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    Daily Digest 5/21 – How Tariffs Impact The U.S. Economy and Workers, Glyphosate Effects On Earthworms

    by Daily Digest

    Tuesday, May 21, 2019, 7:42 AM


Economy

Major Shocker: Conservatives Win Australia as Labor’s Climate Agenda Backfires (ezlxq1949)

It was supposed to be the big issue of the 2019 Australian federal election: climate change. A range of polls and surveys had left many analysts, myself included, with the sense that this would be a crucial issue at the ballot box.

The annual Lowy Institute Poll demonstrated stronger support for climate change action in Australia in 2019 than in any previous survey since 2006.

Their biggest challenge? Avoiding a recession (ezlxq1949)

The result of what the Reserve Bank describes as “persistently slow growth in household incomes and declining housing prices” has been something of a strike in consumer spending. The real value of spending per household hasn’t been falling, but it hasn’t really been climbing either.

Ford will cut 10 percent of its salaried employees (Thomas R.)

Hackett has helped oversee the launch of an entirely new spinoff company dedicated to autonomous vehicles, a $500 million investment in EV startup Rivian, and a number of software and cloud efforts meant to make the company’s cars more connected.

Estimated Impacts of Tariffs on the U.S. Economy and Workers (2019) (Dr Rob)

This study, prepared for Tariffs Hurt the Heartland, estimates the economic effects on the U.S. economy and U.S. jobs of U.S. tariffs and quotas on steel, aluminum and selected products from China, and retaliation by U.S. trading partners. The study investigates comprehensive impacts of actual and threatened tariffs on the U.S. economy and U.S. workers one to three years after they have been in effect. Key findings include significant reduction in U.S. GDP and the net loss of millions of U.S. jobs. The study breaks job impact estimates down by state for two of the four tariff scenarios examined.

Stocks making the biggest moves after hours: GM, Snap, Merck and more (Thomas R.)

Shares of General Motors seesawed after news broke that the company will be ending its ‘Maven’ car-sharing service in eight of the 17 North American cities in which it is currently offered. Maven, launched in 2016, will end the service in the next few months in cities including Chicago and Boston. GM did not disclose the full list of cities where service will be eliminated. Cities the service will continue to operate in include Los Angeles, Washington D.C., Detroit and Toronto.

Ron Paul: Violence Against Women Act Does Violence to the Constitution (sand_puppy)

The law also forbids anyone subject to a restraining order obtained by a spouse or a domestic partner from owning a gun. This is a blatant violation of the Second Amendment’s prohibition on federal laws denying anyone the right to own a gun. Whether someone subject to a restraining order, or convicted of a violent crime, should lose their rights to own firearms is a question to be decided by state and local officials.

Why You Need A Retirement Plan A, B And C (Thomas R.)

Most people are counting on everything going right for their retirement plan to work out. For most people their Plan A looks like this: Work and ideally save/invest until 65, claim Social Security and Medicare and then live for 25+ years in retirement with income from a Pension (for about 30% of people), Social Security (Social Security accounts for half of retirement income for ~50% of the population) and drawing down Savings (excluding the approximately 20% of people with nothing saved).

A Hegemon Checkmated (sand_puppy)

Some claim (based on no evidence at all) that the US would actually want to have one of its aircraft carriers sunk, to use as an excuse for an escalation. But how exactly would it escalate? By having some more of its aircraft carriers sunk? Add to this the fact that the US no longer seems to build aircraft carriers. Its last effort, the Gerald R. Ford, aptly named after the “dim bulb” president, is undergoing endless repairs in the hopes that it will some day become useful for something. Add to this the fact that the US no longer has the money to build such gigantic war toys: the way things have been going, in just a few years the entire federal budget is going to be swallowed up by interest payments on the federal debt.

A nationwide tax on soda? Economists say it would be good for the country, and here’s their ‘optimal’ rate. (Thomas R.)

Other research has looked at whether soda taxes reduce consumption or help improve health outcomes. Taubinsky said his group’s research is the first to weigh several factors together, including tax revenues, health outcomes, effect on health-care costs, the impact of soda taxes on low-income residents, and the enjoyment people get from soda that makes them likely to drink it even when they know it’s unhealthy.

Oil Rises But Some Drillers Are Filing For A Second Bankruptcy (Michael S.)

U.S. shale production growth is expected to slow this year, according to Schlumberger. The world’s biggest oilfield services provider cited “higher cost of capital, lower borrowing capacity, and investors looking for increased returns” as the primary reasons for an expected 10-percent drop in E&P investments in North America’s onshore this year.

Oil is rallying on supply worries after Trump threatens the ‘official end of Iran’ (Thomas R.)

