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    Daily Digest 3/6 – NJ's Budget Mess Getting Even Worse, China's Dirty $1T Stimulus Secret

    by saxplayer00o1

    Wednesday, March 6, 2019, 7:56 AM

Economy

ACA premiums rising beyond reach of older, middle-class consumers

The combined effects of these rules are especially stark in rural areas, where health plans tend to be more expensive. The analysis shows that in almost all of Nebraska, a 60-year-old with a $50,000 income would pay between 30 percent and 50 percent of that income in premiums for the least expensive ACA health plan.

New Jersey’s budget mess is getting even worse

New Jersey’s debt from bonds totaled $46.1 billion in fiscal 2017, a record high, and unfunded pension and health liabilities were $155 billion, according to the most recent state data.

Illinois Pension Liabilities Add to State’s $3.2 Billion Deficit

Sean Carney, head of municipal strategy at BlackRock, and Bloomberg’s Flynn McRoberts examine the new revenue plan for the state of Illinois as it faces mounting pension liabilities. They speak on “Bloomberg Daybreak

College Illinois bailout takes shape

With billions in unpaid bills and a $3 billion structural deficit, Illinois lawmakers appear ready to take on a new bailout project.

China lifts 2019 fiscal deficit target to 2.8 pct of GDP

The budgetary deficit is projected at 2.76 trillion yuan (about 412 billion U.S. dollars), with a central government deficit of 1.83 trillion yuan and a local government deficit of 930 billion yuan, according to the report.

U.S. Credit Card Debt Closed 2018 at a Record $870 Billion

“The increase in credit card balances is consistent with seasonal patterns but marks the first time credit card balances re-touched the 2008 nominal peak,” according to the report.

Meet the new debt ceiling: $22.03 trillion

The national debt hit $22 trillion for the first time last month, less than a year after it hit $21 trillion.

China Has a Dirty $1 Trillion Stimulus Secret

In reality, though, Beijing has found a new way to finance its spending, off the books and under the radar for outside observers.

U.S. Credit Card Debt Closed 2018 at a Record $870 Billion (Adam)

One possible trouble spot is that, by age group, older Americans are seeing their credit card debt transition into the delinquency category at an increasing pace. In particular, those in their 50s have seen the most rapid change and could be considered the most vulnerable should a change occur in their employment.

Pinterest, Facebook, and YouTube are cracking down on fake vaccine news (Sparky1)

“With my mother, it continues to influence her views, along with countless Americans,” said Ethan Lindenberger, an Ohio high schooler, who went to his local health department in December to get a range of shots, including hepatitis A, hepatitis B, influenza, and HPV, according to the Washington Post.

‘Urgent action is necessary’ to stop vaccine misinformation, public health official warns during Senate hearing (Sparky1)

“To combat preventable-disease outbreaks, information is, in my mind, the forefront of this matter. My mother would turn to anti-vaccine groups online and on social media, looking for her evidence in defense rather than health officials and other credible sources. This may seem to be in malice because of the dangers of not vaccinating imposes, but this is not the case. My mother came in the sense of loving her children and being concerned,” Lindenberger told lawmakers Tuesday.

Atlanta Fed keeps U.S. first-quarter GDP growth view at 0.3 percent (Adam)

U.S. nonresidential structures investment is likely 2.7 percent lower in the first quarter from a prior estimate of a 0.8 percent drop, while residential investment is expected to fall 11.0 percent from a projected 13.2 percent decline calculated on Friday, the regional central bank said.

Goldman: OPEC To Clear Supply Glut By April (Michael S.)

While it’s safe enough to say prices will inch down when OPEC announces the end of the cuts, it is probably the only thing that’s safe to say. Currie told CNBC’s “Closing Bell” that prices could rebound to above US$70 for Brent thanks to the tighter supply and strong demand. But just a month ago worries about oil demand pressured prices and kept them from climbing much higher. In other words, nothing is certain, especially where oil prices are headed.

Gold & Silver

Click to read the PM Daily Market Commentary: 3/5/19

Provided daily by the Peak Prosperity Gold & Silver Group

Article suggestions for the Daily Digest can be sent to [email protected]. 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.”

