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    Daily Digest 12/21 – Reducing Social Security Checks, Saving Italy’s Banks Means Missing Public Debt Target

    by saxplayer00o1

    Wednesday, December 21, 2016, 4:51 PM

Economy

CalPERS fiddles while taxpayers’ wallets burn

This is CalPERS’ fault. Its projected earnings fell through because it had a poor return on a lot of its investments and unrealistic earnings estimates. How can it say the return will be 7.5 percent and it comes in at .06? At the conference there weren’t many details, Perez said, though there was an acknowledgement its global investments were off. Our savings accounts yield more.

Manitoba forecasts $1-billion deficit for current fiscal year

“Slower than expected economic growth in the U.S., Canada, Japan and many European countries, combined with the U.K.’s vote to exit the European Union, have all contributed to a weaker economic outlook for advanced economies overall,” the report stated.

Puerto Rico revised budget gap projection up $10 billion to $67.5 billion: Board

Puerto Rico’s federally appointed financial oversight board revealed on Tuesday a fresh budget deficit projection prepared by the outgoing government that is $10 billion more than forecast in October, the board said in a statement.

Saving Italy’s Banks Means Missing Public Debt Target Again

In UniCredit’s 2017 Outlook report, Federico had forecast the debt ratio to gross domestic product would rise next year to 133.2 percent. She said in an interview that she now sees it 1 percentage point higher, exceeding 134 percent.

Paschi Said Failing to Lure Investors as State Readies Aid

If government funds are used in the bank’s recapitalization, its bondholders will probably have to take losses under European burden-sharing rules. The cabinet is considering a so-called precautionary recapitalization that may reduce the potential losses. A meeting is scheduled Friday to determine the details, a government official said.

The government is reducing Social Security checks to recover unpaid student debt

The federal government is increasingly taking money out of recipients’ Social Security checks to recover millions in unpaid student debt, leaving thousands of retired and disabled Americans with below-poverty incomes, according to a report set to be released Tuesday.

Gold & Silver

Click to read the PM Daily Market Commentary: 12/22/16

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