Daily Digest

Daily Digest 2/1 - Euro Zone Jobless Rate Hits High, Nat'l Debt Nears $15.3 Trillion, 'Metal Rush' Thefts Of Trains and Bridges

Wednesday, February 1, 2012, 11:35 AM
  • France faces 79-bn-euro charge for nuclear power: auditor
  • Federal pension-insurance agency pressures American Airlines to save retirement plans
  • Greek debt accord requires c.bank involvement - sources
  • Euro zone jobless rate hits euro-era high
  • If unions won't budge, Detroit may have to take drastic budget measures
  • Government Health Care Spending To Reach $1.8T by 2022, CBO Predicts
  • (CBO) The Budget and Economic Outlook: Fiscal Years 2012 to 2022
  • Plaque, statue theft on rise across Palm Springs area
  • Czech 'metal rush' sees theft of trains, bridges and statues
  • Ga. college students: Without food stamps we wouldn't be able to eat
  • National debt nears $15.3 trillion
  • Many Californians have no emergency savings
  • Public tells Quinn to halt speed-enforcement cameras
  • New red light cameras target busy intersections
  • U.S. Highway Trust Fund Faces Insolvency Next Year, CBO Says

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Economy

France faces 79-bn-euro charge for nuclear power: auditor

Dismantling France's nuclear reactors and storing their radioactive waste will eventually cost around 79 billion euros ($103.5 billion), the national audit office said on Tuesday.

Federal pension-insurance agency pressures American Airlines to save retirement plans

American’s four traditional pension plans have assets worth about $8 billion and obligations that the pension agency estimates at $18 billion.

If American terminates the plans, the agency would take over the assets and pay benefits of up to $54,000 per year for each retiree. By the company’s estimate, 10 percent of employees and retirees could see their promised benefits cut.

Greek debt accord requires c.bank involvement - sources

Banking sources and officials in Athens and Brussels said the private sector talks were on the cusp of being concluded, with banks and insurance companies ready to accept around a 70 percent net-present-value loss on the bonds they hold, reducing Greece's debts by around 100 billion euros.

Greek Finance Minister Evangelos Venizelos said the loss could even exceed 70 percent. Despite that scale of writedown, however, officials said it was unlikely to be sufficient to reduce Greece's debts to 120 percent of GDP by 2020, the goal agreed with the International Monetary Fund to make the debt pile sustainable.

Euro zone jobless rate hits euro-era high

Euro zone unemployment has risen to its highest level since the euro single currency was introduced, data showed on Tuesday, a day after EU leaders promised to focus on creating millions of new jobs to try to kick-start Europe’s floundering economy. Seasonally adjusted unemployment among the 17 countries sharing the euro rose to 10.4 per cent in December, on a par with an upwardly revised November figure, the European Union’s statistics office Eurostat said.

If unions won't budge, Detroit may have to take drastic budget measures

From closing all the city's recreation centers and privatizing ambulance services to increasing bus and garbage fees to merging the health department with Wayne County's, the Detroit City Council is mulling drastic reductions to help ward off the state's appointment of an emergency manager.

The reductions, proposed at a sobering council meeting Monday, also included an additional 1,300 layoffs -- Mayor Dave Bing already has proposed cutting 1,000 jobs -- if the city can't squeeze major concessions from its 48 unions. Achieving savings from those concessions, which the council and the mayor said would reach $105 million a year, are the only way to avoid an emergency manager, Gov. Rick Snyder has said.

Government Health Care Spending To Reach $1.8T by 2022, CBO Predicts

On Tuesday, the Congressional Budget Office released an economic outlook predicting that the cost of government health care programs -- including Medicare and Medicaid -- will more than double across the next 10 years.

According to CBO's outlook, federal spending on health care programs will increase to $1.8 trillion by 2022 and account for about 7% of the nation's economy. CBO said the biggest driver of the projected health care spending increase is the aging U.S. population.

(CBO) The Budget and Economic Outlook: Fiscal Years 2012 to 2022

Please click on "Chapter 3. The Spending Outlook" and scroll through the graphs on page 52. Starting on page 54 you can read about future projections on Social Security and Medicare spending.

Plaque, statue theft on rise across Palm Springs area

Bronze plaques and artwork that decorate yards and honor community leaders have become targets for thieves trying to cash in on the rising value of metal.

Authorities say there has been an increase in statue and plaque thefts across the Coachella Valley as thieves diversify from scrap metal and copper to bronze and iron. “We've never seen so many being stolen before,” Indio police spokesman Ben Guitron said.

