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    Daily Digest 5/10 – Crisis In Venezuela, PA Budget Woes Deepen

    by saxplayer00o1

    Wednesday, May 10, 2017, 1:15 PM

Economy

Firing Fuels Calls for Independent Investigator, Even From Republicans (jdargis)

“I am troubled by the timing and reasoning of Jim Comey’s termination,” Mr. Burr said in a statement. It “further confuses an already difficult investigation by our committee,” he said, adding that Mr. Comey had been “more forthcoming with information” than any of his predecessors.

Poop bombs: the Venezuelan opposition’s new weapon

The first recorded use of excrement bombs was last weekend at a skirmish in Los Teques, the capital of Miranda state, just a few kilometers out of Caracas. According to an account that soon went viral, around a dozen National Guard officers were pelted with excrement. Before moving out again, several members of this militarized police force were allegedly so disgusted that they vomited.


Hidden numbers reveal scale of Venezuela’s economic crisis

Venezuelans are seeing the value of their money shrink at the fastest pace in the world. The IMF estimates an inflation rate of 720 per cent for this year, skyrocketing even further in the coming years. Economists disagree on Venezuela’s actual inflation rate, with their estimates ranging from 350 per cent to 2,200 per cent.

Ventura adjusts CalPERS payments

In 2014-15, Ventura paid $13.8 million to its retirement system for past and present employees. During the next budget cycle, which starts July 1, that bill will climb by more than $4 million – to just under $18 million. Those costs will rise even faster in the years ahead,

Rahm Delays Briefings For Aldermen On How CPS Will Fill Massive Budget Gap (Chicago)

CPS must pay its employees’ pension fund $721 million by June 30, something it could no longer afford to do after Rauner vetoed a bill in November that would have given Chicago’s schools $215 million.

Texas House approves Houston pension reform bill

Rep. Mike Schofield, R-Katy, meanwhile, modified the bill to make firefighters’ benefit cuts contingent on voters’ November approval of $1 billion in pension obligation bonds, which Turner wants to inject into the underfunded police and municipal pensions.

U.K. corporate deficits rise in April

The total deficit of defined benefit funds covered by the Pension Protection Fund, London’s 7800 index grew 8.4% for the month and 30.2% for the year ended April 30, to £245.6 billion ($317.9 billion). The funded ratio of these plans fell to 86%, from 87% as of March 31, and 87.6% as of April 30, 2016.

Oregon raises almost $75 million in tax revenue from marijuana sales

Tax money collected from Oregon’s legal marijuana sales has been a rare bright spot as lawmakers fight over how to fill a $1.6 billion budget deficit.


Pennsylvania’s budget woes will deepen with aging population

Already one of the nation’s oldest states, the growth of Pennsylvania’s retirement age population is projected to balloon in the coming decade, while its working-age population shrinks.

Slow revenue growth worries cash-strapped states

State tax revenues grew by a startlingly weak 1.2 percent in the last fiscal year, raising concerns among legislators and economists that states are in for a new round of painful budget cuts.

Gold & Silver

Click to read the PM Daily Market Commentary: 5/9/17

Provided daily by the Peak Prosperity Gold & Silver Group

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