As a percentage of operating revenues, Chicago (Ba1 negative) remained at the top with unfunded pension liabilities at 703%, followed by Dallas (A1 stable) at 609%, and Houston (Aa3 stable) at 606%. All exhibit very high leverage from debt, unfunded pensions and retiree healthcare in fiscal 2016. Both Dallas and Houston recently passed significant benefit changes that will impact future pension liability measurements.
Moody’s says in fiscal 2017 ANPLs will spike an additional 33% for most local governments due to lagged recognition of weak investment returns in the prior year.
Critics have pointed out that the new allocation is unrealistic because the pension fund’s own estimate shows the portfolio that was adopted would have a 6.1% rate of return annualized over the next 10 years. If investment returns fall under 7% that would increase the system’s $138 billion unfunded liability in the near term.
It’s moving along even though the state’s pension liability is more than $90 billion — among the largest in the country
The amount of U.S. corporate debt outstanding, for example, is nearly $8.8 trillion, according to Sifma, the U.S. securities industry group. That is up 35 percent since 2010 and a major driver behind corporate expansion.
Venezuela last made a payment on its sovereign debt in September. The government is now overdue on $700 million of interest on eight bonds — six of which were deemed in default after their grace periods expired.
12 Insanely Profitable Tax Moves to Make Now (Tiffany D.)
Let’s start with a review of the structure of the new federal income tax system — good and bad.
On the plus side, as of Friday last week, the GOP tax plan included lower marginal tax rates for all income brackets, at least until 2027.
“Surprisingly, while there is a vast literature on web tracking, email tracking has seen little research,” noted an October 2017 paper published by three Princeton computer scientists. All of this means that billions of emails are sent every day to millions of people who have never consented in any way to be tracked, but are being tracked nonetheless. And Seroussi believes that some, at least, are in serious danger as a result.
There are two significant lessons to be learnt here – one for central banks and one for individual investors. The first is, central banks should be aware of the benefits of gold and how transparency will boost the public’s confidence. The second is investors should understand why the Bundesbank is so interested in protecting its gold bullion.
Gold & Silver
Provided daily by the Peak Prosperity Gold & Silver Group
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