At the same time, Saudi Arabia’s energy minister, Khalid al-Falih, said there was consensus among the OPEC cartel and other oil-producing countries to reduce crude inventories “gently” while remaining responsive to the needs of a “fragile market,” according to Reuters.

Xcel’s new plan: Coal-free by 2030, nuclear until 2040 (Thomas R.)

Under Xcel’s proposal, the Allen S. King coal-fired power plant in Oak Park Heights, Minn., will close in 2028. Sherco 3, the company’s remaining Upper Midwest coal-fired generator, located in Becker, Minn., will close in 2030, a decade ahead of schedule. Xcel had already planned to retire Sherco’s other two coal units in 2023 and 2026 and build a natural gas plant on the Sherco site.

Glyphosate effects on earthworms (Uncletommy)

“Earthworms in untreated terraria were found all alive, while specimens exposed to glyphosate (Roundup 360®) showed a decreasing survival rate and a sharp decline in the number of cocoons.” … “Results indicate the occurrence of some resistance mechanisms on anecic earthworms in vineyards that have been exposed to glyphosate for at least three decades. However in spite of the long period of application of glyphosate the impact of this largely applied herbicide is still serious (up to 26% of mortality) especially on the deep-burrowing earthworms species (Oc. complanatus and L. terrestris).”

Gold & Silver

Click to read the PM Daily Market Commentary: 5/20/19

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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3 Comments

  • Tue, May 21, 2019 - 8:40am

    #1
    ezlxq1949

    ezlxq1949

    Status Bronze Member (Offline)

    Joined: Apr 29 2009

    Posts: 234

    6+

    "They've stolen our future!"

    That was the wail of the 11-y.o. daughter of a Greens candidate who cried herself to sleep the night after the astonishing election results came in. It couldn’t be worse; the public have sold themselves into almost complete captivity to the neoliberal élites called the Liberal Party. (Liberal = Conservative. Go figure.) It was supposed to have been a climate change election but became a jobs ‘n growth election.

    Mind you, it wouldn’t have been much better if the opposition Labor Party had won; they’ve moved so far to the right that like the US we really have only one party with two heads. For instance, Labor would not commit to stopping the monster Adani coal mine.

    So it’s goodbye to:

    • the ABC (the excellent government broadcaster which has the gall and temerity to criticise the government of the day; the government badly wants to get even)
    • renewable energy (fossil fools rule ok)
    • the Great Barrier Reef (sliced and diced to let coal ships cross it)
    • our river systems (suck them dry, privatise the water, send the profits to the Cayman Islands — as is already happening)
    • the Great Artesian Basin (world’s largest and deepest, to be contaminated by coal mines and fracking)
    • public services (cut back yet again to create a damaging government budget surplus)
    • public health (to be Americanised)
    • public education (to be privatised; maybe high schools this time)
    • the Great Australian Bight (a pristine area which may have oil under it; damn the pollution, full greed ahead)
    • southern ocean fish stocks (they’ll let the supertrawlers in now).

    The environment is completely expendible. All resources are permanently abundant and all will be fed into the growth machine. Climate change is NOT HAPPENING. It’s fake, right? Bah. Eat, drink and be merry, for tomorrow we fry.

    There’s one ray of hope. Steve Keen predicts a severe recession, Depression really, within 6 months to a year from now. Our economy is indeed wobbling already. This will happen on the Liberals’ watch and they will be blamed for mismanaging the economy. This isn’t supposed to happen. Only Labor does that. Only Labor mismanages the economy. That’s what the Murdoch press drums into our heads. The Libs will panic. The Murdoch press won’t know what to say. Maybe this will shake up people’s belief and confidence in mainstream economics.

    I’m not sleeping well at the moment. I wonder why.

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  • Tue, May 21, 2019 - 3:28pm

    Reply to #1
    bydesignovertime

    bydesignovertime

    Status Member (Offline)

    Joined: Jul 16 2012

    Posts: 2

    Hope?

    We live in the age of illusion, not reason.

    Money, Greed, Power, and Control via corruption

    $ overcome reason

    It’s time for positive action

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  • Wed, May 22, 2019 - 5:06am

    #2
    Luke Moffat

    Luke Moffat

    Status Silver Member (Offline)

    Joined: Jan 25 2014

    Posts: 365

    Planetary Boundaries

    Has anyone been watching the video content over at the Oxford Martin School?

    https://www.oxfordmartin.ox.ac.uk/

    In particular this one about planetary boundaries as a metric for economic utility rather than GDP?

    https://www.oxfordmartin.ox.ac.uk/videos/view/675

    Kate Rowath explains it all in the second presentation.

    All the best,

    Luke

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