“In fiscal year 2018 the Postal Service recorded a net loss of $3 9 billion. Revenues continue to be pressured by the ongoing erosion of First-Class Mail volumes,” according to a statement from the USPS. Also contributing to the losses are payments to employees health and pension plans.
Unfunded pension and healthcare liabilities are steadily draining school district treasuries. There’s a $107-billion hole between pensions promised and money in the pipeline to pay for them. Trying to catch up, the California State Teachers’ Retirement System has ordered the districts to substantially increase their contributions.
The 75 most populous cities’ total unfunded debt is approximately $330 billion. Most of this debt comes from unfunded retiree benefit promises, such as retiree healthcare debt and pensions. Unfortunately, one of the ways the cities help make their budgets look balanced is by shortchanging public pension funds.
A congressional deal was reached last February to increase the debt limit – the amount of debt the federal government can hold at any given time – through March 2019, after which the Treasury will need to adopt extraordinary measures to fund itself until it runs out of cash, which many analysts expect will occur in the late summer, absent a permanent agreement.
According to the report, “Baltimore's financial problems stem mostly from unfunded retirement obligations that have accumulated over many years.” For example, the report says the city has promised $7.5 billion in retirement benefits, but has failed to fully fund that amount. There are $1.9 billion in pension and $885 million in retiree health care benefits still unfunded, the report says.
The U.S. is likely to add $12 trillion in public debt from 2020 to 2029 through a combination of higher government spending and slower economic growth, according to the Congressional Budget Office. That’s on top of the $16.6 trillion the government is expected to owe to the public at the end of 2019.
State-owned enterprises, local governments and individuals remain mired deep in debt as a result of the post-crisis stimulus. China's debt-to-GDP ratio surged to 253% last year from 144% in 2007.
According to the FDA, the recall was a result of a routine sampling which revealed that products contained the bacteria.
The peaches and nectarines are sold as a bulk retail produce item with a PLU sticker (PLU# 4044, 3035, 4378) showing the country of origin of Chile.
Lessons From the Past (thc0655)
In the United States, as the minimum wage rate specified in the law began to be raised, beginning in the 1950s, so as to catch up with inflation and then keep up with inflation, the minimum wage law became effective in practice once again — and a racial gap in unemployment rates opened up and expanded.
As a black teenager, I was lucky enough to be looking for jobs when the minimum wage law was rendered ineffective by inflation. I was also lucky enough to have gone through New York schools at a time when they still had high educational standards.
Consequently, did Tucker Carlson, in his January 2nd commentary, open the way, finally, toward a New America emerging — a compassionate country, which blames no masses (such as ‘the failures’, or ‘the poor’, or ‘the Hispanics’, or ‘the Blacks’ — or any foreign country — not Russia, and not Iran, and not China, not any at all) for America’s decline, but which instead blames America’s billionaires — the people who actually control America — for the serious problems in America?
Who Wins and Who Loses From PG&E’s Bankruptcy (Thomas R.)
That fundamental disagreement about the company’s financial health is one of the main reasons the utility’s bankruptcy case could drag on for months. The filing will create uncertainty for the company’s creditors and people who have lost homes and loved ones to fires that were started by PG&E’s equipment and are seeking compensation from the company. The case could also cost the company hundreds of millions of dollars in fees, to Wall Street and white-shoe law firms.
The gaming retailer, which emerged from the squished-together remains of Babbage's, Software Etc., and FuncoLand in 2000, became a publicly traded company two years later. When it swallowed up EB Games in 2005, GameStop become arguably the biggest gaming retailer in the world. In the years since, the company has been bullish about creative solutions to plummeting used-game sales, mostly in the form of retail-chain acquisitions. But one of its biggest attempts—becoming its own game publisher—has fizzled with the low-performing likes of Has-Been Heroes and Song of the Deep.
Gold & Silver
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