Czech 'metal rush' sees theft of trains, bridges and statues

Popular trophies include aluminium road signs, brass plaques and grave ornaments, storm drain covers, a vast array of spouts and pipes as well as TV cables. Statues, church bells and a copper chapel roof are other examples of lucrative booty.

Thieves even stole hundreds of metal memorial plaques from the Second World War-era Nazi concentration camp in Terezin north of Prague in 2008. In that case, three men were sentenced to three-and-a-half to four-and-a-half years in prison for damage amounting to 1.7 million koruna (Dh327,250). A collector of railway artefacts was dumbfounded when his latest acquisition - a 24-tonne reconstructed antique train engine - vanished into thin air.

Ga. college students: Without food stamps we wouldn't be able to eat (Video)

Taylor is a full-time student with a part-time job."As a full-time student, my bill usually comes up to about almost $5,000 a semester. That's tuition alone," he said. On top of that are his books and fees and his rent for an off-campus apartment, which is $600 a month.One of the reasons he moved out of a campus dorm, Taylor said, is that GSU was requiring him to pay, in addition to his room cost, about $1,700 a semester for the university's meal plan.

National debt nears $15.3 trillion

$15,295,052,578,718.01

Many Californians have no emergency savings

More than three in 10 people in California don’t have enough savings to get by for three months if they were to lose their job, according to a study released Tuesday.

More than two years after the official end of the recession, 30.9% of Californians have little to no financial cushion, according to the report by the nonprofit Corp. for Enterprise Development. If illiquid assets -- things that can’t quickly or easily be converted into cash, such as a home -- are excluded from the equation, the number rises to an even more troubling 43.1%.

Public tells Quinn to halt speed-enforcement cameras (Illinois)

The governor has received 224 phone calls, letters or on-line communications on the bill, and more than 91 percent were against the new law, according to Quinn’s office.

New red light cameras target busy intersections (Toledo)

Toledo's red light camera program is expanding. Safety officials have picked the intersections for 11 additional cameras. The city wants to use the money collect from this program to fund the department of recreation.

U.S. Highway Trust Fund Faces Insolvency Next Year, CBO Says

The Highway Trust Fund, which pays for U.S. road, bridge and mass-transit projects, faces insolvency “sometime” during the 2013 fiscal year that will begin Oct. 1, according to the Congressional Budget Office.

The Highway Trust Fund will probably run a deficit of $10 billion this year, compared with $8 billion in 2011, the Washington-based CBO, which provides Congress with analysis on programs funded by the U.S. budget, said in a report today. The fund, which is financed through fuel taxes, won’t be able to meet its obligations next fiscal year, according to the report.

Article suggestions for the Daily Digest can be sent to dd@PeakProsperity.com. All suggestions are filtered by the Daily Digest team and preference is given to those that are in alignment with the message of the Crash Course and the "3 Es."

5 Comments

saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2465
saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2465
National debt goes to $15.356 trillion

$15,356,140,493,616.06

Look above in the Daily Digest to see yesterday's number.

Treasury Direct link.

bob980's picture
bob980
Status: Member (Offline)
Joined: May 27 2010
Posts: 24
Georgia College Students/Food Stamps

They raised the tuition so that the professors can eat I guess.  The Georgia General Assembly is now in session (Lord, help us!).  I am thinking that the food stamp program will be revised forthwith. 

Damnthematrix's picture
Damnthematrix
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 3998
The Impending Undeclared Default Of 5 Major US Banks

http://www.informationclearinghouse.info/article30395.htm

The Impending Undeclared Default Of 5 Major US Banks

By Jim Sinclair - Audio [30 minutes, but the first 10 minutes will do]

January 31, 2012 " Jim Sinclair" -- In this unedited interview with Ellis Martin, Jim Sinclair reveals an impending undeclared default of 5 major US banks this week per the ISDA International Swaps and Derivatives Association related to events in Europe.

 

See also - Farce Is Complete As ISDA Finds 50% "Haircut" Is Not A Credit Event [ZeroHedge]

SingleSpeak's picture
SingleSpeak
Status: Gold Member (Offline)
Joined: Dec 1 2008
Posts: 417
Astounding Saxplayer!

saxplayer00o1 wrote:

$15,356,140,493,616.06

Look above in the Daily Digest to see yesterday's number.

Treasury Direct link.

Simply astounding!

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