News of the Day

Election officials do not “call” elections on Election Night. Wisconsin has never had a statewide system for reporting unofficial results on Election Night, and there is no central official website where results will be reported. Most of the unofficial results the public sees on Election Night and in the following days come from the Associated Press (AP) and other media reports.

For decades, the AP has collected unofficial results from county clerks’ offices and distributed totals to its member newspapers and radio and TV stations.  In recent years, other news organizations have also begun collecting and reporting unofficial Wisconsin results.  Election Night declarations of victory by a candidate are never based on official results but instead rely on incomplete results that are available at the time.  Winners are not official until the results are certified, which by Wisconsin state law happens on December 1.

For members of the public and the media who want detailed unofficial results directly from county clerks’ offices, the WEC will provide links to the 72 county clerk websites at the following link: https://elections.wi.gov/clerks/directory/county-websites

The link will also be posted on the homepage of the WEC’s website once the polls have closed: https://elections.wi.gov.

Polls normally close at 8 p.m. unless there are still voters waiting in line at 8 p.m.  If there are still absentee ballots that have not yet been counted at 8 p.m., poll workers will continue processing them until they are finished.  State law does not permit them to stop working until all of the absentee ballots have been counted.

Once all ballots have been processed and the polls are officially closed, the poll workers will convene what is known as the board of local canvassers.  This is a public meeting, and the media and public are welcome to attend.  The voting equipment will print a results tape, which will be read aloud, announcing the vote totals for that polling place.

Municipal clerks provide unofficial results to their county clerks, who will post them to the county’s website.  Municipal clerks must report unofficial results to the county clerk within two hours of the results being tabulated, and county clerks must post the results within two hours of receiving them from the municipal clerk.

President Biden said Friday that all of the country’s coal plants should be closed because they’re too costly to operate and can’t be relied upon as a dependable energy source for future generations. “Wind and solar” will replace them, he said.

“I was in Massachusetts about a month ago on the site of the largest old coal plant in America,” Biden said during a speech at communications company ViaSat in San Diego County.  “Guess what? It cost them too much money. They can’t count. No one is building new coal plants because they can’t rely on it. Even if they have all the coal guaranteed for the rest of the existence of the plant.”

“So it’s going to become a wind generation. And all they’re doing is it’s going to save them a hell of a lot of money and using the same transmission line that they transmitted the coal-fired electric on,” he said. “We’re going to be shutting these plants down all across America and having wind and solar power, also providing tax credits to help families buy energy efficient appliances, whether it’s your refrigerator or your coffee maker, for solar panels on your home, weatherize your home, things that save an average, experts say, a minimum of $500 a year for the average family.”

The U.S. economy added 261,000 jobs in October and the unemployment rate rose to 3.7%, according to the latest monthly employment snapshot from the Bureau of Labor Statistics released Friday morning.

While the 261,000 jobs added for October is the the smallest monthly jobs gain for the U.S. economy since December 2020, it is also a solid gain by historical standards. The economy added an average of 183,000 jobs a month over the course of the decade before the pandemic.

The U.S. labor market has remained very strong despite growing fears by many economists that a recession looms, and efforts by the Federal Reserve to tamp down the pace of economic growth as a way of combating higher prices.

Fed Chair Jerome Powell has warned that the economy may need to shed jobs if price pressures are to be brought under control, but so far the Fed’s string of large interest rate hikes has not stopped employers from seeking more help. The continued strength in the labor market could leave the door open for the Fed to continue to hike rates at its upcoming meetings.

The Unemployment Insurance Advisory Council (UIAC) is welcoming suggestions to improve Wisconsin’s Unemployment Insurance (UI) program during two public hearings and a public comment period.

The Council represents employee and employer interests and submits recommendations for improving unemployment law to the Legislature.

The Council will hold two public hearings on Nov. 17, 2022. The hearings will be virtual, conducted by teleconference and WebEx web conferencing technology. The first hearing is from 2 to 4 p.m.; the second is from 5 to 6 p.m.

“The public hearing is a great opportunity for members of the public to provide input on the laws that govern Wisconsin’s UI system,” Department of Workforce Development (DWD) Secretary-designee Amy Pechacek said. “I encourage interested individuals to attend one of the two public hearings scheduled for Nov. 17 or submit written comments through the avenues outlined below.”

Advanced registration is required. Find the details at: https://dwd.wisconsin.gov/uibola/uiac/pubhearings/2022.htm

If unable to attend a hearing, the council is taking public comments on suggested changes to the state’s UI laws from November 9 to 18, 2022. The comments will help inform the council’s legislative agenda during the following year.

Submit written comments and suggestions to:

• Email: UILawChange@dwd.wisconsin.gov
  (Note: Emails will only be accepted from Nov. 9 to 18, 2022)
• Mail to: Janell Knutson, Chair
  Unemployment Insurance Advisory Council
  P.O. Box 8942
  Madison, WI 53708

The Consumer Financial Protection Bureau on Wednesday said it issued guidance to end two particular bank fees that can catch customers by surprise — and are “likely unfair and unlawful,” according to the agency’s release. The move is the latest in the CFPB’s ongoing initiative to scrutinize junk fees, which generally are fees that are unexpected or excessive.

The new guidance first targets surprise overdraft fees, which can be as much as $36 each, the CFPB said. These fees can happen when a customer had enough money in their account to cover a debit charge at the time the bank authorized it, but then is charged an overdraft fee due to the timing of other charges hitting their account.

The second fee the CFPB addresses can happen when a customer deposits a check that ends up bouncing — despite the overdraft being due to the check writer’s insufficient funds. The charge is typically $10 to $19 per instance, according to the CFPB.

Already this year, many banks have been eliminating overdraft and non-sufficient funds fees or making their policies more consumer-friendly. The CFPB estimates those changes translate into $3 billion in savings for consumers.

