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How dangerous is Canada’s G7-leading household debt?

Published Wed, 26 Feb 2025 06:53:57 GMT

In today’s Big Story podcast, Canadians currently carry the most household debt of any country in the G7, and it’s also amongst the highest of all industrialized nations in the world. As the cost of living continues to rise, an inability to manage and service this debt could have profound consequences for our economy.Jim Stanford, economist and director of the Centre for Future Work, says Canada has been leading in household debt for years, but now rising inflation and interest rates are adding to financial stress/“I don’t think we should describe this in terms of individual failing or individual responsibility. There is no doubt it’s been harder for families to make ends meet over the last couple of decades,” says Stanford.So why do we tend to view household debt as a moral failing rather than a reflection of the country’s economic realities? What factors have contributed to the alarming surge in debt, and what measures could mitigate it?You can subscr...

Latvia’s Parliament elects popular Foreign Minister Edgars Rinkevics as new president

Published Wed, 26 Feb 2025 06:53:57 GMT

HELSINKI (AP) — Latvian lawmakers on Wednesday picked the country’s long-serving and popular foreign minister, a strong backer of Ukraine, as its new head of state in a tight vote.The 100-seat Saeima legislature elected Edgars Rinkevics, the country’s top diplomat since 2011, as president to serve for a four-year term. He received 52 votes, one vote more than required to win the race. Incumbent Egils Levits, Latvia’s head of state since 2019, didn’t seek reelection.Rinkevics, who announced in 2014 that he is “proudly” homosexual. will be the first openly gay president in the Baltic nations — all former Soviet republics where attitudes to sexual minorities have been less tolerant than in western Europe.His closest rival, businessman Uldis Pilens, got 25 votes in the third round of voting between the two remaining contenders after the third candidate, Elina Pinto, had dropped out of the contest. Rinkevics, 49, served — among other posts — as a state secretary with th...

Suspect remains at large, 3 in custody after manhunt in Joliet

Published Wed, 26 Feb 2025 06:53:57 GMT

JOLIET, Ill. — Authorities continue to search for a suspect who remains at large following a manhunt in southwest suburban Joliet.Around 5 a.m. Tuesday, Joliet police received a request for assistance from other area departments regarding a police pursuit. Police were in pursuit of two vehicles that were believed to be stolen with four male burglary suspects inside. Joliet shelter in place lifted following manhunt Three of the suspects were taken into custody Tuesday after they jumped out of two stolen vehicles and fled, according to police. The males placed into custody are 21, 20 and 16, from Chicago.People in Joliet sheltered in place during the search. Authorities lifted the order after determining the fourth suspect left the area.

16-year-old boy shot, killed in Joliet

Published Wed, 26 Feb 2025 06:53:57 GMT

JOLIET, Ill. — A 16-year-old boy was shot and killed Tuesday night in Joliet.Just before 8 p.m., officers were dispatched to the 400 block of South Joliet Street on the report of a person shot.At the scene, officers located a 16-year-old boy who sustained multiple gunshot wounds.The boy was pronounced dead at the scene. Suspect remains at large, 3 in custody after manhunt in Joliet No suspects are in custody. Anyone with information can call police at 815-724-3020.

Former Bears assistant coach dies of cancer

Published Wed, 26 Feb 2025 06:53:57 GMT

LAKE FOREST — The Bears are among a few teams in both professional and college football who are mourning the death of a longtime assistant coach early this week.Bill McGovern, who was serving as an administrative assistant with UCLA, has died at the age of 60 after a battle with cancer, the school announced on Monday. He had been hired as the Bruins' defensive coordinator in 2022 but stepped away from that role as he battled the disease.Among a few stops in his career in the pro and college game was Chicago as McGovern served as the Bears' inside linebackers coach during the 2021 season. He was hired after the team promoted Sean Desai to defensive coordinator following Chuck Pagano's retirement early that year. McGovern served one year in that role on Matt Nagy's staff but wasn't retained when the head coach was fired in January 2022. A native of Oradell, New Jersey, McGovern played football at Holy Cross before starting his career at Penn as a freshman coach in 1985. He'd then serv...

