Daily Digest

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Daily Digest 12/11 - 5 Days To Reach Budget, Shale Reality Check

Wednesday, December 11, 2013, 8:43 AM

Economy

SA freeway speed camera smashed again

It is estimated the two new freeway cameras will snap up to 400 speeding motorists a day, meaning they would rake in $8 million over three years. Police have described the vandal attacks as ‘deplorable’.

More Americans fork half their salaries over to landlords

Renting has become significantly less affordable in recent years, a report released Monday by the Harvard Joint Center for Housing Studies finds. In fact, 50% of U.S. renters spent more than 30% of their gross income on rent (the traditional measure of affordability) in 2010, up a record 12 percentage points from the 38% of households facing such a burden a decade prior. And many of those households, about 27% of renters, spent more than half of their salary on rent, up from just 19% of renters a decade ago.

Solano County student homeless numbers hit record high

The news comes as the U.S. Department of Education also reported its highest-ever numbers, estimating that 1.2 million students nationwide were homeless in the 2012-13 school year, a 10 percent increase from the previous year. Forty-three states reported increases from last year, with 10 states citing jumps of 20 percent or more.

Demand rises sharply at Tri-City food pantry (Illinois)

On average, the Salvation Army pantry distributes 500 bags of food each month. But in September and October, that number increased to 800.

In November, the pantry distributed almost 900 bags.

SNAP benefits affected local food pantries (NY)

Jameson and the CEO Food Pantry of Rensselaer County already find it difficult to keep the shelves stacked each week and now with more coming in because of the SNAP cuts, they worry about being able to serve the growing need.

"We're seeing more folks that have less resources and now they're coming in with less SNAP benefits to spend. We're very concerned," says Rev. Jameson.

Pa.'s bleak outlook: A $2 billion deficit may be in Pa.'s future

Revenues are projected to grow over the next five years, but they will be outpaced by expenditures. The IFO projects a state deficit of roughly $530 million this year, in excess of $800 million in 2014-15 and more than $2 billion by 2018-19.

Unfunded liabilities in the Public School Employees' Retirement System and the State Employees' Retirement System are the primary drivers of the growing deficit. That's the result of the state's failure to properly fund those accounts for more than a decade.


China to Make Local Officials Accountable for Debt

The last full audit of local-government borrowings in China estimated debt at 10.7 trillion yuan ($1.75 trillion) at the end of 2010. A separate audit of 36 local governments found these governments alone had outstanding debt totaling CNY3.85 trillion at the end of 2012, up 12.9% from 2010.

Greek doctors strike as government moves to tackle healthcare debt

"Our patients are the most vulnerable in Greek society. They are pensioners and low-paid wage-earners, whose income has dropped by 35% to 50% since the start of the crisis," says Chroneos. "They can't afford private treatment, not even the [€25] cost of hospital admission [...] They will simply stop getting treatment."

Congressional Countdown: 5 Days To Reach Budget

This is the final week of the year that both the House and Senate are scheduled to be in session. Lawmakers are scrambling to pass a budget deal to avoid another government shutdown.

The Senate is also expected to renew an expiring ban on plastic firearms. But will Congress get to the farm bill, long-term jobless benefits or cuts in Medicare payments to doctors?

Eurogroup says Greece needs more austerity

Greece needs to implement further fiscal measures in order to unlock €1 billion of funding due to the country under its bailout programme, the head of the group of 17 euro zone finance ministers has warned.

Speaking after yesterday’s eurogroup meeting in Brussels, Jeroen Dijsselbloem said it was highly unlikely that disbursement of the outstanding tranche could be achieved before the end of the year.

Taper & Quantitative Easing Reality Check (Thomas C.)

Quantitative easing started revolutionizing the US financial markets in 2008 (QE1), with the emergency creation of more than $800 billion in new money out of the nothingness to stop an institutional bank run already in progress, that was within days or weeks of annihilating both Wall Street and the European banking system.

Drilling California: A Reality Check on the Monterey Shale (Michael W.)

Unlike previous studies looking at potential production and economic impacts, this report is based on analysis of real production data (compiled in the most comprehensive oil and gas production database publicly available) and should therefore help ensure that public policy decisions on the development of the Monterey are grounded in data, not assumptions.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/10/13

Provided daily by the Peak Prosperity Gold & Silver Group

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)
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saxplayer00o1's picture
saxplayer00o1
Status: Diamond Member (Offline)
Joined: Jul 30 2009
Posts: 2467
Andrew Huszar: Confessions of a Quantitative Easer

Andrew Huszar: Confessions of a Quantitative Easer

Thetallestmanonearth's picture
Thetallestmanonearth
Status: Bronze Member (Offline)
Joined: Feb 28 2013
Posts: 60
(No subject)

SailAway's picture
SailAway
Status: Gold Member (Offline)
Joined: Aug 11 2010
Posts: 333
Is this the end of Moore’s law?

Is this the end of Moore’s law?

Moore’s law is unsustainable. This statement is the elephant in the room of a lot of electronics discussions as we rapidly approach a few different landmarks in semiconductors. Researchers are concerned that the unsustainability of Moore’s law might mean the end, or at least the abrupt slowing down, of electronic development at the height of the digital era. That could herald a very dangerous time for U.S. manufacturing and consumers.

thc0655's picture
thc0655
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Joined: Apr 27 2010
Posts: 468
Desmond Tutu's home burglarized

Desmond Tutu's home burglarized while he was at Mandela's memorial service.  I bet he didn't follow the simple advice you've seen here: when it's public knowledge you're going to be away from home, have someone capable of dealing with a burglary at your home stationed at your home as visible as possible.

http://www.therepublic.com/view/story/afbe84d07f1344bb82f73dfcf77fc0c4/A...

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