When DWP finishes cooking the books and marks the assets to their true market value and assumes a more realistic investment rate assumption of 6.25%, the unfunded liability soars to $4.8 billion, representing an unhealthy funded ratio of 71%.
Santa Barbara County is facing a projected $12.2 million budget shortfall for the coming fiscal year, which is expected to grow to more than $45 million over the next five years.
Kansas also issued a $1 billion pension bond in 2015 after the Legislature authorized the debt. Rep. John Alcala, D-Topeka, has also served on the pensions committee. He said the state shouldn’t have issued the bonds, but more immediately, he expressed fear over future pension payments into the trust fund. “I have concerns we’re not going to be able to make the payments,” Alcala said.
He says the state is somewhere between $20 and $40 billion short on pensions. Early reports had the debt at $21 billion. Richard Eckstrom, South Carolina’s Comptroller General, says it’s likely a debt between $30 and $35 billion. The state’s total budget is $8 billion annually, he added.
“The refusal of the Venezuelan foreign exchange authority CADIVI to pay the tickets sold in the Venezuelan currency Bolivars in dollars to the airlines is contrary to international obligations,” says the IATA representative.
Emerging governments and companies must repay more than $300 billion next year in hard currency debt, roughly a third more than 2016 – the result of a borrowing spree after 2008 when Western interest rates collapsed.
According to StudentLoanHero.com, Americans owe almost $1.3 trillion in student loan debt. The average Class of 2016 graduate owes over $37,000 in student loan debt, a statistic that has risen six percent from 2015. Now, many are turning to alternative options to pursue their dream career. After graduating high school, Rick Decker realized attending college was not the best option.
People are waking up to the fact that bitcoin is money in the cloud, so when you exchange from local currency like the Chinese yuan or U.S. dollar, you are exchanging this physical money to money in the cloud. What's good about money in the cloud, is it has been stable, the volatility has been down, it's a good store of value," Lee told CNBC by phone.
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