Beginning November 1 and running through January 15, consumers may select plans at HealthCare.gov for 2023. To be sure coverage is in place at the first of the year, shoppers must enroll or renew their insurance by December 15. For those who sign up for coverage between December 16 and January 15, coverage will not kick in until February.

Anyone who misses the January 15 deadline may only sign up for a plan during a Special Enrollment Period, offered in the instance of losing other coverage, moving, getting married or having a baby.

Whether an individual is looking for coverage for the first time or considering a switch, there are a number of changes this year to be aware of when weighing options.

A seriously low U.S. and global diesel supply is likely to drive up fuel costs and worsen inflation, raising concerns as the cold weather months approach.

Analysts say that a confluence of factors, long bubbling beneath the surface, are now coming to a head as colder temperatures bring more seasonal demand for diesel, a fuel that powers trucks and buses and is also used in heating.

“This is the start of heating oil season. This is when demand really starts picking up as we enter the winter months,” said Debnil Chowdhury, the head of North and Latin American refining and marketing research at S&P Global Commodity Insights.

A confluence of factors has also strained diesel markets.  These factors include reduced refining capacity due to the pandemic, increased demand amid COVID-19 recovery and Chinese export quotas, Chowdhury said.

“Diesel demand came back a lot faster than other products. There are refineries that shut down across the globe so the ability to supply was hindered,” he said. “And then finally, China, which is a larger diesel exporter … wasn’t able to export.”

In a recent interview with Bloomberg, National Economic Council Director Brian Deese called the inventory levels “unacceptably low” and called on industry to build up its inventory.

Energy Secretary Jennifer Granholm called on industry to cut back its exports of “refined products” which include diesel and gasoline, in recent weeks, arguing that the supply is needed stateside.

About two million people in Wisconsin and three other Midwestern states could have better access to specialty health care.

That’s if a merger between Marshfield Clinic Health System and Essentia Health moves forward. Marshfield Clinic operates hospitals and clinics throughout Wisconsin. This month, it announced a potential merger with the Minnesota-based Essentia Health. Both signed a written agreement on October 12 to explore the logistics of forming an integrated health system.

The health systems have complementary geographies and capabilities, officials said. If combined, the merged health system would include 3,500 providers, 150 care sites and 25 hospitals. Around 1,600 of those providers would come from Marshfield Clinic, along with 11 hospitals and 60 clinics. Essentia, meanwhile, has 70 clinics and 14 hospitals.

While the Marshfield Clinic and Essentia merger discussion is the most recent hospital merger dialogue in Wisconsin, it likely won’t be the last.

The hospital industry has consolidated substantially over the last two decades, and at a more rapid pace since 2010, according to a 2020 study by Harvard Medical School scientists.

The Harvard scientists examined patient outcomes from almost 250 hospital mergers between 2009 and 2013. They found that hospital mergers lead to higher prices for commercially insured patients and the quality of care at consolidated hospitals has either gotten worse or stayed the same.

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the third quarter of 2022, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.6 percent.

The increase in real GDP reflected increases in exports, consumer spending, nonresidential fixed investment, federal government spending, and state and local government spending, that were partly offset by decreases in residential fixed investment and private inventory investment. Imports, which are a subtraction in the calculation of GDP, decreased.

The increase in exports reflected increases in both goods and services. Within exports of goods, the leading contributors to the increase were industrial supplies and materials (notably petroleum and products as well as other nondurable goods), and nonautomotive capital goods. Within exports of services, the increase was led by travel and “other” business services (mainly financial services). Within consumer spending, an increase in services (led by health care and “other” services) was partly offset by a decrease in goods (led by motor vehicles and parts as well as food and beverages).

Within nonresidential fixed investment, increases in equipment and intellectual property products were partly offset by a decrease in structures. The increase in federal government spending was led by defense spending. The increase in state and local government spending primarily reflected an increase in compensation of state and local government employees.

Within residential fixed investment, the leading contributors to the decrease were new single-family construction and brokers’ commissions. The decrease in private inventory investment primarily reflected a decrease in retail trade (led by “other” retailers). Within imports, a decrease in imports of goods (notably consumer goods) was partly offset by an increase in imports of services (mainly travel).

Real GDP turned up in the third quarter, increasing 2.6 percent after decreasing 0.6 percent in the second quarter. The upturn primarily reflected a smaller decrease in private inventory investment, an acceleration in nonresidential fixed investment, and an upturn in federal government spending that were partly offset by a larger decrease in residential fixed investment and a deceleration in consumer spending. Imports turned down.

The Internal Revenue Service (IRS) has released Notice 2022-55, containing cost-of-living adjustments for 2023 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs).

2023 Increases

The employee contribution limit for 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. Other key limit increases include the following:

• The employee contribution limit for IRAs is increased to $6,500, up from $6,000.
• The catch-up contribution limit for employees aged 50 and over who participate in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan is increased to $7,500, up from $6,500.
• The employee contribution limit for SIMPLE IRAs and SIMPLE 401(k) plans is increased to $15,500, up from $14,000.
• The limits used to define a “highly compensated employee” and a “key employee” are increased to $150,000 (up from $135,000) and $215,000 (up from $200,000), respectively.
• The annual limit for defined contribution plans (for example, 401(k) plans, profit-sharing plans and money purchase plans) is increased to $66,000, up from $61,000.
• The annual compensation limit (applicable to many retirement plans) is increased to $330,000, up from $305,000.

The income ranges for determining eligibility to make deductible contributions to traditional IRAs, contribute to Roth IRAs and claim the Saver’s Credit (also known as the Retirement Savings Contributions Credit) also increased for 2023. The IRS’ news release contains more details.