Midwest Memo: Powering Up Wind Projects On The Lakes, Chicago’s Debt And Detroit In Disagreement

Windmills on the Lakes? The AP reports the federal government will announce a new plan today to speed up development of offshore wind farms on the Great Lakes. The government has signed agreements with five of the eight Great Lakes states to clear up the regulatory requirements for wind power projects in the Lakes. Proposed projects have faced opposition from groups worried that wind turbines will spoil views on the Lakes. Three states have not signed on to the new plan: Ohio, Indiana and Wisconsin.

Chicago’s debt Yesterday, Chicago Mayor announced a $7.2 billion plan to update the city’s infrastructure, without raising taxes. Reuters reports the city will take on new debt to pay for the plan. Chicago already has a higher debt burden than Los Angeles or New York.

Skeptical city council Detroit City Council members got a look at a new proposal from the state to resolve the city’s financial crisis, and it didn’t go well, according to partner station Michigan Radio. The two sides have five days to reach a deal, before the governor is forced to impose a restructuring plan, which would likely include the appointment of an emergency manager. But as Michigan Radio reports, “it’s clear the two sides are still a long way apart.”

Yay! The Michigan economy is at a six-year high, according to the Detroit News.

NATO … more like “NO-DOUGH,” amiright? The Chicago Tribune reports that the federal government usually covers all of the security costs related to hosting a NATO summit. But in Chicago, the government is only covering half the cost. Corporate donors are picking up the rest of the tab.

Ready to flow Ohio is getting its first liquefied natural gas station.

Want To Buy A Home But Can’t Because of Student Debt?

Chicago suburbs, by flikr user Scorpions and Centaurs

American student loan debt totals nearly one trillion dollars. These loans break down to about $23,300 owed by each borrower. Changing Gears has been reporting on the effects of that debt and what it takes to pay it off.

We want to know how student debt affects big purchasing decisions. Are you ready to buy a house? And if so, can you get a mortgage?

Tell us how student debt affects your housing plans.

Student Debt: The Cost Of Learning A Trade

Kate Davidson
For $2, this little guy gets a “college boy” cut from barber student Tom Amundson

[powerpress]

America’s student loan debt is now bigger than its credit card debt. It’s approaching a trillion dollars. Student loan default rates are rising too. While many families struggle to afford traditional colleges, a lot of student debt comes from attending private, for-profit schools that focus on vocational training. These students default on their loans twice as often as students from public colleges. Today we’re looking at one small school battling big defaults.

Continue reading “Student Debt: The Cost Of Learning A Trade”

Midwest Memo: More Casino Jobs, High Speed Rail, Debtors in Jail

Casino Jobs in Cleveland: Want to work at the new Horseshoe Casino? They’re hiring again, according to the Cleveland Plain Dealer. The casino, located on four floors of the old Higbee  Department store, will be filling 40 different kinds of jobs, with 750 new positions open. The work ranges from security officers and slot machine supervisors to chefs. It’s the second wave of hiring for the Horseshoe, which hired its first 650 people in September. The casino hopes to open in late March.

High Speed Rail: Consultants have until today to submit their proposals to study how to solve a crucial problem for high speed rail between Detroit and Chicago, reports our partner station Michigan Radio. At issue is a railroad bottleneck between northwest Indiana and Chicago. A high volume of passenger and freight traffic already overwhelms the existing rail lines and threatens to put the brakes on high speed trains. Once a winning consultant is chosen, it will probably take about two years to lay out a solution.

Debtors to Jail: With a slow economy, the number of debtors going to jail in Illinois is on the rise, reports our partner station WBEZ. It’s illegal in Illinois to throw a debtor in jail for not being able to pay, but some creditors are getting around that. A collection agency can file a lawsuit which might require a court appearance. If the debtor doesn’t appear at the hearing, a warrant can be issued for their arrest. Legal aid attorneys have said this is more of an issue in rural parts of the state.

 

 

 

 

 

Last Chance for Midwest Money Advice: Send Your Questions for Ali Velshi & Christine Romans

Retirement, debt, going back to school, and mortgages are all issues that are magnified by the recession. Where can you get Midwest Money advice?

Here. But you’d better hurry up. Through the end of today, CNN anchors and authors Ali Velshi and Christine Romans are taking Midwest Money questions from the Changing Gears audience.

We’ll be posting their answers next week. If Ali and Christine select your question, you’ll win a copy of their new book, “How To Speak Money.”

Send your questions by the end of today for Ali and Christine, then come back for the answers all next week.