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    Daily Digest 7/2 – CA Cities Crack Down on Water Use, Student Loan Debt At All-Time High

    by saxplayer00o1

    Wednesday, July 2, 2014, 1:25 PM

Economy

The Vast Majority of Baby Boomers Are Overweight Or Obese

The new Census Bureau report shows that the average cost of a private room in a nursing home in 2010 was $83,585 a year—and less than one fifth of older men and women have the finances to live in a home for more than three years. Medicaid covers long-term care for qualified, low-income seniors, but as the number of people in that group grows, the costs will hurt.

Illinois governor signs FY 2015 budget, vows to cut more

The budget is expected to add $2 billion to Illinois' backlog of unpaid bills, while allowing the governor to borrow up to $650 million from a variety of dedicated state funds to boost general fund cash flow. These kinds of one-time revenue measures have contributed to past downgrades of Illinois' credit ratings, which are at the lowest level among states.

Obamacare data errors could jeopardize coverage for millions

The Health and Human Services inspector general said the administration was not able to resolve 2.6 million so-called “inconsistencies” out of a total of 2.9 million such problems in the federal insurance exchange from October through December 2013.

Chinese bank sues local govt financing vehicle in rare public spat

A Chinese bank is suing a local government financing vehicle over a bad loan in a rare public display of a deepening rift between lenders and borrowers in China's murky $3 trillion local debt market.

The unusual step also highlights growing strains in the market confronted by slowing economic growth and a property sector that has started to cool off after decades of runaway expansion.

Four of 10 wells forecast to fail in northeastern Pa.

About 40 percent of the oil and gas wells in parts of the Marcellus shale region will probably be leaking methane into the groundwater or into the atmosphere, concludes a Cornell-led research team that examined the records of more than 41,000 such wells in Pennsylvania.

Student loan debt at all time high

Federal student loan interest rates are set to increase Tuesday. Loans for undergraduates will rise 1 percent from last year. Loan rates for graduate students will rise just under 1 percent. The average student in Michigan graduates with just under $29,000 in loans. With the increase that comes to about $300 more per year.

High Gas Prices Heading Into July 4 Holiday

With Independence Day only a few days away, today’s national average price of gas is $3.68 per gallon. This average is considerably more expensive than recent years for the holiday. The national average on July 4 in previous years was: $3.48 (2013); $3.34 (2012); $3.57 (2011); $2.74 (2010); $2.62 (2009); and $4.10 (2008).

Barbecue Bummer: Meat Prices Rise

Beef, pork, and poultry prices have spiked about 8 percent since this time last year – soaring to an all-time high. Experts say the dramatic cost spike is due in part to a drought in California, thin cattle herds, and a recent pork virus.

California Cities Crack Down on Water Use

Still, the economic impact in urban areas doesn't compare to the hit being taken by agriculture, the biggest user of water in many semiarid states such as California. About 400,000 acres of farmland in the state will be left unplanted this year, causing an estimated $1.7 billion in agricultural losses, according to a report by the University of California, Davis.

IMF sees Russia close to recession as Ukraine sanctions bite

The IMF estimated that Russian GDP growth would come in at just 0.2 percent for the whole of 2014, or about 1 percent lower than it had predicted in a pre-crisis estimate.

Gold & Silver

Click to read the PM Daily Market Commentary: 7/1/14

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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