For a teacher making $40,000 a year to have average health insurance for themselves and their family, it is now going to cost them half of their paycheck. Since 2002, health insurance premiums have more than doubled for Texas teachers.
The liabilities of UK government-run pension schemes totalled £5.3trn or 279% of UK GDP at the end of 2015, Hanley noted. Over five years, the UK’s overall pension liabilities have grown by £1trn.
According to Pew, some states boosted pension benefits in past years without planning for a way to pay for them, and courts are now finding them liable for those increased payments, whether or not there is cash to pay them. A report from the Legislative Analyst’s Office indicated that California alone had a pension deficit of $97 billion just for teachers and other employees of the state’s school districts.
Daily oil production in Venezuela, the country with the world’s largest reserves, has plummeted by 200,000 barrels since late last year, to its lowest level in 30 years. That drop has helped raise global oil prices in recent weeks to more than $70 a barrel, and has pushed gasoline prices in the United States to their highest level for this time of the year in three years.
American farmers have managed to stay afloat despite years of shrinking crop values, the lowest incomes since the recession and a budding trade war with China. Now, they’re feeling a new squeeze — borrowing money is getting more expensive as interest rates rise. For some, it may be fatal.
Illinois will add to its more than $30 billion debt load with a bond sale Wednesday, testing yield-hungry investors’ desire to lend to the lowest-rated U.S. state as it grapples with ongoing political and financial issues.
The report by state Comptroller Susana Mendoza found that the $16 billion in past-due debt that piled up during a 2-year budget stalemate comes with a steep price. Since July 2015, Mendoza reported, prompt-payment penalties have totaled $1.14 billion, $100 million more than the total from 1998 up to then.
It was the first time the ECB was unable to keep pace with the redemptions of its government bonds, in a new sign of its struggle in finding enough paper to buy to keep the 2.55 trillion euro ($3.11 trillion) program running.
Instead of using the good times to reduce government debt levels, they keep taking advantage of the favorable global liquidity conditions to tap the market. The International Monetary Fund estimates that emerging-market sovereign debt levels in relation to GDP have now reached levels last seen during the 1980s emerging-market debt crisis.
Over the last few years, China's debt-to-GDP has ballooned to more than 300 percent from 160 percent a decade ago, causing many people, including Chinese officials, to warn of a financial-sector debt bubble that's waiting to burst.
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