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    Daily Digest 5/1 – Social Security is approaching crisis territory, Student loan debt has topped $1.47 trillion

    by Jason Wiskerchen

    Wednesday, May 1, 2019, 1:36 PM

Economy

Summer Bummer: A Young Camper’s $142,938 Snakebite

Total bill: $142,938, including $67,957 for four vials of antivenin ($55,577.64 was charged for air ambulance transport). The balance included a ground ambulance charge and additional hospital and physician charges, according to the family’s insurer, IU Health Plans.

Treasurer: Local pension plans are $2.5B in the hole (Rhode Island)

The Providence Journal reports that General Treasurer Seth Magaziner’s report found that almost two-thirds of the plans that provide retirement benefits to police, firefighters and other municipal employees are in “critical status,” meaning they have less than 60% of what they need to cover their liabilities.

Indebted Chinese seek wisdom of credit card ‘goddesses’ as retail lending surges

But the surge in consumer lending has been accompanied by a rise in bad debts, with credit card delinquencies up 19 percent to 79 billion yuan ($11.7 billion) last year, 10 times the level in 2010, central bank data shows.

Social Security is approaching crisis territory

All three plans show that we are now well past the point that adjustments can be phased in gradually over the course of an adult lifetime, as was done in the Simpson-Bowles plan in 2010. And we’re past the point where we could save the program exclusively by taxing the wealthy or slowing benefit growth for new beneficiaries.

Over the next few years, our choices will narrow even further.

Student loan debt has topped $1.47 trillion

As many as 40 million Americans are facing years of pay-off on their student loan debts.

That’s one in five adult U.S. residents who owe a total of $1.47 trillion. That’s more than their credit cards or auto loans.

China Triple Whammy Sees Stocks, Bonds, Yuan All Sink in April

A huge tumble in government bonds, the worst rout in months for stocks and a weakening yuan — April was a month of selling in China’s markets.

China’s military expands its influence in Africa (Sparky1)

CNN’s Arwa Damon takes an exclusive look at how China’s powerful military is expanding its global influence, and threatening America’s defenses.

The Next Flashpoint In This Emerging Energy Hub (Michael S.)

Secretary of State Mike Pompeo travelled to Lebanon on the 22nd of March where he dedicated some time to transfer Washington’s concerns regarding the growing influence of Russian energy companies. According to some media, he intended to set red lines concerning the participation of ‘unwanted elements’ in the Lebanese energy sector. Despite the U.S. efforts, Lebanese leaders have voiced their continued support for cooperation with Russian energy giants to facilitate the development of their country’s energy sector.

If Politicians Can’t Face Climate Change, Extinction Rebellion Will (jdargis)

Their demands were, and are, simple. First, that the government declare a state of emergency and “tell the truth” about the global situation — that thousands of species are in danger of extinction, that there is a very real possibility that human life itself may eventually follow. Second, that Britain set a goal to eliminate all carbon emissions by 2025, and third, that the specifics of this emergency program be worked out not from above, but through the creation of citizens’ assemblies.

Gold & Silver

Click to read the PM Daily Market Commentary: 4/30/19

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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