risk appetite, and age. Since the goal here is long-term investment, lets look at the other two factors:

Risk appetite: An important part of any portfolio is risk management. Stocks and bonds should be allocated according to the amount of risk you are willing to take while pursuing your investment goals. This is risk appetite and there are multiple factors that influence it. If you have high liability or low income, your risk appetite is likely to be lower even if you are in your 20s. On the other hand, someone in their 30s with no unusual liabilities, will have a higher risk appetite and can hold the majority of their portfolio in stocks.

Age: As you grow older and nearer to your retirement age, you are less likely to risk your life savings. The proportion of bonds in a portfolio, hence, increases with age. The younger you are, the longer the potential lifespan of your investments. You can invest in stocks that may seem high risk in the near future, but are likely to show higher returns later. You can hold your stocks and allow them to appreciate.

The two main factors of asset allocationrisk appetite and agekeep changing with time. As your earnings increase, your risk appetite will also go up. On the other hand, a sudden loss or cut in earnings will lower your risk appetite. In addition, your liabilities may change with time. For instance, starting a family or buying a house entails regular expenses that will impact your savings, and hence, your investments. Your age will also play a role; as you grow older, your willingness to take risks is likely to lessen. These changes in circumstances mean that your portfolio must be rebalanced periodically.

A long-term investment plan is necessary for a secure future. Whether it is about creating a retirement plan or ensuring comfortable savings, it ensures that your money is secure and growing at a healthy rate. At a time when we have been confronted with unimaginable and uncontrollable events, it becomes even more critical for your personal freedom and in ensuring economic security against another pandemic.

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How Long-Term Financial Planning Can Help You Sail Through Another Pandemic - Forbes

Good Thursday Morning, Fellow Seekers.

The nationwide fight over the teaching of critical race theory, has landed in the Pennsylvania House of Representatives, throwing another log on a culture war fire thats already seen the Republican-controlled chamberadvance bills limiting abortion rights andexpanding gun rights, even as some lawmakers seek toban transgender youth athletes from participating in sportsthat correspond with their gender.

Reps. Russ Diamond, R-Lebanon, andBarbara Gleim, R-Cumberland(the prime sponsor of that transgender athlete bill),began seeking co-sponsors for their proposalto [curtail] the divisive nature of concepts more commonly known as critical race theory,' onMay 21, arguing that teaching our children that they are inferior or inherently bad based on immutable characteristics such as race and sex can be extremely damaging to their emotional and mental well-being.

Only a niche term a year ago, the fight over critical race theory, which scholars view as an overdue attempt to educate public school students on how racial disparities are embedded in U.S history and society, has become the latestbete noireof the right,with conservatives arguing that teachers are trying to inject race into what should be a colorblind system,the Washington Post reported on May 3.

DiamondsandGleimsDear Colleague memo echoes that contention, arguing that our schools should be teaching that every individual is equal under the law and that no individual should ever be labeled superior or inferior simply due to their race or genetic makeup, nor be held responsible for actions taken by others with similar traits.

Such teachings, the lawmakers contended interfere with our constitutional duty to support and maintain a thorough and efficient system of public education to serve the needs of the Commonwealth.

Writing in the Washington Post on Wednesday, one expert said such bills are not only chilling, they also are unconstitutional at the college level, where debates over critical race theory traditionally and predominantly take place.

These laws are both misguided and unconstitutional; they constitute bad educational policy, and in the higher education context, they violate the First Amendment,Ronald J. Krotoszynski Jr.,a professor at theUniversity of Alabama School of Law, wrote. At a time when we desperately need to have more frank and open conversations about race, class, social justice and the concept of the other,they hamstring educators charged with preparing young people to live and work in an increasingly diverse society.

But, as applied to public K-12 schools, these laws might survive judicial review, because states enjoy broad constitutional authority over the curriculum,Krotoszynskiadded.

As ourNational Correspondent Dan Vockrecently reported, such efforts have proliferated nationwide as GOP lawmakers have succeeded in pushing it to the top ofstate legislative agendas.Governors in Idaho and Oklahoma have already signed measures to forbid the teaching of critical race theory in schools this year. Arkansas Republican governor let a similar measure become law without his signature, while proposals in Iowa and Tennessee are waiting for their governors approval,Vockreported for our sibling site,North Carolina Policy Watch.

Lawmakers inNorth Carolina,Arizona, Louisiana, Missouri, Texas, Utah, West Virginia and other states have waded into the debate, as well, although some of those efforts have failed.

A group of Republican attorneys general from 20 states this week sent theBiden administrationa10-page letterchastising federal officials for using two grant programs as a thinly veiled attempt at bringing into our states classrooms the deeply flawed and controversial teachings of Critical Race Theory and the 1619 Project.

And asVockreports,conservative groups such as theHeritage Foundationand theAmerican Legislative Exchange Council, which provides right-winglawmakers with whats known as model legislation that they can use in their own states,also have stepped up pressure on conservative state lawmakers to rein in the teaching of critical race theory.

Particularly at the state level, the focus has primarily been on schools. Pending legislation in North Carolina, for instance, would prohibit teachers from promoting concepts that suggest America is racist or that people are inherently racist or sexist.

It would also prohibit teaching that whites or anyone else is responsible for the sins of their forefathers. In Tennessee, for example,a bill passedby the legislature would prohibit local school districts or charter schools from teaching or including materials that promote or include 14 different concepts.If schools dont comply, they could lose state funding. The exact amount would be up to the states education commissioner,Vockreported.

A draft version of Diamonds and Gleims bill, which is attached to their co-sponsorship memo,contains a similar provision, ordering the loss of funds not only for the current fiscal year, but for the next one as well for districts that run afoul of their proposal.

