Crippled by a nearly $80 million loss in federal funding, the only nonprofit insurer formed in Illinois under the federal health care law shuttered Thursday. The co-op, short for consumer operated and oriented plan, went operational in 2013 with a $160 million loan from the U.S. government.
With its finances in tatters, the state of Rio de Janeiro has delayed salaries to hospital personnel, and there has been a shortage of basic medical supplies. Its fiscal crisis was so acute that the city of Rio, which enjoys more financial stability, took control of two state-run hospitals this year.
Some federal employees and retirees with long-term care insurance could see a triple-digit increase in their new premium rates, which take effect on Nov. 1.
Covered California will release its 2017 premium health insurance prices on Tuesday, which are likely to increase by 8 percent……Californians who don't have insurance will be fined $1,000 when it's time to pay their taxes.
In Texas, Blue Cross and Blue Shield is requesting rate increases of nearly 60 percent for 2017. In Oklahoma, Blue Cross and Blue Shield has proposed increases that average 49 percent. And in Missouri, Humana has filed for a 34 percent increase. All three carriers say they have lost money on many policies sold to individuals and families under the Affordable Care Act.E
The company said it expected the program, often called Obamacare, to reduce 2016 earnings by about $850 million, up from $475 million in 2015. Next year, it will exit most of the two dozen states where it sells individual insurance on the exchanges but still has plans to sell in Nevada, New York and Virginia.
On Monday, Premera Blue Cross announced an average rate increase request of 9.8 percent come January. That's far less than in either 2014 or 2015, when policy rates jumped nearly 40 percent.
And if one assumes a more realistic 4% rate of return (a “Treasury” or “risk-free” rate) the funded liability for Calpers alone is now $412 billion, or the equivalent of three state general fund budgets, Nation said. For anybody who knows the numbers, and I do, CalPERS is speeding down the track toward financial catastrophe but none of the state’s leading Democrats will even acknowledge that there is a major problem here.
A paltry 1,550 new units were manufactured between January and June – the lowest production on record – compared with 10,922 during the same period last year.
On Saturday and Sunday, shortages got so bad that the government reopened its border with neighboring Colombia to allow Venezuelans to cross over and buy medical supplies and food, Reuters reported. Taking advantage of the reprieve, officials estimated at least 100,000 people crossed the border over the course of the weekend
Although the U.S. fiscal deficit has been brought back to its pre-crisis levels, federal government debt is 76 percent as a share of GDP, compared with 39 percent in 2008. Using internationally comparable criteria, general government gross debt is now equivalent to 108 percent of GDP
Bond holders burned by the defaults of a state-owned steel maker in Liaoning province are calling for a boycott of all new bond issuances by the local government and provincial enterprises amid increasing frustration at local officials’ efforts to resolve the company’s debt problem.
In the announcement, Preckwinkle said there is a projected operating shortfall for the 2017 fiscal year of $174.3 million, which can be attributed to the stall in Illinois state budget, legacy debts and increased technology spending for old and outdated systems.
The combined pension deficit for S&P 1500 companies ballooned to $568 billion at the end of June, a $164 billion increase from the end of 2015, according to Mercer, a benefits consulting firm.
When Gov. Bruce Rauner took office, he inherited an Illinois budget deficit of $1.6 billion that had been signed into law by his predecessor, Pat Quinn.
In a statement Tuesday, the office of Ontario Financial Accountability Officer Stephen LeClair says the province's net debt will jump by $50 billion to $350 billion by 2020-21
China is shaming debtors by putting their names, faces and addresses on public billboards, as increasing numbers of borrowers struggle to pay back loans amid an economic slowdown.
“In key respects, middle-income families with children now more closely resemble poor families than in the past,” the IFS said. “Half are now renters rather than owner-occupiers and, while poorer families have become less reliant on benefits as employment has risen, middle-income households with children now get 30% of their income from benefits and tax credits, up from 22% 20 years ago.”
Almost a third of Russians now buy less food than before, while 49 percent admit they save on medicine by ignoring doctor prescriptions if the treatment is too expensive, recent surveys found. Some two-thirds say prices of goods and services bought by their families are rising at double the pace of officially reported inflation if not faster.
Nearly one-third of clients and colleagues surveyed by Citigroup Inc. think that so-called helicopter money could be on its way within a fortnight, as the Bank of Japan meets at the end of July.
The central bank has adopted repos and other liquidity operations to ease money shortages in the market more frequently this year, rather than cuts in interest rates or the reserve requirement ratio.
Citi's chief global economist Willem Buiter, currently visiting Australia for a series of meetings, said urgent action is needed to short-circuit continued economic stagnation and damaging long-term unemployment.
As former Federal Reserve Chairman Bernanke noted, Takahashi’s money-financed fiscal program worked. Yet turning off the budgetary spigot afterward proved impossible — with adverse consequences for the nation’s finances and economy.
The securities that yield less than the ECB’s minus 0.4 deposit rate have grown to more than 60 percent, based on a $1.13 trillion Bloomberg German bond index. That means they’re ineligible for the purchases.
The Bundesbank dropped something of a bombshell this week. The eurozone's most influential central bank and the guardian of all things sacred to monetarists, suggested that sovereign bonds should contain clauses that would automatically delay repayment to investors for countries in financial difficulty.
The IMF cut its U.S. outlook slightly in 2016, to 2.2% this year from 2.4%. That’s still a touch more optimistic than the Federal Reserve’s projection of 2% growth for the U.S. in 2016.
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