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    Daily Digest 4/18 – Top Earners Might Not Be Prepared For Retirement, What Americans Do With Their Tax Refunds

    by DailyDigest

    Thursday, April 18, 2019, 6:32 AM


Millennials are worried that a stock-market crash could derail the US economy (Adam)

Many millennials joined the workforce during the the global financial crisis and could be particularly sensitive about market volatility spilling over to the real economy. In addition, the fragile economic recovery through most of the decade may leave younger workers less secure in their jobs. “We’ve seen for some time that millennials have been more cautious,” Hamrick told Business Insider.

Even ‘top earners’ still might not be prepared for retirement (Adam)

The authors found a great range in preparedness levels among people in the top-fifth of the earnings distribution, suggesting that even many prosperous Americans could struggle financially as they climb up the decades in age.

Around 30% of people ages 51 to 56 who earn more than $80,000 a year have less than $200,000 saved for retirement, while 15% have more than $700,000.

When Will the Mueller Report Come Out? Why the Redactions? And More (TS)

Mr. Barr will also hold a news conference at 9:30 a.m. Thursday to discuss the findings of the investigation, a Justice Department spokeswoman said. The department plans to turn the report over to Congress between 11 a.m. and noon on CDs, and it will be posted online sometime after, according to a senior department official.

Half of England is owned by less than 1% of the population (Adam)

Jon Trickett, Labour MP and shadow minister for the Cabinet Office, hailed the significance of the findings and called for a full debate on the issue, adding: “The dramatic concentration of land ownership is an inescapable reminder that ours is a country for the few and not the many.

Dow, S&P 500 and Nasdaq near records but stock-market volumes are the lowest in months — Here’s why (Adam)

Indeed, Monday’s action marked the lowest full-day, total composite trading volume (representing trading on the New York Stock Exchange and its main affiliates and on the Nasdaq)—roughly 5.7 billion shares—since Sept. 10, according to Dow Jones Market Data. In fact, Monday’s session was even eclipsed by the holiday-shortened Christmas Eve session’s turnover of 5.79 billion shares.

When Americans Get Their Tax Refunds, They Go to the Dentist (edelinski)

Tax returns were officially due this week, which means that the roughly 80 percent of filers who receive refunds will soon have their money, if they don’t have it already. The average tax refund so far this year is $2,995, which is roughly in line with last year. For the average family that receives a refund, the amount is equal to nearly six weeks’ income. And a big proportion of the money Americans receive during refund season, like Megan’s, goes to pay for health care.

Right to Know: A Historical Guide to the Freedom of Information Act (FOIA) (Alex)

July 2016, marked not only FOIA’s golden 50-year anniversary, a milestone in Americans’ rights to scrutinize government agency records, but also the FOIA Improvement Act of 2016. Together, they remind us that FOIA’s guarantee of access to information was not easily acquired – nor was it a legally binding right. In fact, FOIA’s very creation was highly controversial. And since it has passed, its implementation and execution have continued to present challenges of their own.

Monica Crowley, a Fox News Fixture, Is Said to Get a Top Treasury Job (jdargis)

She was considered for a high-ranking National Security Council job in 2017 and was also mentioned as a candidate to become the White House press secretary. But she dropped out of contention after the emergence of allegations that she plagiarized key passages in her 2012 book, “What the (Bleep) Just Happened?,” from Wikipedia and newspaper articles.

Libya’s Fragile Oil Renaissance Is Under Threat (Michael S.)

But even as Haftar’s LNA has provided security to oil installations, helping to ensure their continued operation, the longer the fighting drags on in Tripoli, the more likely it is that there will be an outage. The LNA maintains stability at Libya’s oil fields by essentially sub-contracting and otherwise paying off local militias. Getting bogged down in a stalemate in Tripoli will sap the LNA of resources and stretch supply lines. It will also likely end the payments that the internationally-recognized GNA in Tripoli had been sending the LNA in exchange for security at the oil fields.

Solving the mystery of fertilizer loss from Midwest cropland (newsbuoy)

The research, published in Scientific Reports, is the first to quantify nitrogen losses from the low-producing areas of individual fields. Basso’s team used satellite imagery to measure eight years’ worth of sub-yield fields for 70 million acres of farmland in the Midwest. The analysis provided the researchers with a finely resolved image of the entire Midwest’s corn production, Basso said.

Summary for Policymakers of IPCC Special Report on Global Warming of 1.5°C approved by governments (TPD)

The Special Report on Global Warming of 1.5°C was approved by the IPCC on Saturday in Incheon, Republic of Korea. It will be a key scientific input into the Katowice Climate Change Conference in Poland in December, when governments review the Paris Agreement to tackle climate change.

Gold & Silver

Click to read the PM Daily Market Commentary: 4/16/19

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