Lawrence Paska, the executive director of theNational Council for the Social Studies, a group that represents social studies teachers, toldVockthat heworries about the amount of control lawmakers are trying to exert over teachers classrooms.

This goes against what we know good instructional practice to be, he toldVock. Were a little baffled at the idea that were going to legislate away certain types of freedoms and responsibilities that teachers have.

Were concerned with this notion of limiting discussion about things like racism, sexism and discrimination, that we cant talk about those things. Thats both against what we do in social education but more importantly, its against the very definition of First Amendment freedoms and academic freedom for both teachers and students,Paskaadded.

Paskasaid the goal of teaching the faults of the country is to help make students better citizens, not to shame them.

I dont know an educator who thinks, My job at the end of the day is to shame a student, is to shame a child, into feeling anything less than their full potential, he toldVock.

That the bills are coming at a time of heightened awareness of racial and class disparities laid bare by the pandemic is hardly coincidental.

And one Black lawmaker says he believes its a dereliction of duty for the Legislature to waste time and the taxpayers money on distractions at a time when so many are in need.

Critical Race Theory is not taught in k-12 schools. Its an analytical approach to understanding inequality and how the law might address persistent inequalities,Rep. Chris Rabb, D-Philadelphia, told theCapital-Star.

It is taught in some law schools and graduate schools of education. All across the country peddlers of racial division are spreading misinformation to justify creating a solution for a problem that doesnt exist,Rabbcontinued. What does exist is structural inequality and deep racial disparities. Analyzing their root causes is not controversial. Continuing to deny racial justice, however, is nothing less than cowardly and reckless.

Our Stuff.A proposed constitutional amendment that would have allowed childhood survivors of sexual abuse to file expanded claims in civil courtwas held up due systemic failures at Dept. of State, a report by the stateOffice of Inspector Generalconcludes.Stephen CarusoandMarley Parishhave the details.

Potentially upsetting decades of precedent that has aided rural, white Pennsylvanians at the expense of Black, urban residents,House Minority Leader Joanna McClinton, D-Philadelphia, hascalled for state legislators to change how they count prisoners during redistricting, Stephen Carusoalso reports.

Honoring calls for transparency, a state Senate committeeheld its first public hearing on the decennial redrawingof Pennsylvanias congressional map,Marley Parishalso reports.

Heading for a national park this summer?Youll be headed into the busiest season in history,U.S. Park Serviceofficials told a U.S. Senate panel on Wednesday,National Correspondent Jacob Fischlerreports.

Members ofPhiladelphia City Councilaredemanding more transparency from Mayor Jim Kenneys administrationover errors in the citys payroll system, our partners at thePhiladelphia Tribunereport.

On our Commentary Page this morning, aUSC-Dornsifeexpert sayssending science majors into elementary schoolshelps Latino and Black students realize scientists can look like them. And frequent contributorJonathan C. Rothermel, ofMansfield University, suggests a common sense bit of election reform:Moving Election Day to the weekendso that more people can participate.

Elsewhere.ThePhiladelphia Housing Authorityhas received an unprecedented $10 million in federal vouchers specifically tohelp people experiencing homelessnessin the city, theInquirerreports.More than 70 percent of Pennsylvania adultshave received at least one dose of the COVID-19 vaccine, theTribune-Reviewreports.A new state lawupdates the requirementsfor a CDL license,PennLivereports.LancasterOnlinecaught up withGov. Tom Wolf, who traveled to Lancaster County on Wednesdayto push a minimum wage increase.The statehas dropped its lawsuit against restaurantsaccused of defying pandemic shutdown orders including four in the Lehigh Valley, theMorning Callreports.NEPA Demspushed the Biden administrations American Families Planduring an event on Wednesday, theCitizens Voicereports.

Heres your #Pennsylvania Instagram of the Day.

WHYY-FMs Layla A. Jonesreflects on how reporting while Blackduring a summer of uprisings changed her and her colleagues.WITF-FMlooks at the debate over theWolf administrationsplan to use a horse racing subsidy to fund higher education.The 2022 Pa. governors race is a toss-up, according to theCook Political Report(viaPoliticsPA).Stateline.orgexplains how the pandemic hashighlighted the dangers of nursing home understaffing.Conservatives are now complaining about wait for itleft-wing extremism in the U.S. military,Talking Points Memoreports.

What Goes On.The House and Senate are off today. But heres a look at the days committee action.10:30 a.m.,Eastern Atlantic States Regional Council of Carpenters, Pittsburgh:Senate Community, Economic & Recreational Development Committee11 a.m., 515 Irvis North:House Labor & Industry Committee, Subcomittee on Workers Compensation and Worker Protection1:45 p.m., 515 Irvis North: House Labor & Industry Committee (continued from above)

WolfWatch.Gov. Tom Wolfheads to Montgomery County for a 2 p.m. event withAttorney General Josh Shapiroand members of the LegislaturesWomens Health Caucus, where theyll discuss a series of crashingly awful anti-abortion rights bills that were reported out of theHouse Health Committeeearlier this week.

You Say Its Your Birthday Dept.Best wishes go out this morning toWRVV-FMHarrisburg radio hostGlenn Hamilton, who completes another trip around the sun today. Congratulations, sir. Enjoy the day.

Heavy Rotation.Heres some more new music fromLiz Phair.From her upcoming LPSober-ish, itsIn There.

Thursdays Gratuitous Hockey Link.The New York Islanderseliminated the Pittsburgh Penguinson Wednesday night, winning 5-3 in Game 6 of their first round playoff series.

And now youre up to date.

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The fight over critical race theory lands in Harrisburg; House GOP bill would punish districts that teach it | Thursday Morning Coffee - Pennsylvania...