City leaders to vote on $50M proposal for migrant care

Published Wed, 26 Feb 2025 06:53:57 GMT

CHICAGO — City leaders are expected to vote on a more than $50 million proposal to help with the growing costs of Chicago's migrant crisis.Some council members want to have a citywide plan in place before the vote for the proposal.Mayor Brandon Johnson is hoping the measure passes the council Wednesday. More than 8,000 migrants have been bussed to Chicago from Texas since August.Around 800 migrants are sleeping in police stations across the city.The $51 million up for debate again Wednesday is money the city received from opioid and vapor court settlements.One alderperson said it would only last about two months. 6 teens arrested after fight outside Six Flags Great America Last week, protestors packed the hallways outside the council chamber and their chants could be heard inside. Many demonstrating said the city should not be prioritizing migrants when so many communities have dealt with decades of disinvestment and lack of affordable housing.Mayor Johnson addressed those concern...

Median pay dips for the few women CEOs of S&P 500 companies

Published Wed, 26 Feb 2025 06:53:57 GMT

NEW YORK (AP) — Last year was a mixed bag pay-wise for the women who run companies in the S&P 500 -- compensation increased for more than half of them, but the median pay package fell 6%.Of the 343 CEOs in the compensation survey of S&P 500 companies done by the AP and Equilar, only 20 were women. Because they are a small group, changes in pay for only a few can easily skew the overall figures.The drop comes after a 26% jump in the value of pay packages for female CEOs in 2021, a year when compensation reflected a recovering economy and soaring stock prices and profits. Many chief executives were rewarded for steering their companies through the worst of the pandemic.Overall, female CEOs saw their performance bonuses fall 13% to $2.8 million last year and stock awards fall 4% to an average of $10 million. Their median total compensation fell 6% to $14.7 million. The median pay for male CEOs rose 1% to $14.8 million.“We still do not have enough women CEOs,” said Lor...

SPD: Suspect connected to attempted murder in Vermont arrested

Published Wed, 26 Feb 2025 06:53:57 GMT

SPRINGFIELD, Mass. (NEWS10) -- A suspect who is wanted in connection to an attempted murder in Vermont was arrested by the Springfield Police Department on Monday. Jonathan Nazario (20, Springfield) is a fugitive of justice according to the Springfield Police and was arrested alongside Hennessy Matos (22, Wilbraham). Get the latest, news, weather, sports and community events delivered right to your inbox! On Monday, around 5 p.m., police responded to the 400 block of Franklin Street for a gun call. Police say they seized a loaded firearm, more than $5,000 in cash, cocaine, and marijuana amid investigation. Police say Nazario was detained on Columbia Terrace, with Matos near the intersection of Tracy and Liberty Streets. Police say further investigation also led to the discovery of a discarded purse with more than $5,200 cash, 14 grams of cocaine, marijuana, and a loaded firearm. Both were arrested. Cohoes man pleads guilty to making terroristic threat Nazario Charges:Possession...

Cohoes man pleads guilty to making terroristic threat

Published Wed, 26 Feb 2025 06:53:57 GMT

CLIFTON PARK, N.Y. (NEWS10) -- A Cohoes man pleaded guilty on Tuesday to making a terroristic threat. Brendan Ryder, 29, was arrested in March after police responded to a bomb threat at a childcare center. Get the latest, news, weather, sports and community events delivered right to your inbox! According to the police, Ryder called the center on Wednesday afternoon and stated, “bomb threat”. The center was evacuated, and the children and staff moved to a safe location. Law enforcement and K9 officers searched the building and found no evidence of explosives.According to the Saratoga County District Attorney's Office, Ryder pleaded guilty on Tuesday. He is scheduled to be sentenced on August 1.

5 things to know this Wednesday, May 31

Published Wed, 26 Feb 2025 06:53:57 GMT

ALBANY, N.Y. (NEWS10) -- Happy hump day! Per Meteorologist Matt Mackie, we should be warm and hazy for the last day of May. Get the latest, news, weather, sports and community events delivered right to your inbox! The Colonie Town Supervisor is suing both Albany and New York City after the arrival of asylum seekers to a town hotel on Saturday. Meanwhile, two buildings were destroyed and eight families were displaced due to a fire at the apartment complex on Equinox Court in Delmar. These stories, and more, are covered in your five things to know this Wednesday morning. 1. Colonie Town Supervisor suing NYC, Albany over migrant arrivalTwo buses of asylum seekers arrived in Albany over the Memorial Day weekend. Meanwhile, the Colonie Town Supervisor is suing Albany and New York City following the arrival of a group asylum seekers to a hotel in the town Saturday.2. Fire destroys two buildings in Delmar apartment complexTwo buildings were destroyed, and eight families were displaced a...