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4 Comments

  • Wed, Mar 06, 2019 - 8:08am

    #1

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2941

    Federal budget deficit leaps 77 percent so far for fiscal 2019

     

    Federal budget deficit leaps 77 percent so far for fiscal 2019

    CBS News-17 hours ago
    On March 2, the government’s debt limit, which had been suspended, went back into effect at the current $22 trillion level of debt. Treasury Secretary Steven …
     

    Pa. Turnpike Commission $11 Billion In Debt, Holding Up Payments …

    CBS Pittsburgh-13 hours ago
    Follow KDKA-TV: Facebook | Twitter. PITTSBURGH (KDKA) – There are some new details about the financial trouble for the PA Turnpike Commission. It is now …

    BIS sounds alarm on corporate debt pile-up

    Financial Times-21 hours ago
    The borrowing binge has resulted in the growth in debt outstanding that is rated … debt burdens, resulting in swaths of downgrades from triple B into high-yield, …

    Local municipalities seek more state tax revenue, pension changes to …

    KPVI News 6-1 hour ago
    Lawmakers face a $3.2 billion deficit in the next budget and more than $8 billion in backlogged bills. The state’s pension systems have more than $134 billion in …

    Warren Buffett calls public pension debt a ‘disaster’

    Illinois News Network-16 hours ago
    “…if I were relocating into some state that had a huge unfunded pension plan, I’m … Conservative estimates put Illinois’ unfunded pension liability at $135 billion, …

    Alzheimer’s cases projected to triple, hit 14 million by 2050

    WGRZ.com-10 hours ago
    The Alzheimer’s Association warns that unless something is done to stop or slow the disease, health care costs for Alzheimer’s could reach more than $1 trillion …

     

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  • Wed, Mar 06, 2019 - 8:57am

    #2

    Chris Martenson

    Status Platinum Member (Offline)

    Joined: Jun 07 2007

    Posts: 4539

    About that deficit

    About this:

    0
     

    Federal budget deficit leaps 77 percent so far for fiscal 2019

    CBS News-17 hours ago
    On March 2, the government’s debt limit, which had been suspended, went back into effect at the current $22 trillion level of debt. Treasury Secretary Steven …

    In the article it reads: “The U.S. budget gap climbed to $310.3 billion from October to January”
    From the US Treasury department we get this:
    Oct 1 debt to the penny:  21,606,948,383,546.28
    Jan 31 debt to the penny:  21,982,423,036,475.23
    So that’s actually $376 billion, not $310.
    Perhaps they mean “to” January literally and not through Jan?
    Okay, then debt to the penny on Dec 31, 2018 was: 21,974,095,705,790.55
    That would put the deficit at $368 billion, so actually not much better.
    Both values are far more than $310.  Why is simple math so hard to come by these days?  Why can’t stuff just add up?

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  • Thu, Mar 07, 2019 - 6:50am

    #3

    saxplayer00o1

    Status Silver Member (Offline)

    Joined: Jul 30 2009

    Posts: 2941

    Fed's Williams: 'New normal' of slow growth will keep central ba

    ECB pushes back rate hike plans, announces fresh funding for banks

    CNBC-17 minutes ago
    The European Central Bank (ECB) announced Thursday that it will launch another program to stimulate bank lending in the euro zone, for a third time.

    Fed’s Williams: ‘New normal’ of slow growth will keep central bank …

    CNBC-20 hours ago
    The U.S. economy is heading into a “new normal” of slower growth that likely will keep monetary policy restrained, New York Federal Reserve President John …

    State workers’ hoarding of vacation days builds up a $3.5-billion debt …

    Los Angeles Times-2 hours ago
    After 36 years as a California government transportation engineer, Bijan Sartipi retired with much more than a goodbye party: He was paid $405,000 for time off …

     

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  • Thu, Mar 07, 2019 - 11:47am

    Reply to #2

    Snydeman

    Status Member (Offline)

    Joined: Feb 06 2013

    Posts: 486

    cmartenson wrote: About

    cmartenson wrote:

    About this:

    0
     

    Federal budget deficit leaps 77 percent so far for fiscal 2019

    CBS News-17 hours ago
    On March 2, the government’s debt limit, which had been suspended, went back into effect at the current $22 trillion level of debt. Treasury Secretary Steven …

    In the article it reads: “The U.S. budget gap climbed to $310.3 billion from October to January”
    From the US Treasury department we get this:
    Oct 1 debt to the penny:  21,606,948,383,546.28
    Jan 31 debt to the penny:  21,982,423,036,475.23
    So that’s actually $376 billion, not $310.
    Perhaps they mean “to” January literally and not through Jan?
    Okay, then debt to the penny on Dec 31, 2018 was: 21,974,095,705,790.55
    That would put the deficit at $368 billion, so actually not much better.
    Both values are far more than $310.  Why is simple math so hard to come by these days?  Why can’t stuff just add up?

     
    “New math.”

    Login or Register to post comments

Login or Register to post comments